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Share Name | Share Symbol | Market | Type |
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Triex Minerals Corp Com Npv | TSXV:TXM | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Triex Minerals Corporation (TSX VENTURE:TXM) (the "Company") is pleased to announce it has expanded its holdings in the Athabasca Basin, Saskatchewan by acquiring two claims immediately to the east of its West Carswell property. The two claims cover 2,101 hectares and are located 25 kilometres northwest along strike from Shea Creek and 15 kilometres southwest of the Cluff Lake mine, from which there is road access through the claims. Maps are available at the Company's website www.triexminerals.com. The new claims cover the Harrison Fault, a regional shear zone which runs along the eastern boundary of the West Carswell property. Drill holes WC-001 and 004 were the closest to the fault of the four holes completed during the 2006 program on the West Carswell property. Both warranted follow-up drilling based on anomalous boron in more than 100 metres of Athabasca Group sandstone in Hole 001, and on extensive brecciation and dissolution textures over more than 400 metres of sandstone in Hole 004 (see September 20, 2006 News Release). The Harrison shear zone will be explored on the new claims as the possible control to the alteration evident in the 2006 drill holes. A ground-based transient magnetotelluric geophysical survey (AMT) will be done this summer to refine the position of the shear zone and identify any associated conductors, followed by drilling planned for 2009. A two-stage Option to Purchase agreement grants the Company an option to purchase a 100% interest in the two claims from an unrelated private company by: (i) making a committed cash payment of $50,000 and issuing 50,000 common shares within 5 days of regulatory acceptance, and (ii) making an additional cash payment of $225,000 on or before November 1, 2009, with no further shares to be issued. The vendor has retained a 2.5% royalty interest, with the Company having the right to buy back three fifths for $1,500,000 at any time prior to, or within six months after, the date commercial production has been achieved on the claims. The addition of the new West Carswell claims adds a top tier drill target to the portfolio for 2009. At the same time, the Company has notified Uranerz Energy Corporation that based on results from the previous two years of exploration, the Company has terminated the Cochrane River Option and Joint Venture agreement dated November 4, 2005. Further, Roughrider Uranium Corp. has been informed by Triex, as Operator, that there will be no exploration program proposed for 2008 for the Wollaston NE property located north and east of the margin of the Athabasca Basin, and immediately north of the Cochrane River claims. Exploration Update Hornby Basin Drilling has started for the Hornby Bay Basin 50:50 Joint Venture program with Pitchstone Exploration Ltd. Two holes of a planned 18 hole program are complete. Ground resistivity work on the Mountain Lake and Dismal Lake properties was completed during camp set up. This year's drilling is designed primarily to test for additional deposits in the district, and should be completed before the end of July. First-pass drilling of the Mountain Lake uranium deposit itself was completed in 2006 and 2007. Mann Lake The second part of the winter drill program at Mann Lake ended in April. Hole MN08-010 was completed to 752 metres depth. No significant zones of radioactivity were encountered. A fixed-loop EM conductor that occurs on Marean Lake along the east-west structure that transects the property remains to be tested. Holes MN06-002 and 005 which intersected elevated boron, and clay-altered Athabasca Group sandstone, are located along this structure to the east of the lake (see photos at www.triexminerals.com). The property is located 25 kilometres southwest of Cameco Corporation's McArthur River mine. The Company is Opertor and has a 60% interest in the property, in Joint Venture with Consolidated Abbadon Resources Ltd. Dr. Allan Armitage, Ph.D., P.Geo., Vice President - Exploration of Triex, is a Qualified Person as defined by National Instrument 43-101, and is responsible for program design and quality control of exploration undertaken by the Company. This release has been reviewed by Dr. Michael Gunning, Ph.D., P.Geo., President of Triex and a Qualified Person as defined by National Instrument 43-101. Triex Minerals Corporation is a Canadian junior exploration company with a diverse portfolio in three districts. The exploration budget for 2008 is approximately $5.4 million, primarily for drilling. The current focus is on early-stage drill projects in the Athabasca Basin which have the potential for world class grade and thickness intersections, and on advancing the resource at the Mountain Lake deposit in Nunavut. TRIEX MINERALS CORPORATION Michael Gunning, President
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