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Hornby Bay Basin
Mountain Lake Project
Sandy Creek Property
Dismal Lake Project
Kendall River Property
Athabasca Basin
Pasfield Lake Project
Stony Road Project
Mann Lake Project
West Carswell Project
Wollaston NE Project
River Lake Project
Highrock Project
Alaska
Boulder Creek Project
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Boulder Creek Project
Boulder Creek Project, Alaska Latest News • Approved 2007 program of $1.5M to start-up at Boulder Creek in June. Some 1,500 m of drilling planned at Boulder Creek, with an additional 1,500 m planned for regional targets Location The Boulder Creek Property is located on the Seward Peninsula in northwestern Alaska. It is approximately 50 km (31 miles) from the coastal village of Elim, and 170 km (106 miles) from the coastal city of Nome. Nome is the transportation and service hub for the region. Size The Boulder Creek -- Death Valley property includes 106 state mining claims and 11 federal mining claims that cover an area of 6,864 hectares. The McCarthys Marsh property is a block of 76 state mining claims that cover an area of 4,921 hectares. Ownership The property is joint ventured with Full Metal Minerals (Full Metal), with Triex as operator. Triex can earn an initial 65% interest in the property by completing US $1,500,000 in exploration expenditures before April 1, 2009, with an initial cash payment of US $75,000 and issuance of 50,000 shares each year for a maximum total of 200,000. Triex has the right to acquire an additional 15% interest in the Property by issuing an additional 300,000 shares to Full Metal and incurring an additional US$1,000,000 in expenditures on or before April 1, 2010. Further, both parties have agreed to a strategic partnership with respect to pursuing other uranium opportunities in Alaska. Exploration Budget Cumulative expenditures over the past two years at Boulder Creek are $2 million, focused on both advancing the Boulder Creek uranium deposit, and exploring for additional deposits in the surrounding region. The budget for 2007 is $ 1.5 million, mostly for drilling. 2007 Exploration Summary Approximately 3,000 metres of core drilling will be completed in 2007, split evenly between Boulder Creek and McCarthy Marsh. The Boulder drilling follows up on the 2006 drilling program, which encountered encouraging grade and thickness at the Boulder Creek uranium deposit (0.317% U3O8 over 6.0 metres in DV06-54, including 0.867% U3O8 over 2.0 metres, and 0.317% U3O8 over 2.0 metres within 5.0 metres of 0.1647% U3O8 in Hole DV06-64. Some twelve holes for fifteen hundred metres are planned to complete delineation of known mineralized zones, and to further evaluate the nine kilometre-long trend of geochemical anomalies along strike, both to the north and south of the deposit. Farther north along trend from Boulder Creek, Triex flew approximately 1,155 line-kilometres of airborne radiometrics in Death Valley where the geological setting is similar to that at Boulder Creek. Eight anomalies from 2006 surface geochemistry work will be followed up by further sampling and prospecting in 2007. The second component of the 2007 program will be to commence drill testing of regional targets in the search for additional deposits in the district. Fifteen hundred metres of diamond drilling are planned for August on the McCarthy Marsh claims. At the southeastern portion of McCarthy Marsh, Tertiary sediments occur adjacent to radioactive syenite intrusions on the western flanks of the Darby Mountains, in a geological setting similar to that found at Boulder Creek. The McCarthy Marsh basin is approximately 35 kilometres across, and the Boulder Creek basin is only about 2 kilometres across, so the volume of prospective Tertiary sediments at McCarthy Marsh is much greater than at Boulder Creek. 2006 Exploration Summary Diamond Drilling The initial phase of core drilling at Boulder Creek included 14 holes totalling 1,237 m (4,058 ft), completed by Peak Drilling Ltd., B.C. All holes were probed with a Mount Sopris 2PGA-1000 poly-gamma probe. A total of 252 NQ2 core samples were collected for uranium and multi-element geochemistry. Core samples were submitted to ALS Chemex Laboratories preparation facility in Fairbanks, Alaska, with analyses performed at ALS Chemex's North Vancouver, British Columbia laboratory. A Quality Assurance/Quality Control program is in place. Twelve infill and step-out holes were drilled in the Boulder Creek deposit area to confirm the style, thickness and grade of uranium mineralization, and to test for extensions to the known limits of mineralization. Two historic holes drilled in the central part of the Boulder Creek deposit confirm the grade and thickness quality of the sandstone-hosted deposit. Hole DV06-54 contained 0.5831 % U3O8 across 3.35 m, from 24.38 to 27.73 m depth. DV06-54 in the northern part of the deposit contained 0.317 % U3O8 over 6 metres between 23.0 and 29.0 metres depth, including 0.8675 % U3O8 across 2 m between 23.0 and 25.0 metres depth. Hole DV06-64 in the southern part of the deposit contained 0.366 % U3O8 across 3.38 metres between 9.30 and 12.68 metres depth. DV06-64 contained 0.1647 % U3O8 across 5 metres from 11.4 to 16.4 metres depth, including 0.317 % U3O8 across 2 metres from 12.4 to 14.4 metres depth. Two holes were completed in the Carbon Creek area, approximately 6 kilometres (4 miles) north-northwest of the Boulder Creek deposit. These holes were the first holes to test part of the nine-kilometre long trend of anomalous multi-element geochemistry discovered by Triex and Full Metal in 2005. These holes did not locate significant uranium mineralization, but favourable host rocks were intersected. Additional drill testing of this trend will be performed in 2007. Reconnaissance Exploration Regional surface mapping and sampling was performed concurrent with drilling. A total of 534 geochemical samples were collected over four main target areas, located north and west of the Boulder Creek deposit area. Approximately 2,996 line-km of airborne radiometric surveying was flown over the four main areas, utilizing Triex's in-house radiometric system. Anomalies identified from the airborne surveys completed in July were followed up on the ground in September. Fieldwork included scintillometer prospecting, geological mapping and geochemical sampling. Geochemical rock and soil samples were submitted to ALS Chemex Laboratories preparation facility in Fairbanks, Alaska, with analyses performed at ALS Chemex's North Vancouver, British Columbia laboratory. The biogeochemical samples were submitted to Acme Analytical Laboratories Ltd., Vancouver, British Columbia for preparation and analysis. Boulder Creek -- Death Valley Twelve airborne radiometric anomalies were identified in the Boulder Creek -- Death Valley area. Ground follow-up produced one showing of a radioactive rock sample from the northwest end of Death Valley contains 0.82 % U3O8. Follow-up work is planned for 2007. Approximately 203 biogeochemical samples were collected. Most of the samples with anomalous molybdenum occur in a four km long stretch along the southwestern side of Death Valley where there are four widely spaced samples with anomalous concentrations of uranium. This will be the main area of follow-up work in 2007. McCarthys Marsh Three separate areas were blocked out for 2006 reconnaissance exploration at McCarthys Marsh. In the Northern Block, 13 airborne radiometric anomalies were identified. Approximately 227 biogeochemical samples were collected during ground follow-up. Twenty have anomalous uranium concentrations, and eight samples have anomalous molybdenum concentrations. Further ground follow-up will be done in 2007. In the Central Block, 19 airborne radiometric anomalies were identified. Approximately 49 biogeochemical samples were collected, and two anomalous samples located along the Rathlatulik River will be followed up in 2007. In the Southern Block, 11 airborne radiometric anomalies were identified. Approximately 21 biogeochemical samples and nine rock samples were collected during ground follow up, but none have anomalous metal concentrations. 2005 Exploration Summary Triex completed a four-week reconnaissance program in September 2005. This program included 38 line-km of grid-based geochemical sampling to cover a prospective area that extends for nine km, and is centred on the known Boulder Creek deposit area. Geological mapping and scintillometer prospecting were also performed. A total of 1,180 geochemical samples were collected and analyzed. The survey has defined geochemical anomalies over the Main Zone, and has also outlined targets to test for possible extensions of the deposit to the south, east and northeast. Additionally, four new areas with multi-element geochemical anomalies occur along the prospective trend. Several of these anomalies are larger in area and have higher metal concentrations than the baseline data collected over the known mineralization (Main Zone) at Boulder Creek. Geology and Exploration History Boulder Creek is the largest known uranium deposit in Alaska. It is a sandstone-hosted deposit that occurs in a sedimentary basin on the eastern flank of the Darby Pluton, a Late Cretaceous alkalic quartz monzonite intrusion. This pluton forms the backbone of the northerly trending Darby Mountains. The Boulder Creek basin is filled by interbedded Eocene conglomerate, mudstone, lignite and sandstone. Basalt flows are interstratified with the sediments, and overlie the sediments on the northern side of the basin. The Boulder Creek uranium occurrence is hosted mainly by sandstone and conglomerate. It was discovered by Houston Oil & Minerals Corporation (Houston) during ground follow-up of a 1977 airborne radiometric survey anomaly. Diamond drilling between 1979 and 1981 outlined one million pounds of U3O8 (Dickinson, Cunningham and Ager, 1987, Economic Geology, vol. 82, 1987, p. 1558-1574). The Houston resource estimate was calculated prior to NI 43-101, and has not been independently audited. It should not be relied upon. Houston completed 3,463 m of core drilling in 52 holes; they also drilled a total of about 61 m in 21 shallow, split-tube holes in the Discovery Zone area. Select surface samples collected at the Discovery Zone by previous operators assay up to 34% U3O8. Average grade is 0.27% U3O8 and average thickness is 3 m within an area approximately 1,000 m long by 100 m wide. Mineralization within the drill holes occurs at depths ranging from surface to 120 m. The deposit is not fully defined and is open along strike. |
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