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Hornby Bay Basin
Mountain Lake Project
Dismal Lake Project
Kendall River Property
Athabasca Basin
Pasfield Lake Project
Stony Road Project
Mann Lake Project
West Carswell Project
Wollaston NE Project
Riverlake/Highrock
Alaska
Boulder Creek Project
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HORNBY BASIN PROPERTIES
The Mountain Lake uranium deposit anchors the property holdings. It is the only defined uranium resource in the basin. The deposit has an inferred resource of 8.2 million pounds U3O8 (3,700 tonnes U3O8) in 1.6 million tones of rock, with an average grade of 0.23 percent U3O8 using a cut-off grade of 0.10 percent U3O8 and a minimum thickness of 1.0 metre (CIM guidelines and definitions). The objective of the Joint Venture is to fully delineate the Mountain Lake uranium deposit, and discover additional potential deposits in the region. Latest News Aug 28, 2008: Summer Drill Program for 2008 Completed in the Hornby Bay Basin Location The Mountain Lake deposit is located approximately 100 km southwest of the coastal community of Kugluktuk (formerly Coppermine), in northwestern Nunavut. It is approximately 550 km north of Yellowknife, NWT. The Dismal Lakes claims are approximately 45 kilometres to the northwest of the Mountain Lake deposit. Size The Dismal Lake Property consists of 21 claims covering 18,185 hectares. Ownership Triex is the Operator for a 50/50 Joint Venture Agreement with partner Pitchstone Exploration Ltd. ("Pitchstone"). The Joint Venture currently controls four properties in the Hornby Bay Basin, covering some 63,751 hectares in 68 claims within four separate blocks. The blocks are: Mountain Lake, including the Mountain Lake uranium deposit; Dismal Lake; Sandy Creek (Dismal Lake West) and; Kendall River. Sandy Creek is not active. Title to the properties is held by a combination of directly staking claims and acquiring prospecting permits, and indirectly through several Option to Purchase Agreements with third parties. The Joint Venture holds 100% of the eight claims which cover the Mountain Lake deposit and immediately surrounding area, clear and free of any obligations, and the Sandy Creek Claims. Claims peripheral to the core Mountain Lake Block, and claim blocks at Dismal Lake and Kendall River are owned 100% by the Joint Venture, subject to production royalties to the vendors, subsequent to satisfying work commitments specified in the Option-to-Purchase Agreements for these properties. The Joint Venture has buy-down provisions for 50% of the production royalties attached to the Kendall River, Dismal Lake and peripheral Mountain Lake claims. 2008 Exploration Program The approved budget for the 2008 summer exploration program in the Hornby Bay Basin was $3.1 million. The program mobilized in mid-April, and drilling was complete by July 28, 2008. The base camp on Kirwan Lake, near the Mountain Lake deposit, was used for the third consecutive year. The $3.1 million dollar work plan and budget was mostly for drilling, but also included extensions to the Ohm-Mapper ground resistivity surveys completed in 2007. A total of 716 line-kilometres of Ohm-Mapper surveys were completed on three grids, one in the Helmut Fault area on the Mountain Lake property, and one on the Dismal Lake property and one at Kendall River. This work included approximately 140 line-km over the Dismal Lake property. A total of 3,172 metres of drilling was completed in 13 drill holes: 1,540 metres on the Mountain Lake property (three holes in the Helmut Fault area and four holes on the Jenny Lake target); 751 metres in three holes on the Dismal Lake property, and; 762 metres in three holes on the Kendall River property. The 2008 drilling on the Dismal Lake property tested the area in between the "east target" and "west target" tested in 2007. The area tested in 2008 covers an area of fault offset of Unit 11 sandstone, the target interval which hosts the Mountain Lake deposit itself. Overall, the area is approximately 4 kilometres to the east of the large field of radioactive boulders discovered in the 1970's. Three drill holes were attempted in this area in 1979, but none were completed to sufficient depth. Specific locations for the 2008 holes were were developed using airborne radiometric surveys, ground magnetic and resistivity (Ohm Mapper) surveys, and prospecting and soil surveys completed in 2006, 2007 and 2008. Holes were completed on either side of the main, northeasterly trending structure. Target stratigraphy was intersected in all three holes, but no zones of significant and/or continuous radioactivity were encountered. Delineation drilling was completed on the Mountain Lake uranium deposit itself in 2006 and 2007, and first-pass drilling has been completed over the most obvious targets at Dismal Lake and Kendall River in 2007 and 2008. Further drilling is not immediately justified, however, additional low-cost surface could be considered to more fully evaluate surface radioactive boulder fields, soil anomalies, and prospective structures and stratigraphic intervals, in the search for additional buried deposits in the basin, mostly to the west of Mountain Lake, but also to the southwest and northeast, and including a complete fleshing out of the Dismal Lake and Kendall River boulder anomalies. 2007 Exploration Program The total cost of the 2007 exploration program carried out on the collective Hornby Bay Basin properties from May to September 2007 was approximately$2.4 million, mostly for drilling. Work on the Mountain Lake property itself included:
Both surface work and diamond drilling were completed on the Dismal Lake property. Surface work on the Dismal Lake property included grid-based soil sampling and OHM Mapper resistivity surveys. A total of 943 soil samples were collected from the grid, on 50 metre stations and 200 metre spaced lines. A total of 140 line kilometres of OHM Mapper resistivity surveys were completed on the same grid. First pass drill testing was completed on both the "east" and "west targets". Five holes were completed on the "west" target for 1,401 metres, and three holes were completed on the east target for 940 metres. Target stratigraphy was intersected in all three holes, but no zones of significant and/or continuous radioactivity were encountered. 2006 Exploration Program The 2006 exploration program for the collective Hornby Bay Basin properties had a budget of $2.1 million, mostly for drilling. The program mobilized in the first week of April, and drilling was complete by June 12, 2006. Twenty diamond drill holes were completed for a total of 3,101 m, all on the Mountain Lake deposit itself. Key objectives of the 2006 summer drill program were:
A four week surface reconnaissance exploration program with a total budget of approximately $400,000 was completed in August, 2006, based out of the Kirwan Lake camp following completion of the spring drill program which was focused on the Mountain Lake deposit itself. The reconnaissance work covered the Kendall River and Dismal Lake properties, and the peripheral holdings around the Mountain Lake deposit. Work on the Dismal Lake property itself included:
Prospecting and mapping of the radioactive boulder field was also done. Seventeen new samples were collected, with uranium contents up to 0.35% U308. 2005 Exploration Program The Joint Venture conducted it's first exploration program on it's collective Hornby Bay Basin properties during the summer of 2005. The budget was approximately $1.2 million dollars. Work done at the Mountain Lake deposit was based out of the nearby community of Kugluktuk, while concurrently a four week flycamp was established at Sandy Creek for work on the Dismal Lake West property (also called Sandy Creek property). Work commenced on August 1, 2005, and was completed by August 28th. Work on the Mountain Lake property itself included:
Work on the Dismal Lake property in 2005 included an airborne magnetic and EM survey, GEOTEM, of approximately 1,092 line kilometres, flown along north-south lines spaced 300 m apart. This survey was completed prior to the 2006 purchase of the property by the Triex-Pitchstone Joint Venture. Exploration History A regional airborne radiometric survey by the Geological Survey of Canada over the Hornby Bay Basin in the late 1960's generated numerous anomalies that triggered the first wave of exploration in the region. The Mountain Lake Property was originally held and explored by Aquitaine of Canada Limited and Imperial Oil Limited from 1969 to 1980. Drilling began in 1975 and the Mountain Lake deposit was discovered in 1976. Some 190 percussion and diamond drill holes totaling 22,000 metres were completed. Between 1974 to 1981, BP Minerals and Esso Minerals conducted extensive regional exploration programs in the search for additional mineral deposits. Early work included reconnaissance-style lake sediment geochemical surveys, mapping, prospecting and lithogeochemistry. INPUT-EM and radiometric surveys were also flown. Targets were advanced on numerous properties using ground-based VLF-EM and magnetic surveys. Detailed prospecting and mapping of boulder fields, scintillometer mapping, soil sampling, and track-etch surveys helped to define early-stage drill targets. More than 25 drill holes related to this seven-year period of regional exploration are in the government assessment record. NI43-101 Reports In 2005, a National Instrument 43-101 compliant technical report was completed by an independent and Qualified Person, Frank Hassard, P.Eng. The report was based on a detailed synthesis and analysis of all available historic geological data on the deposit, from both the public and private domains. Salient features of the Mountain Lake deposit highlighted in the report include:
The completion of this NI 43-101 compliant report, including the calculation of an inferred uranium resource, adds significant underlying value to the Mountain Lake Project. Updated Technical Reports which include drilling done subsequent to the original 2005 report, are filed on SEDAR and listed below:
Mountain Lake Property Technical Report October 9, 2007 (PDF)
Mountain Lake Property Technical Report February 15, 2005 (PDF)
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