Hornby Bay Basin click to enlarge

Mountain Lake Targets click to enlarge

Deposit Map click to enlarge

Mountain Lake Section Map click to enlarge

Mountain Lake Long Section Map click to enlarge

Fran Lake Drilling

Mountain Lake Project

Latest News

• September 17, 2007, 2007 Exploration Program Completed
• May 8, 2007, a 5,000 metre diamond drilling program commenced
• January 30, 2007, $2.3 million budget approved for 2007
• October 10, 2006, Hornby Bay Basin Project Updated
• July 18, 2006, Initial drilling at Mountain Lake completed
• April 26, 2006, Triex Expands Mountain Lake Holdings, Hornby Bay Basin, Nunavut

Location

The Mountain Lake Property is centered approximately 550 km north of Yellowknife, NWT, and 100 km southwest of the coastal community of Kugluktuk (formerly Coppermine), Nunavut.

Property Size

The Mountain Lake Property consists of 49 claims totalling 45,190 hectares (111,660 acres). This includes the original Mountain Lake Property (8 claims totalling 6,647 hectares), and an additional 41 contiguous claims, totaling 38,544 hectares, optioned from Ur-Energy Inc.

Ownership

Triex Minerals Corporation has a 50% interest in the Mountain Lake Property. Pitchstone Exploration Ltd. holds the remaining 50% interest in the permits.

2007 Exploration Program

The total cost of the 2007 exploration program carried out on the collective Hornby Bay Basin projects from May to September 2007 was approximately$2.4 million. Work on the Mountain Lake property included:

• Three holes, totalling 477 metres, at the northern end of the Mountain Lake Deposit
• Boulder prospecting and collection of 1,890 soil samples
• An Ohm Mapper survey totalling 70 line-kilometres
• Preliminary baseline environmental studies, including aquatic studies (water quality, fisheries, and hydrology), and a wildlife survey
• Preliminary uranium extraction studies on a composite core sample from the Mountain Lake Deposit

2006 Exploration Summary

Spring 2006 Drilling

Key objectives of the drill program:

• Better understand the axis of higher grade material along the center of the deposit;
• drill test areas under lakes for which there is no historic data;
• determine the total geological resource for the deposit by fully delineating lower grade envelopes around the deposit, and;
• test for separate, new deposits to the west and north of Mountain Lake.

Summer Surface Program

The total cost of the four-week surface exploration program carried out on the collective Hornby Bay Basin projects in August 2006, was $441,230. Work on the enlarged Mountain Lake property included:

• Triex Minerals flew 1310 line-km of airborne radiometrics at 200m-line spacing over most of the property surrounding the Mountain Lake deposit (i.e. UR Energy ground).

2005 Exploration Summary

• $960,000 budget (50% to Triex), including:
• 684 line-kilometre MEGATEM II survey, conducted by Fugro Airborne Surveys at 150-metre line spacing. This survey was designed to identify lithologic and structural characteristics of the Mountain Lake uranium deposit and extrapolate these to the remainder of the claims.
• Follow-up ground geophysics of approximately 40 line-kilometres of magnetic, resistivity, MAX-MIN and PROTEM frequency and time domain electromagnetic surveys respectively.
• Historic drill core from Imperial Oil projects was rehabilitated and selected holes were re-logged and sampled for geochemical and alteration signatures.

Geology and Exploration History

A regional airborne radiometric survey by the Geological Survey of Canada over the Hornby Bay Basin generated numerous anomalies that triggered exploration. 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 are in the assessment record related to this seven-year period of regional exploration.

In 2005 Triex filed an independent National Instrument 43-101 compliant property report by Qualified Person Frank Hassard, P.Eng. Highlights of the report include:

• 8.2 million pounds U3O8 (3,700 tonnes U3O8) inferred resource in 1.6 million tonnes, 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);
• stratabound, sandstone hosted uranium deposit, tabular in shape, with minor high-grade fracture controlled mineralization
• stratabound grades averaging 0.1-0.3 percent U3O8 with local concentrations of 1.23 percent U3O8 over 1.9 metres;
• fracture controlled mineralization up to 5.19 percent U3O8 over narrow widths (less than one metre);
• minor amounts of copper, nickel, cobalt and silver;
• deposit approximately 1.3 kilometres long and up to 320 metres wide;
• mineralization at depths from 28 metres up to 136 metres below surface;
• gently dipping mineralization (less than five degrees);
• several areas within the Mountain Lake property remain untested; and
• potential for higher grade, fracture controlled mineralization (not yet tested).

NI43-101 Report

Mountain Lake Property Technical Report October 9, 2007 (PDF)

Mountain Lake Property Technical Report February 15, 2005 (PDF)