Athabasca Basin click to enlarge

Total Magnetic Intensity Map click to enlarge

ATM Line B Profile click to enlarge

Mag 3D Image click to enlarge

Metapelitic Gneiss, Drill Hole PF07-002 click to enlarge

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Pasfield Lake Project

Latest News

• The 2007 winter exploration program is complete. Shallow basement and prospective uplift fault blocks are confirmed. Follow-up programs are accelerated and Phase two drilling is planned for the summer of 2007.

Location

The property is located in eastern Athabasca Basin, approximately 60 kilometres northwest of the Cigar Lake Mine, the second largest high grade uranium deposit in the world. It is 50 kilometres southwest of Highway 905 that connects Points North and Stony Rapids in northern Saskatchewan.

Size

The property consists of 16 mineral claims covering a total area of 66,811 hectares.

Ownership

Triex has the right to acquire up to an 80% interest in The Pasfield Lake Property from Thelon Ventures Ltd.


Exploration Budget

Approximately $1.7M has been spent on the Pasfield Lake property to date, including the 2006 summer program of AMT ground geophysical surveys east of Moss Creek, and the 2007 winter program including AMT ground surveys and airborne gravity surveys over Pasfield Lake, and a four hole diamond drill program.

A $1-1.2 million dollar diamond drill program is planned for September-October 2007.


2007 Exploration Summary

The 2007 winter program consisted of:

• Four AMT transects totaling 63 line-kilometres, completed by EM Pulse Geophysics Ltd.

• A 1,616 line-kilometre airborne 3-D Full Tensor gravity gradient survey completed by Bell Geospace Inc.

• Hy-Tech Drilling Ltd. of Smithers, BC completed a total of 1,604 metres of diamond drilling in four vertical holes. Holes PF07-001 and PF07-002 were completed to target depth PF07-003 was ended prematurely in intensely altered basement rock, and the PF07-004 was abandoned in overburden. Depth to basement is 300 metres.

• Holes PF07-001 and PF07-002 were successfully probed with a Mount Sopris 2PGA-1000 poly-gamma probe. A total of 266 geochemical samples were submitted to the Saskatchewan Research Council, Saskatoon.

Key geological features confirmed by the drill program include:

• The Pasfield Lake feature is large, a crudely circular and concentrically zoned magnetic low feature that is eight kilometers in diameter.

• A northeasterly-trending V-TEM conductor is coincident with the interpreted surface trace of the regional Cable Bay Shear Zone where it forms the northwestern margin of the Pasfield Lake uplift block.

• The Pasfield feature is a block of uplifted basement rock with at least 600 metres of vertical displacement relative to regional basement depths.

• The northwestern margin of the block is interpreted to have a complex, step-fault pattern based on results from ALL four AMT. The regional Cable Bay Shear Zone corresponds with this margin. The southeastern margin of the uplift block is equally well defined on AMT survey lines, and on 3-D magnetic inversion models.

• A north-south fault is evident through the middle of the Pasfield feature, along which intensly altered basement rocks were drill-intersected.

• No anomalous radioactivity was encountered in the two holes probed with the gamma ray tool, but rock types and alteration are prospective for uranium mineralization:

• Pervasive bleaching is present in basement rocks at the unconformity in all holes. Hole PF07-003 was terminated in soft, intensely clay-altered granitic gneiss.

• Hematite-filled breccia is present in basement granite gneiss in Hole PF07-001.

• More than 300 metres of graphitic garnet-mica metapelitic gneiss was recovered in Hole PF07-002, and strongly graphitic fracture zones are common.

• Very minor mafic and alkaline intrusive rocks are in holes PF07001 and 002, but their character, origin and economic significance are not known.

The four key areas to be tested in subsequent drill programs are:

1. The on-land southern portion of Cable Bay Shear Zone where a vertical offset of 600 metres or more is evident.

2. The north-south fault inferred from gravity and proven by drilling in the central portion of the uplift block.

3. The east-west internal step faults and parallel V-TEM conductors in the northern part of the block.

4. The southeastern margin of the uplift block.
The AMT survey results indicate that the Cable Bay Shear Zone is one kilometre west of the lake shore on Line C and two kilometres west of the lake shore on Line D (see property-scale compilation map to right). This part of the shear zone, which forms the western margin of the basement uplift block, will be drill-tested during the 2007 summer program.


2006 Exploration Summary

August

The 2006 summer program at Pasfield followed-up on an airborne V-TEM survey flown in January (see below).

• Detailed lake bathymetry data were collected, and limited lake sediment samples.

• Grid-based soil sampling was done over the five kilometre long, northeast trending linear conductor that is near the northwest shore of Pasfield Lake. Twenty line-kilometres of audio-magnetotelluric surveys (AMT) were completed over the northerly trending V-TEM conductor east of Moss Creek that is seven kilometres long and located on the eastern flank of a prominent magnetic low


2006 Exploration Budget

The exploration budget for the surface exploration program at Pasfield in the summer of 2006 cost approximately $280,000. This includes third-part processing, modeling, and interpretation of the previously flown V-TEM survey by two separate geophysical consultants.

A 1,700 line-kilometre airborne gravity survey was flown in January 2007, at a cost of approximately $242,000.

Geology and Exploration History

Strong airborne radiometric anomalies have long been known in the Moss Creek area some ten kilometres northwest of Pasfield Lake since the Geological of Canada regional surveys were flown across the Athabasca Basin in the late 1960's.

Ground follow-up work in 1978 identified a large and robust radiometric anomaly at the spring-fed headwaters of Moss Creek some 12 kilometres northwest of Pasfield Lake. Results included coincident anomalies of radon in water (more than 11 anomalous samples), uranium in stream sediment (more than 27 anomalous samples), and radioactive surface moss along the same three kilometre stretch of Moss Creek, along with helium in near-by soil gas.

Three drill holes were completed over the anomaly area in 1979. The holes were barren and intersected basement at 900 metres depth or more. Based on a regional groundwater study, it was proposed that the uranium source for the Moss Creek anomaly is under Pasfield Lake, not Moss Creek.

Thelon Ventures acquired the property in 2005 and contracted Geotech Ltd. to complete 1,116 line-kilometres of helicopter-borne time-domain EM (V-TEM) over the western part of the property, at 200 metre line spacing. The results warranted follow-up.

Depth to basement below the Athabasca Group sandstone cover ranges from 800 to 1300 metres in the region. However, modeling of both historic Geologic Survey of Canada magnetic data, and high resolution magnetic data from the recent V-TEM survey, indicate that depth to basement under Pasfield Lake is much shallower, between 300 and 500 metres.

There are four main areas of interpreted basement electromagnetic activity evident from the recent V-TEM survey, including a complexly zoned body 8 kilometres in diameter under Pasfield Lake, a 5 kilometre long, northeast trending linear conductor coincident with the clay-bound fault breccia encountered in historic drilling near the northwest shore of Pasfield Lake, and a 9 kilometre long, north-trending conductive feature which crosses Moss Creek along which numerous radioactive springs of radon and helium are known. Magnetic and EM zonation in the circular feature below the lake coincide.