Solex Resources Corp. announces completion of NI 43-101 report on Pilunani propertyadmin
Solex Resources Corp. announced the completion and subsequent filing of an independent technical report on the Company’s 100% owned Pilunani lead-zinc property in the Puno Department in south-eastern Peru.
“This report highlights the significant potential at the Pilunani property and further confirms the high grade lead-zinc mineralization surrounding the old mine,” said Jonathan Challis, President of Solex Resources Corp. “We intend to seek a joint venture partner to further advance the property.”
The Report concludes that the Pilunani property shows good potential to host a viable mining operation, in particular when taking into account the high grade lead-zinc values characterizing the mineralization near the old mine and when compared to current and past producing mines in Peru. The Report recommends completing an Induced Polarization survey over the old mine area and in the region of drill hole PIL-07-18, followed by a 1,500 metre drilling program to adequately test the mineralized horizon of the old mine at a minimum depth of 100 metres. Previous exploration work has barely scratched the surface of this high grade mineralized zone and could potentially add to the size of the anomaly.
The Company commissioned and received the independent technical report on the Pilunani property in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The October 15, 2008 Report was prepared by independent consulting geologist, Alain Vachon, P.Eng. Geologist. Mr. Vachon, a Qualified Person under NI 43-101, has actively been involved in mineral exploration, mine development and mining operations in Peru and Canada during his career. To review this document in its entirety, please visit the Company’s website www.solexresources.com or www.sedar.com.
The Pilunani property concession is 100% owned by Solex and is not subject to any royalties, back-in payments or other agreements. The Pilunani Property is part of a larger claim package known as the Pilunani Project, which comprises 14 mining concessions totalling 11,400 hectares.
Solex acquired the property in 2004 and since then has completed geophysical surveys, mapping and geochemical sampling that led to the identification of four distinct anomalous zones with lead and zinc values greater than 1% within a 1 km(2) area surrounding the old mine. This led to two drilling programs.
Solex Resources Corp. is the dominant landholder in southern Peru’s Macusani Uranium District with concessions covering over 904 km(2). In 2008, a $5.5-million exploration program is being carried out on the Company’s Macusani East joint ventured uranium project. The Company is also aggressively exploring its three 100% owned Macusani uranium projects. A NI 43-101 report was filed on the Princesa silver, lead and zinc property on June 2, 2008.