Solex Resources Corp. announces drilling on Macusani South Project underwayadmin
Tuesday, August 12th 2008
Solex Resources Corp. announced that the Company has commenced drilling on its wholly owned Macusani South Project in the Macusani Uranium District of Southern Peru.
The drilling program at the Pichuni and Socclla targets will consist of a maximum of 80 diamond drill core holes (HQ diameter), from 20 drill pads, to a depth of at least 30 metres, or to a depth determined by downhole probing. At least 2 holes are planned to a depth of 250 metres to test for deeper systems that cannot be determined by surface work. In addition, community approval has been granted and ratified for this work and drill permits, the first under new Ministry of Mines of Peru regulations governing uranium, have been received.
The drilling program on these two targets has been designed with the following objectives:
– To investigate the extension, geometry and controls of the uranium mineralisation in three dimensions as well as to define the uranium content and grade distribution within these mineralised horizons; – To obtain 3D geological information to aid in the development of geological and exploration models that can be used in the assessment of the remainder of Solex’s 100% owned extensive property holdings in the Macusani Uranium district which exceed 42,400 hectares and where identified uranium anomalies are not found in outcrops; and
– To delineate an area to extract a representative sample of at least six tonnes of mineralised rock that will be used in a metallurgical test programme.
“The Macusani South Project represents the potential to host a significant uraniferous resource,” said Jonathan Challis, President and CEO of Solex Resources. “With the drill program underway, we remain on track with our exploration strategy and one step closer to uncovering the potential of the property.”
About the Macusani South Project
The Macusani South Project is the most accessible of the Company’s 100%-owned projects. covering 4,700 hectares. The mineralisation is hosted by ignimbrites of the Upper Yapamayo Member of the Quenamari Formation. Extensive surface work on the property including a ground radiometric survey with line spacing of 100 metres (and in specific areas, 50 metres) was completed by Val d’Or Geophysica, complemented by extensive handheld scintilometer readings and a widespread systematic and grid based trenching and pitting programme. A total of 377 geochemical samples were taken with a maximum reported value of 0.272% U3O8. The identified uranium minerals include autunite, torbenite and meta-autunite.
About Solex Resources Corp.
Solex Resources Corp. is the dominant landholder in southern Peru’s Macusani Uranium District with concessions covering over 904 km(2). In excess of $11 million has been spent 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 has recently been filed on the Princesa silver, lead and zinc property and further field work has been completed on the Pilunani lead and zinc project with a report due in August.