Solex Resources Corp. completes initial drilling program and continues metallurgical testing at Macusani South projectadmin
Solex Resources Corp. announced that it has completed the first phase of drilling on its 100% owned Macusani South project in the Macusani uranium district of south-eastern Peru. In addition, column leach metallurgical testing has started at Solex’s mobile metallurgical laboratory following receipt of all required permits.
Diamond drilling commenced at the Macusani South project in August 2008 with several objectives. These included:
– Testing for the possible extension at depth of the previously mapped outcropping uranium mineralised structures within the target areas – Obtaining additional data to verify the results gathered from trench sampling for comparison purposes
– Obtaining additional data to verify the results from the six tonne sample extracted for metallurgical testing from test pits between drill holes
Ten drill pads were constructed on the property from which 24 HQ-diameter diamond drill holes totalling 1,277 meters were completed. 22 of these holes were drilled to an average depth of 50 meters and two reached final depths of 95 meters and 100 meters. Samples were simultaneously collected from trenches. Drill and trench samples will be submitted for analysis for comparison purposes with the large sample that is being leached in the test laboratory to determine the optimum sampling method and sample size for greater assay accuracy in future programmes. The drill locations have been rehabilitated.
The initial review of data from the drilling programme indicates that the uraniferous mineralisation observed at surface does not continue at depth despite the widespread anomaly outlined through radiometric surveys. No assays have yet been performed on these samples, but will be once preliminary leach test results are available.
“Although the results from the Chacaconiza Formation are not as encouraging as we had expected, we will continue to focus our exploration efforts around other prospective structures within the Quenamari Formation,” said Jonathan Challis, President and CEO of Solex Resources. “In particular, we will target the extensive Yapamayo and Sapanuta structures that occur in other areas, notably on Macusani West, which we have identified as more prospective targets for a bulk mineable uranium resource.”
Uranium mineralisation in this area occurs as wider vein infill material as well as disseminated mineralisation through the ignimbrite. Ongoing exploration activities on the Macusani West project, in particular on the Chahuana target which hosts the Sapanuta structure, appear to confirm that targets in this area are more prospective for larger tonnage resources than structures on the Macusani South project. A two tonne sample is being extracted from the Chahuana target prior to drilling in 2009 for preliminary metallurgical testing in Solex’s mobile metallurgical facility. The first tonne of this sample has already been delivered to the test laboratory.
A mobile leach test laboratory, operated by SGS Minerals, is on-site to demonstrate on a larger scale the viability of recovery of uranium in a simple leach circuit. Three, two tonne samples collected at the Macusani South project have been delivered to this laboratory for test column leaching. An additional two tonne sample will be collected from the Macusani West project on the Chahuana target. The final leaching permit has been issued by the authorities in Peru, and the facility will be expanded from five to six tonnes capacity by the addition of more leach columns to accommodate the increase in material and to allow for a wider range of material to be tested.
The samples have been sized into five fractions at the laboratory and crushing of the oversized (+25 mm) material is underway. The first two, two tonne samples are being loaded into the columns for leaching.
To view a photo of the mobile leach testing facility showing the three new additional leach columns which will allow for increased capacity, click on the following link (http://files.newswire.ca/476/solexphotos.doc).
To view a photo of a crushed rock sample from Chahuana click on the following link (http://files.newswire.ca/476/solexphotos.doc).
Macusani East Project
Exploration work is continuing at the Macusani East project, a JV property with Eldorado Gold Corporation (“Eldorado”), on the analysis and verification of the results received in September 2008. Initial work has concentrated on bringing the results from 2007 and 2008 on the Sayana Central property into a format whereby the Qualified Person and the Operator, Eldorado, are able to authorise their release to the market. This is expected to occur prior to the end of November 2008.
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 the Macusani East Project
The Macusani East project is joint-ventured with Eldorado Gold Corporation. The Project contains 53 known uranium anomalies discovered in the 1970s by the Peruvian Institute of Nuclear Energy (IPEN) and consists of 72 concessions covering 47,820 hectares. On April 21, 2005, Solex entered into a joint venture agreement with Frontier in which Frontier had the right to earn a 50% interest in the project by spending US$4-million over five years as the operator. Frontier fulfilled its obligations in just over two years and subsequent to the acquisition of Frontier by Eldorado in 2008, Eldorado is now a 50/50 partner on the project.
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 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. NI 43-101 reports have recently been filed on both the Princesa silver, lead and zinc property and the Pilunani lead and zinc project.