Triex Minerals (TXM-V) has expanded its search for best of breed uranium deposits low cost producers in areas where profitable operation is viable to two new properties in the southern margin of the eastern Athabasca basin.
The Canadian junior signed an option agreement with Raytec Development for the right to earn up to a 70% interest in the Riverlake property in Key Lake West and in the Highrock property in Key Lake East.
Triex will earn an initial 51% joint-venture interest in the properties in exchange for $25,000 in cash, issuing 25,000 shares and spending an aggregate of $1.2 million in staged exploration expenditures before November 24, 2008.
The company can increase that ownership stake to 70% if it agrees to spend $2.4 million in staged expenditures before November 24, 2008. Triex will be the operator of the exploration program.
Near-surface, basement-hosted uranium mineralization will be the target on both properties and ground geophysical surveying is planned for December and January. The survey should better define the location and geometry of airborne conductors, and follow-up, first-pass drilling is scheduled for the third quarter of next year.
The two latest acquisitions were staked in 2004 and are located on either side of the Key Lake mine road.
The Riverlake property, which extends across an area of 166 sq. km, covers a large, circular magnetic low feature with similarities to the Pasfield Lake magnetic anomaly that Triex is currently exploring.
The Highrock property — about 152 sq. km covers an Archean basement antiform with flanking conductors, and is just 8 km southeast of the Key Lake deposit that is situated along the northern margin of the adjacent Archean basement antiform.
In addition to these latest acquisitions, Triex is advancing nine projects that span grassroots reconnaissance exploration to advanced-stage resource delineation. Its exploration budget this year is $8.7 million.
Outside of the Athabasca basin, Triex operates five key projects in the Hornby Bay Basin straddling the Nunavut/Northwest Territories border.
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