Uranium results in Alaska send Triex up

All the results from the first pass at Boulder Creek uranium deposit in Alaska are in, and the news has Triex Minerals (TXM-V) up on the market.

The Vancouver-based company saw its shares climb 12% or 37 to $3.41 on roughly 530,000 shares traded in Toronto on Nov. 16.

While 12 holes were drilled within and around the known mineralization of Boulder Creek, it was two holes drilled in the core of the deposit which were most relevant as they backed up historical grades and thickness.

Hole DV06-54 — drilled in the northern part of the deposit– contained 0.317% U3O8 over 3 metres between 23 and 29 metres depth, including 0.867% U3O8 over 2 metres.

Hole DV06-64 contained 0.317 % U3O8 over 2 metres within 5 metres of 0.1647 % U3O8 between 11.4 and 16.4 metres.

Boulder Creek was discovered between 1979 and 1981, and roughly 1 million pounds of U3O8 was outlined back then with an average grade of 0.27% U3O8 and an average thickness of 3 metres.

The depths of mineralization were said to be from surface to 120 metres. However, those numbers are historical and not NI 43-101 compliant.

The project is situated in the southeastern Seward Peninsula — 160 km east of Nome — and is hosted within tertiary-aged sandstone peripheral to a Late Cretaceous alkalic quartz monzonite intrusion. It is the largest known uranium deposit in Alaska.

Triex says it will test for new deposits along strike to the north in 2007.

But two holes drilled at Carbon Creek — 7-km northwest and along strike from the main deposit at Boulder Creek — didn’t intersect significant uranium mineralization, the company says.

Triex also reported that not all of the geochemical data sets from the surface sampling program are in, so the full extent of uranium in the region is still pending.

New targets for possible drill-testing, however, were discovered via reconnaissance exploration, the company says.

Triex says full results and plans for 2007 will likely be released in the next month.

Boulder Creek is joint ventured with Full Metal Minerals (FMM-V). Triex, who is the operator, can earn an initial 65% interest in the property by completing US$1.5 million in exploration over four years with an initial cash payment of US$75,000 and issuance of 50,000 shares each year for a maximum total of 200,000.

Full Metal saws its share price fall 6 to $2.25 on 78,000 shares.

Triex also reported the completion of first-pass reconnaissance exploration in four main areas in the Death Valley and McCarthy Marsh regions north and west of the Boulder Creek.

Triex says the areas have similar geological settings to the Main Zone at Boulder Creek which is cretaceous age granitic bodies forming uplands on the flanks of Eocene age sedimentary basins.

Triex’s total 2006 budget for uranium exploration in Alaska was roughly $1.5 million.

The company has uranium prospects in three separate districts in North America, with annual exploration budgets of roughly $7 million.