Joint Venture Partnership:
On March 28, 2006 Thelon Ventures Entered into a Joint Venture Agreement on the Pasfield Lake Uranium Project with Triex Minerals.
Triex has the right to acquire up to an 80% interest in The Pasfield Lake Property from Thelon Ventures Ltd.
Under the terms of an Option/Joint Venture Agreement with Thelon Ventures Ltd., Triex has the right to acquire up to an 80% interest in The Pasfield Lake Property. Triex can earn an initial 51% joint venture interest in the Property by incurring $400,000 of exploration expenditures on or before December 1, 2006, and making two cash payments of $25,000 each, the first upon execution of the agreement, the second by December 1st.
Triex can increase its interest to 60% by incurring a cumulative $1,900,000 of expenditures on or before September 30, 2008; to 70% by spending a cumulative $3,100,000 on or before April 30, 2010; and finally to an 80% interest by spending a cumulative $6,200,000 on or before April 30, 2013.
Upon completion of the earn-in requirements, a joint venture will be formed with Triex as Operator.
2007 Exploration Summary:
Drilling is Complete and More is Planned at Pasfield Lake Uranium Property, Saskatchewan
The 2007 winter program consisted of:
• Four AMT transects totaling 63 line-kilometres, completed by EM Pulse Geophysics Ltd.
• A 1,616 line-kilometre airborne 3-D Full Tensor gravity gradient survey completed by Bell Geospace Inc.
• Hy-Tech Drilling Ltd. of Smithers, BC completed a total of 1,604 metres of diamond drilling in four vertical holes. Holes PF07-001 and PF07-002 were completed to target depth PF07-003 was ended prematurely in intensely altered basement rock, and the PF07-004 was abandoned in overburden. Depth to basement is 300 metres.
• Holes PF07-001 and PF07-002 were successfully probed with a Mount Sopris 2PGA-1000 poly-gamma probe. A total of 266 geochemical samples were submitted to the Saskatchewan Research Council, Saskatoon.
Key geological features confirmed by the drill program include: • The Pasfield Lake feature is large, a crudely circular and concentrically zoned magnetic low feature that is eight kilometers in diameter.
• A northeasterly-trending V-TEM conductor is coincident with the interpreted surface trace of the regional Cable Bay Shear Zone where it forms the northwestern margin of the Pasfield Lake uplift block.
• The Pasfield feature is a block of uplifted basement rock with at least 600 metres of vertical displacement relative to regional basement depths.
• The northwestern margin of the block is interpreted to have a complex, step-fault pattern based on results from ALL four AMT. The regional Cable Bay Shear Zone corresponds with this margin.
• The southeastern margin of the uplift block is equally well defined on AMT survey lines, and on 3-D magnetic inversion models.
• A north-south fault is evident through the middle of the Pasfield feature, along which intensly altered basement rocks were drill-intersected.
• No anomalous radioactivity was encountered in the two holes probed with the gamma ray tool, but rock types and alteration are prospective for uranium mineralization:
• Pervasive bleaching is present in basement rocks at the unconformity in all holes. Hole PF07-003 was terminated in soft, intensely clay-altered granitic gneiss.
• Hematite-filled breccia is present in basement granite gneiss in Hole PF07-001.
• More than 300 metres of graphitic garnet-mica metapelitic gneiss was recovered in Hole PF07-002, and strongly graphitic fracture zones are common.
• Very minor mafic and alkaline intrusive rocks are in holes PF07001 and 002, but their character, origin and economic significance are not known.
The four key areas to be tested in subsequent drill programs are:
1. The on-land southern portion of Cable Bay Shear Zone where a vertical offset of 600 metres or more is evident.
2. The north-south fault inferred from gravity and proven by drilling in the central portion of the uplift block.
3. The east-west internal step faults and parallel V-TEM conductors in the northern part of the block.
4. The southeastern margin of the uplift block. The AMT survey results indicate that the Cable Bay Shear Zone is one kilometre west of the lake shore on Line C and two kilometres west of the lake shore on Line D (see property-scale compilation map to right). This part of the shear zone, which forms the western margin of the basement uplift block, will be drill-tested during the 2007 summer program.
2006 Exploration Summary:
August, 2006
A $280,000 first-phase summer exploration program was completed at the Pasfield Lake Property in August, 2006. It follows-up a detailed V-TEM survey, flown at 200 metre line-spacing over the entire property in January.
The recently completed program included soil and lake sediment geochemistry, and a ground-based audiomagnetotelluric (AMT) geophysical survey. Grid-based soil sampling was done over the five kilometre long, northeast trending linear conductor that is near the northwest shore of Pasfield Lake.
The conductor is coincident with a clay-bound fault breccia zone
intersected in historic drill holes. A total of 185 samples were collected.
At the Moss Creek target, located 10 kilometres northwest of Pasfield Lake, Empulse Geophysics Ltd. completed a twenty line-kilometre AMT survey. The survey covers a northerly trending conductor seven kilometres long located on the eastern flank of a prominent magnetic low.
Previous exploration at Pasfield Lake in the 1970s identified anomalous uranium in stream sediments and anomalous radon in spring waters at Moss Creek, which is immediately west of the newly identified conductor.
Previous work also identified anomalous radon and helium soil gas readings from the headwater area of Moss Creek, which is southwest of the conductor.
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