RSC.V News
High Grade Uranium for Strateco in the Otish Mountains, 9.5 Metres Grading 1.54% U3O8
Symbol: RSC
MONTREAL, QUEBEC--(CCNMatthews - May 9, 2006) - Strateco Resources inc. (Strateco) (TSX VENTURE:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) is pleased to announce the complete chemical results of the 5 holes drilled to date on it's wholly owned Matoush Uranium project located in the Otish Mountains in Quebec. The 5 holes have intersected the uranium-bearing structure discovered in 1984 by Hole AM-15, drilled by Uranerz Exploration and Mining ((Uranerz(). Hole AM-15 returned a 16-metre intersection grading 0.95%U3O8 per tonne (19 lbs per ton) at a vertical depth of 220 metres.
Strateco's holes No. 2, 4 and 5 intersected very high grade results by any standards. Due to very poor recovery the hole No. 1 will have to be re-drilled. Hole No. 3 seems to indicate the superior limit of the mineralization on this section.
The core samples have been analysed at the Saskatchewan Research Council Laboratory in Saskatoon. This world-renowned laboratory process the samples of various uranium mines located in Saskachewan. All the results and this press release have been reviewed by Strateco's consultants firm IOS Services Geoscientifiques Inc.
Hole description, location and assays results
AM-15 Drilled in 1984 by Uranerz - vertical depth of
intersection: 220 metres, angle of drilling 70o, azimuth
275o, mineralized section 16 metres, grade 0.95% U3O8 now
named the fault zone.
MT-06-1 Vertical depth of intersection: 197 metres - angle of
drilling 47o, azimuth 279o - located 21 metres north of
AM-15, recovery low - 2-metre clay section: recovery 0%.
Strong radioactivity along the section of up to 6,000
counts per second. 5-metre mineralized section.
Note: Due to low core recovery, drilling contractor Major Drilling
assigned a foreman with experience in this type of mineralization to
the Matoush site. Subsequent core recovery was 100% in all holes.
Results From To Core length % U3O8
(m) (m) (m)
276.4 279.0 2.6 0.172
Note: poor recovery of core.
MT-06-2 Vertical depth of intersection: 220 metres - angle of
drilling 49o, azimuth 275o - twin of AM-15, (intersection
2 metres south); core recovery 100% including the 2-metre
of clay. Mineralized intersection 18 metres - very high
radioactivity of up to 24,000 counts per second. Contrary
to hole AM-15, there was no very high value such as 20%
U3O8; the highest value was 2.63%U3O8 over 50 centimetres.
Results From To Core length % U3O8
(m) (m) (m)
285.4 303.6 18.2 0.74
including 285.4 297.2 11.8 0.91
285.4 293.0 7.6 1.03
MT-06-3 Vertical depth of intersection: 178 metres - angle of
drilling 45o, azimuth 270o - located 15 metres south of
AM-15; core recovery 100% - medium radioactivity.
Mineralized intersection 7 metres - maximum 1,000 counts
per second.
Results From To Core length % U3O8
(m) (m) (m)
264.0 270.0 6.0 0.056
290.7 292.8 2.1 0.068
MT-06-4 Vertical depth of intersection: 243 metres - angle of
drilling 52o, azimuth 274o - located 6 metres south of
AM-15. Intersection of two mineralized zones, the first
located in the hangingwall of the fault zone. The
hangingwall zone was intersected over 13-metre long,
composed of a uranium-bearing mineral (Uranophane),
radioactivity of up to 19,000 counts per second; the 4-
metre fault zone was intersected 8.0 metres down hole;
radioactivity of up to 22,800 counts per second; core
recovery 100%.
Results From To Core length % U3O8
(m) (m) (m)
Hangingwall 295.4 309.5 14.1 1.01
including 295.4 304.5 9.1 1.39
299.3 304.5 5.2 2.01
Fault zone 317.5 321.0 3.5 1.47
MT-06-5 Vertical depth intersection: 234 metres - angle 48o,
azimuth 267o - located 24 metres south of AM-15. Core
recovery 100%.
MT-06-5 also cut the Hole AM-15 uranium structure over a
2-metre thickness from 319 to 321 metres (fault zone),
with radioactivity of up to 13,000 counts per second as
well as the new uranium hangingwall zone previously
identified over a 13-metre length (19,000 counts per
second) by Hole MT-06-04. Hole MT-06-5 intersected the
hangingwall zone over 11.3 metres (301 to 312.6 metres).
The hangingwall zone is characterized by the presence of
uranophane (secondary uranium mineral) and pitchblende.
Radioactivity readings of up to 34,000 counts per second,
the highest to date on the property Matoush.
Results From To Core length % U3O8
(m) (m) (m)
Hangingwall 301.3 312.6 11.3 1.33
including 301.3 310.8 9.5 1.54
Fault zone 319.5 321.4 1.9 1.19
The true width represents approximately 80% of the core length.
The hangingwall and fault zones remain fully opened at depth to the south and to the north.
Strateco plans to continue drilling the uranium-bearing structure around AM-15 at 25-metre spacing until this strong uranium-bearing concentration has been outlined. The reason for using a staggered 25-metre grid, which is relatively close for exploration drilling, is that the type of deposit being explored for could be relatively small yet still very high in value.
The mineralization and the geological context found at Matoush presents many similarities with the "perched bodies" found above the uranium deposits of McArthur River and Cigar Lake located in the Athabasca basin in Saskatchewan.
On Matoush, Strateco has not yet drilled the basement sediments unconformity. The Matoush structure has been identified over a distance of nearly 7 kilometres and strikes north-south.
The drilling program will resume on the Matoush project after the spring break-up around mid-June. During the summer, Strateco intends to conduct an extensive surface exploration program on the 330 claims of the Matoush project. The project consists of 17,948 hectares approximately 180 kilometres(2). The project covers the structure over a distance of 24 kilometres north-south.
Qualified Person
Jean-Pierre Lachance, geologist, is the qualified person as defined by National Instrument 43-101. He has over 30 years of experience in mining exploration.
Forward-Looking Statements
This press release contains forward-looking statements subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia and Quebec, and in the 10-KSB annual report filed with the US Securities and Exchange Commission. The Company does not undertake to publicly revise or update any such statements on the basis of new information, future events or any other event.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |
