Strateco Resources Inc (C-RSC) - News Release
Strateco drills 30.6 metres of 0.99% eU3O8 at Matoush
2009-07-27 17:02 ET - News Release
Shares issued 119,266,432
RSC Close 2009-07-24 C$ 0.80
Mr. Guy Hebert reports
STRATECO INTERSECTS 0.99% EU3O8 OVER 30.6 METRES INCLUDING 5.98% EU3O8 OVER 4.5 METRES ON MATOUSH PROPERTY
Strateco Resources Inc. has found a new uranium high-grade intersection in the extension of the MT-34 lens.
In fact, hole MT-09-022 has intersected 0.99 per cent eU3O8 over 30.6 metres including 5.98 per cent eU3O8 over 4.5 metres.
This drillhole, with a pierce point at a vertical depth of 456 metres in the extension on the MT-34 lens, is one of the best holes drilled to date by Strateco on its wholly owned Matoush property.
The MT-09-022 results are even more exciting since the pierce point is located outside of the resources estimated by Scott Wilson Roscoe Postle Associates Inc. published in September, 2008.
Another drillhole is planned at the same elevation, 50 metres south of MT-09-022, to fill in the gap between holes MT-09-022 and MT-08-062 located 100 metres apart.
The true width of the mineralized sections has not yet been determined.
Location of pierce point of hole MT-09-022 can be seen on the MT-34 longitudinal section available on the company's website.
As indicated in Stockwatch July 8, 2009, Scott Wilson RPA was mandated to realize a new resource estimate on the MT-34 zone. The complete report of this resource estimation should be available at the end of August, 2009.
Since the drilling program began in February, 2009, 20,000 metres of the planned 30,000 metres of exploration drilling in 2009, have been completed.
Strateco plans to carry out 60,000 metres of surface drilling per year in 2010, and 2011, in parallel with underground exploration work. The results of the surface drilling program should allow the maximum capacity of the Matoush ore processing plant to be established.
In 2010, Strateco plans to begin the environmental studies required for mill and tailings pond construction. These studies are required to obtain a mine construction permit.
Strateco is eligible for exploration tax credits equal to approximately 50 per cent of surface exploration expenses until such time as it achieves commercial producer status.
This news release has been approved by Jean-Pierre Lachance, Geo, executive vice-president of Strateco Resources Inc., which is the qualified person as defined in National Instrument 43-101.
We seek Safe Harbor. |
