Matoush Continues to Impress: Strateco Intersects 1.97% U3O8 Over 6.7 Metres and Begins Global Exploration of the Matoush Project
MONTREAL, QUEBEC — /Marketwire/ — THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO DISSEMINATION AGENCIES IN THE UNITED STATES, NOR FOR PUBLICATION IN THE UNITED STATES.
Strateco Resources Inc. (Strateco)(TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) is pleased to provide an update on exploration work on its wholly-owned Matoush project in Quebec’s Otish Mountains.
Exploration work has primarily consisted of drilling, with three drills operating on the site. Since the beginning of 2007 (to June 21), 55 holes including one wedge have been drilled for a total of 22,402 metres. Definition drilling continued on Zone AM-15 in preparation for an NI 43-101-compliant resource estimate, as well as drilling on the north and south extensions of the zone. One drill is assigned to deep drilling and has completed four holes, not including one wedge and another hole left uncompleted. Exploration drilling is also testing the uranium potential of the CBF horizon from surface down to the -180-metre level.
In terms of results, Strateco has received chemical analyses for 24 holes from the RSC laboratory in Saskatoon, as well as results for MT-07-01 to MT-07-08, which were disclosed in a press release dated April 10, 2007.
To date, drilling in the AM-15 area has indicated the presence of interesting uranium mineralization over a distance of more than 300 metres, with a core distance of 160 metres. The AM-15 horizon remains open both to the north and to the south.
Holes for which chemical analyses have been received include nine holes drilled in the northern extension of AM-15, namely MT-07-26, 27, 28, 29, 31, 32, 33, 34 and 35 (the pierce point locations can be viewed on the Company’s web site at www.stratecoinc.com). The true width of the mineralized sections has not yet been determined. Hole MT-07-29 returned the best value, with a grade of 1.97% U3O8, representing 39 lb/ton U3O8, over a length of 6.7 metres in the CBF horizon. These results are even more promising as the intersection corresponds to a fault in the hangingwall of the Matoush fault, 135 metres to the north of the Hole AM-15 intersection. Another hole of interest in this area is MT-07-33, drilled 25 metres to the north of MT-07-29. As in MT-07-29, the uranium mineralization is in the hangingwall of the Matoush fault. The mineralization is found in a 4.00-metre section of the hole, but sampling has not yet been completed. To date, grades of 1.49% U3O8 (30 lb/ton) over 0.3 m from 244.2 to 244.5 m and 1.18% U3O8 (24 lb/ton) over 0.8 m from 247.6 to 248.4 m have been obtained.
In the rich ACF horizon, also in the northern extension of the AM-15, Hole MT-07-35 returned the best intersection, 65 metres to the north of AM-15. A grade of 0.95% U3O8 (19 lb/ton) over a substantial length of 10.7 metres, including 1.61% U3O8 (32 lb/ton) over 5.9 metres, was obtained. This intersection, which displays intense fuschite, tourmaline and chlorite hydrothermal alteration with pichblende and uranophane, confirms the presence of a corridor of high grades and widths in the upper part of the ACF to the north of AM-15.
Three holes (MT-07-48, 50 and 54) were drilled in the southern extension of AM-15, in the lower CBF, between 10 and 20 metres above the ACF-CBF contact, to test the potential presence of a saccharoidal level recently identified in the northern extension of the AM-15. This level, which would add considerable value to the project, consists of fine, moderately silicified, porous sandstone with a sugar structure (saccharoidal). The results of visual examination and radiometry on the core are very encouraging. In Hole MT-07-48, the mineralized zone is 7.0 metres long, with a cps of up to 3,000 associated with the pichblende. In Hole MT-07-50, the mineralization was intersected over 1.0 m with a maximum cps of 2,300, and in Hole MT-07-54, over 6.0 metres avec maximum cps of 5,300, but with 50% core loss.
Thirteen exploration holes were drilled in the southern extension of the AM-15 zone, over a strike length of 270 metres, being up to Section 35+15S, with Hole AM-15 lying on Section 31+50S. Most of these holes intersected the Matoush fault in the ACF. Chemical analysis results have been received for these thirteen holes. Except for Hole MT-07-18, which was drilled on the lake last winter and returned a grade of 0.21% U3O8 over 3.4 m, including 0.83% U3O8 (17 lb/ton) over 1.5 m, grades were below 0.10% U3O8 (4 lb/ton). For instance, Hole MT-07-10, with a pierce point 100 m south of AM-15 in the upper part of the ACF, returned a grade of 0.06% U3O8 over 4.0 m, including 0.19% U3O8 over 0.8 m.
As indicated in the press release dated April 10, 2007, one of the three drilled was mobilized on February 10, 2007, for deep drilling to test the uranium potential of the basement rock (unconformity). The press release dated February 20, 2007, disclosed the results for the first hole to reach the basement on the Matoush property, namely Hole MT-07-09, with a total length of 1,296 metres. In addition to Hole MT-07-09, three other holes were drilled, namely MT-07-15, 22 and 30, as well as a wedge (MT-07-22-A). A fourth exploration (MT-07-47) was drilled to test the basement 170 metres north of MT-07-30, but was left unfinished for technical reasons. One of these holes, MT-07-22, can be considered significant, as it intersected two intrusives, both containing uranium mineralization. The mineralization was intersected in the ACF at an average vertical depth of 700 metres, with the basement lying at 792 metres. The two intrusives are 60 metres apart down hole, with the second corresponding to the Matoush fault. Chemical analysis results were revealing, with respective grades of 1.18% U3O8 (24 lb/ton) over 0.6 metres and 0.30 U3O8 (6 lb/ton) over 1.40 metre. The core from the other holes has not yet been sent to the laboratory, but no significant mineralization is anticipated.
Nine exploration holes (MT-07-36, 38, 40, 41, 43, 44, 45, 49 and 53) were drilled to test the uranium potential of the CBF at a vertical depth of between the -80 m and -160 m. This horizon typically contains low uranium grades. The five holes, centred at -100 m over a strike length of about 240 m, do not appear to have returned any significant mineralization, with counts per second (“cps”) of less than 700. However, Holes MT-07-36 and 44, 105 metres apart with a pierce point at -160 m, are considerably more promising. Hole MT-07-36 intersected a mineralized zone of interest over 3.15 metres with a cps of up to 6,300, and Hole MT-07-44 intersected two mineralized zones, the first 2.0 metres long with a cps of up to 3,900 in the CBF, and the second about 13 metres long in the ACF with a maximum cps oscillating from 650 to 2,700.
Hole MT-07-49 is without doubt the most promising hole. With a pierce point 185 metres to the north of AM-15 in the middle part of the ACF, this hole shows that the mineralization extends to the north. The 3.8-metre length of mineralized zone showed the presence of pichblende over its entire length, with a cps of 11,500.
Hole MT-07-23, drilled to test an IP geophysical anomaly outside the Matoush corridor, did not intersect any abnormal structure, and the anomaly remains unexplained.
In addition to the delay in obtaining chemical analysis results from the laboratory, Strateco has experienced delays in sampling and consequently in shipments of samples due to a personnel shortage. The situation was recently remedied with the hiring of three geologists.
Consequently, 530 samples left the site during the week ending June 22, 2007, and are now on their way to the laboratory. These samples represent 15 holes, MT-07-37 to MT-07-52 (excluding hole MT-07-47, left unfinished for technical reasons), as well as complementary samples for certain holes, including MT-07-34 and 35.
These holes include four holes drilled in the northern extension of AM-15, namely MT-07-37, 39, 42 and 46.
Strateco also recently began its summer exploration program, including prospecting on the three properties that make up the 23-km long Matoush project (Matoush, Matoush Extension and Eclat). This major ground exploration program is the first to be carried out on the project. Numerous radiometry anomalies identified following a helicopter-borne survey during the winter will be investigated. The best targets will then be drilled thanks to the presence of a light aluminium drill (Versa drill) on the project, which can be moved by helicopter.
Meanwhile, the scoping study has begun as planned. Seven representatives from Golder Associates, which was assigned the mandate of the environmental impact study for a mining operation, made a reconnaissance site visit on June 14, 2007. This visit led to, among other things, the identification of a potential site for the installation of the mine infrastructure. Two representatives from Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) also visited the site to carry out a due diligence for the first NI 43-101-compliant uranium resource estimate on the Matoush property. Strateco has also retained the services of DGI of Toronto, a firm specialized in the use of a gamma probe. A team of three technicians visited the site to perform a radiometer reading of nine holes for which Strateco had already received the chemical analyses, for calibration purposes. The test results are expected this week. Assuming positive results, the team will be able to read the radiometry in recently completed holes. Radiometry results obtained using the gamma probe would allow such holes to be included in the resource estimate being prepared by Scott Wilson RPA.
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. Mr. Jean-Pierre Lachance approved this press release.
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.
For more information, please contact
Strateco Resources Inc.
Guy Hebert, President
450-641-0775
ghebert@bbhgm.com
or
Strateco Resources Inc.
Jean-Pierre Lachance, Executive Vice President
450-641-0775
jplachance@bbhgm.com
or
Strateco Resources Inc.
Alain Beland, Public relations
450-641-0775 or 1-866-774-7722
abeland@bbhgm.com
www.stratecoinc.com