Strateco: Significant Increase of 58% in the Indicated Resource at the Matoush Uranium Project
December 07 2012 - 9:47AM
Marketwired
Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9) is
pleased to report that the indicated mineral resource at its
Matoush project, located in the Otish Mountains in northern Quebec,
has increased by 58% since the last mineral resource estimate was
published in January 2012.
The indicated resource is now estimated to be 586,000 tonnes
with an average grade of 0.95 % U3O8 containing 12.33 million
pounds of U3O8, compared to 453,000 tonnes grading 0.78% U3O8
containing 7.78 million pounds of U3O8 in January 2012. The
inferred mineral resource now stands at 1.69 million tonnes at an
average grade of 0.44% U3O8 containing 16.44 million pounds of
U3O8, compared to 2.04 million tonnes grading 0.43% U3O8 containing
19.22 million pounds of U3O8 in January 2012.
This increase in the indicated resource is primarily
attributable to the 12,000 metres of definition drilling done by
Strateco on the MT-34 and MT-22 lenses from March to August
2012.
Table 1: Matoush Project Mineral Resource
January 2012 December 2012
Category Pounds Pounds
Tonnes Grade U3O8 Tonnes Grade U3O8
(X 1 000) (% U3O8) (X 1 000) (X 1 000) (% U3O8) (X 1 000)
----------------------------------------------------------------------------
Indicated
AM-15 269 0.704 4,189 269 0.710 4,205
MT-22 - - - 73 1.160 1,866
MT-34 184 0.890 3,610 245 1.160 6,257
Total
Indicated 453 0.779 7,799 586 0.954 12,329
Inferred
AM-15 91 0.211 423 95 0.217 456
MT-02 64 0.358 503 69 0.270 413
MT-06 192 0.183 774 195 0.181 777
MT-22 882 0.521 10,122 717 0.539 8,517
MT-34 607 0.470 6,286 414 0.564 5,148
MT-36 194 0.238 1,018 196 0.262 1,127
Total Inferred 2,041 0.428 19,225 1,686 0.442 16,440
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are estimated at a cut-off grade of 0.1% U3O8.
3. High grade U3O8 cut to 9% except the core of the MT-34.
Mineral Resources are estimated using an average long-term
4. uranium price of US$75 per pound.
5. A minimum mining width of 1.5 m was used.
6. Numbers may not add due to rounding.
Roscoe Postle Associates Inc. ("RPA") updated the resource
estimate for the Matoush uranium project in accordance with
National Instrument 43-101 using the drill results available on
November 22, 2012. The indicated resource is contained in the three
main zones: AM-15, MT-34 and MT-22. The inferred resource is
contained primarily in the MT-22, MT-34, AM-15 Extension, MT-02,
MT-06 and MT-36 zones. These zones are present over a strike length
of 3 km. See in the "The Matoush Project - Longitudinal" section at
www.strateco.ca.
The Matoush structure that controls the mineralization has been
identified over a strike length extending 11 km southward and 2.5
km northward. The increase in the indicated category is primarily
explained by the continuity of the very high grades returned by
drilling done in 2012. Strateco also drilled several holes in the
southern portion of the MT-34 Zone and in the central portion of
the MT-22 Zone to tighten the drill hole spacing in areas where
resources were previously categorized as inferred.
No mineral reserves have yet been identified at the Matoush
project. One of the goals of the underground advanced exploration
program is to convert the mineral resources to mineral
reserves.
Guy Hebert, President and Chief Executive Officer of Strateco,
said that: "The objective of increasing the indicated resource was
achieved thanks to the exceptional quality of the mineralization at
the Matoush project. The results highlight the immense uranium
potential of the Otish Mountain region. Coupled with the license
obtained from the Canadian Nuclear Safety Commission ("CNSC") in
October, this drives the value of the Matoush project to new
heights. Strateco is still waiting for the provincial administrator
of the James Bay and Northern Quebec Agreement to issue the
certificate of authorization, after which work on the exploration
ramp can begin."
This press release has been reviewed and approved by Jean-Pierre
Lachance, Geo. Executive and Exploration Vice President of Strateco
and a qualified person as defined in National Instrument
43-101.
Qualified Person - Resource: The Mineral Resources for the
Matoush Project disclosed in this press release have been estimated
by Mr. David Ross, P.Geo., an employee of RPA and independent of
Strateco. By virtue of his education and relevant experience Mr.
Ross is a "Qualified Person" for the purpose of National Instrument
43-101. The Mineral Resources have been classified in accordance
with CIM Definition Standards for Mineral Resources and Mineral
Reserves (November 2010). Mr. Ross, P.Geo. has read and approved
the contents of this press release as it pertains to the disclosed
Mineral Resource estimate.
This news release contains forward-looking statements subject to
certain risks and uncertainties. There can be no assurance that
these statements will prove to be correct. Actual results and
future events could differ significantly from those implied by such
statements. These risks and uncertainties are discussed in the
annual report filed with the securities commissions of British
Colombia, Alberta, Ontario and Quebec.
Contacts: Strateco Resources Inc. Guy Hebert President &
Chief Executive Officer 450.641.0775 / 1.866.774.7722 450.641.1601
(FAX)ghebert@strateco.ca Jean-Pierre Lachance Executive &
Exploration Vice President 450.641.0775 / 1.866.774.7722
450.641.1601 (FAX)jplachance@strateco.ca Jason Roy Consultant,
Investor Relations 647-780-2837 514-240-7662jroy@strateco.ca