Strateco Resources Inc./Resumption of Drilling: Matoush/Mistassini/Pacific Bay-Matoush
BOUCHERVILLE, QUEBEC -- (Marketwire) -- 01/13/11 -- Strateco Resources Inc. ('Strateco')(TSX: RSC)(FRANKFURT: RF9)(OTCBB: SRSIF) is pleased to report that drilling will resume on the various properties of the Matoush project, located in the Otish Mountains, about 275 km north of Chibougamau, Quebec.
Phase I of the 2011 program, which will consist of about 30,000 metres of drilling, will begin on January 14, with two drills in operation. This phase of drilling is centered on the Matoush property (100%-owned), Pacific Bay-Matoush property (option on 60%) and Mistassini property (option on 60%), and is part of a massive 120,000-metre program that began in October 2009. Over 43,600 metres have been drilled to date.
Matoush Property
On the Matoush property, a Major 50 drill will first complete the current hole (MT-10-017) on the new MT-36 lens, confirmed in the fall of 2010. This lens lies 1.5 km south of the MT-34 zone. To date, the two best intersections are from holes MT-09-036 (0.48% U3O8 over 4.2 metres including 1.29% U3O8 over 1.2 metres) and MT-10-011 (0.33 % eU3O8 over 5.1 metres including 2.21% eU3O8 over 0.70 metres). Three other holes intersected the new MT-36 lens in the upper part of the ACF-4: MT-09-035 (0.17% U3O8 over 2.0 metres), MT-10-009 (0.10% eU3O8 over 1.0 metre) and MT-10-013 (0.10% eU3O8 over 8.8 metres). These results are representative of the values intersected in and around the AM-15, MT-22 and MT-34 zones.
The uranium mineralization of the MT-36 lens appears to be concentrated in the upper part of the ACF-4 horizon, as it is in the MT-22 and MT-34 lenses.
To date, the mineralization has been traced over a distance of 300 metres. The hole locations and results to date are indicated on the MT-36 longitudinal section posted on Strateco's website, at www.stratecoinc.com.
Mistassini Property
A heli-portable drill will be mobilized on the Mistassini property (option on 60%), 50 km southwest of the Matoush property, as of January 14. A program of about 1,000 metres will be carried out in the coming weeks.
It should be recalled that the drilling program conducted on the Mistassini property in June 2009 yielded very encouraging results, leading to the discovery of a new mineralized zone. The new uranium-bearing zone was intersected in the immediate area of the Lac Mantouchiche uranium showing ('the Mantouchiche showing'). Hole MIST-09-003, drilled at an angle of -45 degrees , intersected 11.6 metres grading 0.21% U3O8, including 0.8 metres grading 2.20% U3O8. This new uranium zone lies in the hanging wall of the Mantouchiche showing, at a vertical depth of 32 metres. The Mantouchiche showing discovery hole, MIST-07-003, drilled at an angle of -70 degrees on the same section as Hole MIST-09-003, intersected 18.5 metres grading 0.22% U3O8 at a vertical depth of 47 metres.
Another hole, Hole MIST-09-004, drilled on the same section at an angle of -70 degrees , confirmed the vertical extension of the new uranium zone, with a grade of 0.06% U3O8 over 13.5 metres, including 0.12% U3O8 over 5.3 metres, at a vertical depth of 40 metres. Hole MIST-09-003 also intersected the extension of the Mantouchiche showing, this time at a vertical depth of 64 metres, with a grade of 0.07% U3O8 over 3.0 metres, including 0.12% U3O8 over 1.3 metres.
The current program consists of drilling ten holes about 100 metres deep to confirm the continuity of the mineralized zones.
Under the terms of an agreement signed between Strateco and Majescor Resources Inc. on November 27, 2008, Strateco has the option to acquire a 60% interest in the uranium rights on the Mistassini property by spending a total of $1.3 million on exploration over a three-year period, including a total firm commitment of $500,000 for the first year of the option. Strateco will have earned its 60% interest by the end of the current drilling program.
The Mistassini property consists of 171 claims covering an area of 9,115 hectares.
Pacific Bay-Matoush Property
As soon as the heli-portable drill program on the Mistassini property is complete, a Major 50 drill will be mobilized on the Alfred fault on the Pacific Bay-Matoush property, 4 km west of the Matoush fault.
In early October 2010, three holes were drilled to test a north-south striking structure similar to the Matoush fault, located on the Pacific Bay-Matoush property 4.0 km west of the Matoush fault. The holes intersected a Matoush-type fault called the Alfred fault, with identical alterations to the Matoush fault, over a distance of 365 metres. The geophysical anomaly indicates that the Alfred fault extends northward and southward. This was one of the most important discoveries on the Matoush project outside the Matoush fault corridor. The holes, which intersected low uranium grades, demonstrated that other Matoush-type structures (faults) exist elsewhere on the Matoush project.
The initial holes of the 2011 program will test the northward extension of the Alfred fault. Approximately 5,500 metres of drilling are planned on the Pacific Bay-Matoush property as a whole in 2011. In addition to the recently discovered Alfred fault area, the Rabbit Ears area, 9 km northeast of the Matoush deposit, is also of interest.
Strateco is in the process of acquiring a 60% interest in the Pacific Bay-Matoush property. The 2011 exploration budget is approximately $1.1 million.
In addition to the exploration work planned for 2011, Strateco must make a cash payment of $175,000 and issue 70,000 shares on or before October 29, 2011, to earn its 60% interest.
This news release has been approved by Jean-Pierre Lachance, Geo, Executive & Exploration Vice President of which is the qualified person as defined in National Instrument 43-101.
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, 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 British Columbia, Alberta, Ontario and Quebec and in the 10-K annual report filed with the US Securities and Exchange Commission.
CAUTIONARY NOTE TO U.S. INVESTORS - The United States Securities and Exchange Commission (SEC) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as 'measured,' 'indicated,' and 'inferred' 'resources,' which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
Contacts:
Strateco Resources Inc.
Guy Hebert
President and Chief Executive Officer
450-641-0775 or 1-866-774-7722
450-641-1601 (FAX)
ghebert@bbhgm.com
Strateco Resources Inc.
Jean-Pierre Lachance
Executive and Exploration Vice President
450-641-0775 or 1-866-774-7722
450-641-1601 (FAX)
jplachance@bbhgm.com
www.stratecoinc.com.
Renmark Financial Communications Inc.
Jason Roy
514-939-3989
514-939-3717 (FAX)
jroy@renmarkfinancial.com
Renmark Financial Communications Inc.
Maurice Dagenais
514-939-3989
514-939-3717 (FAX)
mdagenais@renmarkfinancial.com
www.renmarkfinancial.com