KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2010) - STRATHMORE MINERALS CORP. (TSX VENTURE:STM) ("Strathmore" or "the Company") is pleased to provide an update on the permitting advancements made at its Gas Hills uranium project in central Wyoming. The Company controls over 34,000 acres of mineral claims in the Gas Hills district and regards the former mining area as one of the best for the resurrection of uranium production in the USA; the Gas Hills produced 100 million pounds of uranium concentrates from 1957-1989.
Strathmore intends to mine the current uranium resources by conventional open-pit methods and is working toward permitting the George-Ver Project as the first of several sequentially mineable deposits. The majority of permitting work carried out thus far has been to support the submittal of a Mine Permit application for the George-Ver Project. The Company also plans to mine additional deposits in the Gas Hills and has initiated the gathering of background data (cultural, floral, faunal, hydrologic, etc) necessary for submittal of additional mine site permits to the state and federal regulators. Also of importance, the Company has begun the collection of necessary data for the preparation of a US Nuclear Regulatory Commission (NRC) permit application for the construction and operation of a conventional uranium mill.
During the recent field season, a total of 9,290 feet was drilled in all areas. Six monitor wells were installed, seven core holes were completed, and twelve additional holes were drilled to tighten up drill patterns where pit designs are near complete (George Ver) or where we are seeking extensions to existing mineralization (Day Loma). In addition eight geotechnical auger holes were completed in the proposed Sagebrush-Tablestakes Mill Site area. Proposed drilling activities at Rock Hill and Bullrush were postponed until next year, due to delays in receiving NRC licensing for operation of the Company-owned Prompt Fission Neutron Logging Tool. Drilling activities entailed four differing accomplishments; installation of monitor wells for Mine and Mill Site Permitting requirements, delineation of ore-grade versus sub-grade mineralization for layout of planned open-pits, collection of cored samples for metallurgical studies, and lastly, geotechnical drilling in the Company's proposed Mill Tailings/Heap Leach area. No surprises were encountered with the drilling.
The following is a breakdown of the recent drilling results and permitting activities by property:
Day Loma Mine Site Area (9 Drill Holes Completed): The drilling at Day Loma was carried out in two phases; installation of monitor wells for the collection of hydrologic data for the Mine Permit submittal and drilling to extend areas of known mineralization. One exploration hole, DLS-01, encountered significant mineralization: at 385.4 feet deep, 73.0 feet thick, 0.062% eU3O8, including an intercept of 10.5 feet grading 0.325% eU3O8. The other 6 holes, while hitting significant gamma activity, just missed the nose of the frontal system as we explored this trend to the south. Of significance to the Day Loma Project was the discovery of significant gamma activity (mineralized intercept: 13.5ft @ 0.03% eU3O8) in the monitor well drilled 1500 feet east of existing historic drilling. This activity level is indicative of the main mineralized area being very close by, likely within 50-100 feet of this monitor well and indicates ore grade mineralization will continue into this area.
George-Ver Mine Site Area (8 Drill Holes Completed): The drilling at George-Ver was carried out in two phases; rotary holes to delineate the boundaries (areas of ore-grade versus unmineralized areas) between adjacent planned open-pits, and for the collection of core samples for metallurgical testing. Core hole (GVS-16C) encountered, at a depth of 188.5 feet, an intercept of 15.0 feet grading 0.092% eU3O8, which included an intercept of 6.5 feet at 0.197% eU3O8. In total, 80 feet of cored material was recovered from the planned pit areas and will be tested to determine the best method for recovery of the uranium.
Additionally, radiological and soil surveys were completed on the property this autumn, supplementing those cultural, floral, faunal and hydrologic studies that have been completed on the Project over the past 2 years. The Company is also preparing engineering designs for the planned sequential open-pit mining and final reclamation of the Property. These engineering designs will be incorporated into the Mine Permit Application that the Company anticipates submittal to state regulators in Q2 2011.
Loco-Lee Mine Site Area (4 Drill Holes Completed): The drilling at Loco-Lee was carried out to collect substantial amounts of core and to confirm the historical drill database purchased this summer. The area targeted for drilling occurred in a previously unknown (prior to data acquisition) mineralized area; 90 feet of cored material was successfully recovered. The following highlights the core drilling at Loco-Lee:
Hole LLS-02C: 68.0 feet depth, an intercept of 33.5 feet thick grading 0.198% eU3O8, including 15 feet of 0.404% eU3O8.
Hole LLS-03C: 47.0 feet depth, an intercept of 53.5 feet thick grading 0.059% eU3O8, including 11.5 feet of 0.234% eU3O8.
Sagebrush-Tablestakes Proposed NRC Mill Site Area (12 Drill Holes Completed): The drilling at Sagebrush-Tablestakes was carried out in two phases; the first included installation of monitor wells and the second entailed auger-borings for geotechnical purposes. As part of the regulatory permitting requirements for Mill Site selection and characterization, 3 monitor wells and 1 piezometer were installed to complement existing wells located on the Property. The second part of the drilling was carried out in a previously mined and reclaimed open-pit that appears ideal for utilization as a Mill Tailings storage site and/or heap leach facility. Eight auger holes were drilled and tested by a third party geotechnical engineering firm. Initial field results of the drilling appear favorable for the locating of mill tailings/heap leach facilities. However, definitive results will not be known until the final characterization report is completed.
With the successful completion of the 2010 drilling program, the Company is focused on completing and submitting to the regulators a Mine Permit Application for the George-Ver Project. The Company anticipates completing independent technical reports for each of the planned mine areas (Day Loma, Loco-Lee, George-Ver), in the second quarter of 2011, as the recent drilling has complemented and validated the historical drilling data purchased this past summer. Other, ongoing permitting activities include radiological studies of the proposed mine sites. The Company has also solicited bids for third-party independent studies (cultural, floral, faunal, etc) to be carried out at the planned Sagebrush-Tablestakes Mill Site area and the other proposed mining sites. Strathmore anticipates submittal of a Mill Permit Application to the NRC in the first half of 2012.
Note: Grade % eU3O8: Equivalent grade % as determined by Industry standard downhole geophysical logging equipment. Strathmore owns a Century Geophysical Logging Truck with a suite of logging tools including gamma-ray, spontaneous potential, and resistivity. The Company's logging tools are routinely calibrated at the U.S. Department of Energy's Test Pits located in Casper, Wyoming. Mineralized intercepts were between 0.01-0.02% eU3O8.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by David Miller, Chief Executive Officer for Strathmore Minerals Corp., a Qualified Person under National Instrument 43-101.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of advanced uranium properties in the United States. Headquartered in Vancouver, British Columbia, with a branch administrative office in Kelowna, the Company also has a U.S. based Development Office in Riverton, Wyoming and a Government, Regulatory & Environmental Affairs Office in Santa Fe, New Mexico. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
ON BEHALF OF THE BOARD
David Miller, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.