Strateco Resources Inc.
OTC Bulletin Board : SRSIF

Strateco Resources Inc.

March 18, 2008 08:45 ET

Strateco Confirms the Discovery of a Major Mineralized Zone on its Matoush Uranium Project

MONTREAL, QUEBEC--(Marketwire - March 18, 2008) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) is pleased to announce that the new MT-22 mineralized zone, discovered at depth under the AM-15 zone, is proving to be major (see press release dated February 6, 2008). The Matoush uranium property is wholly owned by Strateco and located 300 kilometres north of Chibougamau, Quebec.

Since November 2007, more than 25 holes have been drilled on this new zone, which to date has been outlined over a height of about 350 metres and a length of 450 metres and remains open to the north. In comparison, the AM-15 zone extends over a height of 50 metres and a length of 300 metres, and contains a resource of 4.1 million pounds of U3O8 (Scott Wilson Roscoe Postle Associates Inc. ("RPA") report - National Instrument 43-101 - October 2007 press release).

Out of four drills in operation on the Matoush project, two are assigned to the delineation of the MT-22 zone and a third is exploring and outlining the southern extension of the AM-15 zone. The fourth is presently drilling at the southern edge of the Matoush property about 10 km south of the AM-15 zone, on the border with Cameco's property, where three holes are planned to test the contact (unconformity). This fourth drill will later be assigned to the MT-22 zone. Strateco has drilled a total of 51,449 meters in 2007 and Matoush's budget of $22,000,000 for 2008 plans for 50,000 metres of drilling.

Strateco has retained RPA to prepare a new resource estimate complying with National Instrument 43-101 for the summer of 2008.

These resources will be included in the scoping study to be completed in the fourth quarter of 2008.

MT-22 Zone

All the results can be viewed on the longitudinal section on Strateco's website, at

The most interesting holes drilled in early March on the new MT-22 zone were: Hole MT-08-13 intersected 0.52% eU3O8 over 7.2 metres, including 1.21% over 2 metres. Hole MT-08-15, the most northerly hole, intersected 0.85% eU3O8 over 1.3 metres and a second zone of 0.47% eU3O8 over 6.7 metres.

The best results of drilling on the MT-22 zone are shown in the following table:

Hole Collar Az. Angle From To
East North (degrees)(degrees) (m) (m)
MT-08-001 13+46E 27+00S 264 -45 707.2 709.5
MT-08-003 12+40E 26+50S 273 -45 573.5 580.3
Including 576.6 580.0
MT-08-013 12+15E 27+42S 264 -60 467.1 474.3
Including 469.5 471.5
MT-08-015 12+78E 26+52S 276 -63 565.8 567.1
584.6 591.3
MT-07-022 13+25E 31+50S 273 -53 769.3 769.9
830.8 832.2
MT-07-101 12+40E 30+60S 275 -48 524.1 526.6
MT-07-116 14+81E 28+96S 275 -49 797.6 798.9
MT-07-120 15+64E 28+03S 275 -45 840.2 840.8
MT-07-126 13+94E 30+80S 275 -45 753.5 760.8
MT-07-129 11+93E 28+65S 269 -47 491.6 499.9
Including 496.2 499.9
MT-07-130 11+93E 28+65S 280 -47 499.3 504.3
Including 499.3 501.0

Hole length % Max.
(m) eU3O8 cps lb/tonne
MT-08-001 2.3 0.62 20,000 13.64
MT-08-003 6.8 2.43 65,000 53.46
Including 3.4 4.48 98.56
MT-08-013 7.2 0.52 8,300 11.44
Including 2.0 1.21 26.62
MT-08-015 1.3 0.85 10,000 18.70
6.7 0.47 10.34
MT-07-022 0.6 1.18(i) 8,600 25.96
1.4 0.31(i) 6.83
MT-07-101 2.5 0.25 5,900 5.50
MT-07-116 1.3 0.72 32,000 15.84
MT-07-120 0.6 0.36 5,000 7.92
MT-07-126 7.3 0.10 5,800 2.20
MT-07-129 8.3 0.24 6,400 5.28
Including 3.7 0.51 11.22
MT-07-130 5.0 0.11 1,020 2.42
Including 1.7 0.24 5.28
(i) Grades determined by chemical analysis

The true width of the mineralized sections has not yet been determined.

These equivalent uranium values were generated by the Gamma probe.

AM-15 Zone

During the winter of 2006-2007, the southern extension of the AM-15 zone was drilled along the ACF horizon hosting the AM-15 resource.

Detailed geological interpretation of the AM-15 zone revealed that the zone dipped about 200 to the south, and that the mineralization appeared to continue in the underlying CBF unit. Drilling to be carried out on the lake ice began at the end of January 2008. The holes drilled show clearly that the AM-15 zone continues at depth toward the south. The goal is now to explore the underlying ACF layer, which is the same unit that hosts the MT-22 zone to the north.

Five of these holes were drilled in the CBF unit, and intersected values similar to those seen in the same CBF unit above the MT-22 zone.

The results of 2008 drilling in the southern extension of the AM-15 zone are as follows:

Hole Collar Az. Angle From To
East North (degrees)(degrees) (m) (m)
MT-08-04 9+84E 32+71S 293 -61 293.9 295.7
302.4 308.2
MT-08-08 9+83E 32+71S 294 -64 320.7 324.9
339.9 343.8
MT-08-11 9+83E 32+71S 282 -61 303.3 305.1
MT-08-14 9+83E 32+71S 282 -63 343.0 347.8
MT-08-16 9+80E 32+90S 269 -65 340.9 347.4
374.7 377.3

Hole length % Max.
(m) eU3O8 cps lb/tonne
MT-08-04 1.8 0.27 2,000 5.95
5.8 0.10 2.20
MT-08-08 4.3 0.08 3,000 1.76
3.9 0.14 3.08
MT-08-11 1.8 0.05 230 1.10
MT-08-14 4.8 0.10 1,700 2.20
MT-08-16 6.5 0.04 500 0.88
2.6 0.05 1.10

Apple Project

The Apple property is wholly-owned by Strateco, and located 80 kilometres southeast of Radisson in the James Bay area of Quebec. Strateco began a 4,000-metre drilling program in February 2008. A 20-person camp has been built and will be used for the drilling work and exploration planned for the summer of 2008.

Five holes totalling 1,668 metres have been drilled to date. The first four holes (AP-08-01 to 04: 1,413 metres) were drilled near old holes drilled by INCO in the 1970s (twin holes) to confirm the geology and verify the mineralized zones intersected by the old holes, drilled over a linear distance of one kilometre. The casings of the twinned holes were located on the property.

In all the twin holes (AP-08-01 to 04), the main geological units intersected are the same and in virtually the same position as those shown on INCO's drill sections (GM57894). There is also very good correlation between the conglomerate beds identified by INCO and those seen in the 2008 holes. The conglomerate beds are where they were expected to be. The grades and thicknesses obtained by INCO and those for the 2008 twin holes will be correlated once the assay results have been received.

The results of these first four holes will allow an initial resource estimate to be calculated under National Instrument 43-101. A mandate has been given to Scott Wilson Roscoe Postle & Associates. The other holes will be used to assess the extensions of the INCO zone and explore new targets identified by the airborne surveys conducted by Strateco in the fall of 2007.

Hole AP-08-05 was drilled 590 metres east of the last section (Section 1100W) showing "reserves" (non-43-101 compliant) according to INCO. The hole targeted a strong radiometry anomaly that also corresponded to a main outcrop zone on the property, where numerous bands of radioactive quartz pebble conglomerate were identified. INCO did little drilling in this area. The hole intersected the sequence of quartzite and conglomerates. Traces of yellow product (uranophane?) were seen locally at greater depth (218 metres) in the quartzite.

This press release has been approved by Jean-Pierre Lachance, geol., Executive Vice President of Strateco Resources Inc, who is the qualified person as defined under National Instrument 43-101.

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.


Contact Information

    Guy Hebert
    President and Chief Executive Officer
    450-641-0775 / 1-866-774-7722
    450-641-1601 (FAX)
    Jean-Pierre Lachance
    Executive Vice President
    450-641-0775 / 1-866-774-7722
    450-641-1601 (FAX)
    Audrey Vezina Angus
    Investor Relations
    450-641-0775 / 1-866-774-7722
    450-641-1601 (FAX)