Strateco Resources Inc.
TSX : RSC
FRANKFURT : RF9

Strateco Resources Inc.

November 01, 2012 08:31 ET

Strateco Resources Inc./Matoush Project: Best Drill Result for 2012 2.62% U3O8 Over 15.0 Metres Including 5.71% U3O8 Over 6.6 Metres

BOUCHERVILLE, QUÉBEC--(Marketwire - Nov. 1, 2012) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9) is pleased to report all the drill results for the 2012 drilling program on the wholly- owned Matoush uranium deposit, located in the Otish Mountains, about 275 km north of Chibougamau and 210 km north of Mistissini. Hole MT-12-012 returned the best result for the year, with 2.62% U3O8 over 15.0 metres, including 5.71% U3O8 over 6.6 metres.

The main goal of this definition drilling program, which totalled 14,947 metres out of a planned 15,000 metres, was to better define the MT-22A and MT-34A mineralized zones discovered in 2010 and 2011. This goal was achieved, as the 2012 drilling confirmed both the continuity of the mineralization and the high grades of the MT-22A and MT-34A lenses, which are typical of the Matoush deposit. The results obtained should lead to an increase in the Indicated resource at the Matoush project.

MT-22A Lens: In the last news release dated June 12, 2012, on the results of the current drilling program, Strateco reported that the first hole drilled in 2012 on the MT- 22A lens had intersected 3.62% eU3O81 over 8.5 metres (MT-12-012). The results of chemical analysis later confirmed an intersection of 2.62% U3O8 over 15.0 metres, including 5.71% U3O8 over 6.6 metres.

Five additional holes have since been drilled on this lens. These include Hole MT-12-016 drilled at the northern edge of the MT-22A lens, which intersected high grades over substantial widths, namely 0.57% U3O8 over 7.5 metres, including 1.92% U3O8 over 2.0 metres. Hole MT-12-017, drilled in the southern part of the same lens, intersected 0.15% U3O8 over 5.5 metres, including 0.48% U3O8 over 1.5 metres.

See "Matoush Project-Longitudinal" section at www.stratecoinc.com.

Table 1: MT-22A Drill Results

Lens Hole Collar Az Dip From To Depth Length U3O8
Est West (º) (º) (m) (m) (m) (m)** (%)
MT-12-012 27+31S 10+77E 278.0 -62.6 428.00 443.00 385 15.0 2.62
including 434.70 441.30 6.6 5.71
MT-12-013* 26+48S 11+54E 271.2 -60.2 543.00 544.00 465 1.0 0.17
MT-12-014* 28+73S 10+81E 276.0 -62.0 435.70 436.50 380 0.8 0.04
MT-22A MT-12-015* 26+50S 12+76E 273.4 -54.4 677.60 678.40 546 0.8 0.05
MT-12-016* 25+46S 11+59E 270.3 -55.0 518.00 525.50 430 7.5 0.57
including 523.50 525.50 2.0 1.92
MT-12-017* 29+45S 11+91 278.5 -48.3 484.50 490.00 370 5.5 0.15
Including 488.50 490.00 1.5 0.48
Notes:
*New results
**True widths of the intersections have not been calculated.

1 The letter "e" in eU3O8 indicates that this is an equivalent uranium grade determined using a gamma probe.

MT-34A Lens: Twelve definition holes were drilled on the MT-34A lens in 2012. Various significant intersections with very high grades were obtained. In April 2012, in early drilling on the MT-34A lens, Hole MT-12-003 intersected 2.19% eU3O8 over 6.7 metres and Hole MT-12-004 intersected 0.50% eU3O8 over 25.5 metres, including 2.76% eU3O8 over 2.8 metres (ref. 23 April 2012 press release). The results of chemical analysis for these two holes later confirmed intersections of 2.85% U3O8 over 6.6 metres (MT-12- 003) and 0.54% U3O8 over 24.8 metres, including 2.37 % over 3.5 metres (MT-12-004).

Around mid-May, Hole MT-12-010 intersected 0.82% U3O8 over 12.1 metres, including 3.17% U3O8 over 2.8 metres, and Hole MT-12-009 intersected 0.73% U3O8 over 9.3 metres, including 2.16% U3O8 over 2.1 metres.

Among the holes drilled in July and August on the MT-34A lens for which results have not yet been reported, Hole MT-12-020 intersected 0.30% U3O8 over 7.2 metres, Hole MT- 12-021 intersected 0.20% U3O8 over 14.1 metres, Hole MT-12-022 intersected 0.28% U3O8 over 6.3 metres and Hole MT-12-023 intersected 0.37% U3O8 over 11.5 metres, including 0.93% U3O8 over 2.5 metres.

Table 2: MT-34A Drill Results

Lens Hole Collar Az Dip From To Depth Length U3O8
Est West (º) (º) (m) (m) (m) (m)** (%)
MT-12-003 38+08 S 11+37 E 271.0 -53.2 458.40 465.00 366 6.6 2.85
MT-12-004 38+08 S 11+37 E 285.0 -57.0 498.70 523.50 415 24.8 0.54
Including 503.00 506.50 3.5 2.37
MT-12-005* 38+09 S 11+34 E 279.4 -58.1 513.50 514.50 438 1.0 0.10
MT-12-006* 39+00 S 11+51 E 272.5 -50.5 471.50 477.50 378 6.0 0.04
Including 471.50 472.70 1.2 0.14
MT-12-007* 39+00 S 11+53 E 265.1 -53.5 456.50 462.60 380 6.1 0.05
Including 456.50 458.50 2.0 0.12
MT-12-008* 38+08 S 11+39 E 271.4 -56.3 492.50 495.00 408 2.5 0.43
MT-12-009* 38+09 S 11+37 E 268.4 -52.3 460.00 469.30 375 9.3 0.73
Including 464.90 467.00 2.1 2.16
MT-12-010 36+00 S 12+47 E 258.5 -49.6 587.90 600.00 437 12.1 0.82
MT-34A Including 589.00 591.80 2.8 3.17
MT-12-011* 40+41 S 10+55 E 284.2 -61.0 414.50 420.50 369 6.0 0.05
Including 488.50 490.00 1.5 0.11
MT-12-018* 34+14 S 12+32 E 271.6 -45.4 535.50 538.50 380 3.0 0.10
Including 535.50 536.80 1.3 0.19
MT-12-019* 34+14 S 12+31 E 279.1 -49.2 541.00 548.50 407 7.5 2.33
Including 542.30 545.50 3.1 5.49
MT-12-020* 36+02 S 12+44 E 262.4 -46.2 574.50 581.70 408 7.2 0.30
Including 581.00 581.70 0.7 2.33
MT-12-021* 38+09 S 11+32 E 280.1 -57.0 481.00 495.10 406 14.1 0.20
Including 483.80 485.50 1.7 0.65
MT-12-022* 38+09 S 11+32 E 283.3 -55.6 490.00 496.30 423 6.3 0.28
MT-12-023* 38+09 S 11+32 E 283.3 -56.4 487.50 499.00 392 11.5 0.37
Including 487.50 490.00 2.5 0.93

The 2012 drilling program has proven to be a success. As well as confirming that the Matoush project hosts some of the highest uranium grades in the world, the results have the potential to increase the mineral resource.

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.

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.

Contact Information

  • Strateco Resources Inc.
    Guy Hebert
    President and Chief Executive Officer
    450-641-0775 or 1-866-774-7722
    450-641-1601 (FAX)
    ghebert@strateco.ca

    Strateco Resources Inc.
    Jean-Pierre Lachance
    Executive Vice President
    450-641-0775 or 1-866-774-7722
    450-641-1601 (FAX)
    jplachance@strateco.ca

    Jason Roy Consultant
    Investor Relations
    647-780-2837
    514-240-7662
    jroy@strateco.ca