Strateco Resources Inc.
OTC Bulletin Board : SRSIF
FRANKFURT : RF9
TSX : RSC
Majescor Resources Inc.
TSX VENTURE : MJX
July 09, 2009 08:30 ET
Strateco and Majescor Intersect 0.13% eU3O8 Over 11.0 Metres at Mistassini in the Otish Mountains
MONTREAL, QUEBEC--(Marketwire - July 9, 2009) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9)(OTCBB:SRSIF) and Majescor Resources Inc. ("Majescor") (TSX VENTURE:MJX) are pleased to announce the preliminary results of a drill program recently completed on the Mistassini uranium property held by Majescor and located in the Otish Mountains of Quebec, 50 km southwest of Strateco's Matoush property.
A new uranium-bearing zone was intersected in the immediate vicinity of the Lac Mantouchiche uranium showing ("Mantouchiche showing"). Drill hole MIST-09-03, drilled at -45 degrees, intersected 11.0 metres grading 0.13% eU3O8, including 0.9 metre at a grade of 1.03% eU3O8. This new uraniferous zone is located in the hanging wall of the Mantouchiche showing, at a vertical depth of 32 metres. The Mantouchiche showing discovery hole, MIST-07-03, drilled an angle of -70 degrees along the same section as hole MIST-09-03, had intersected 18.5 metres grading 0.215% U3O8, at a vertical depth of 47 metres.
A second drill hole, MIST-09-04, drilled along the same section at -70 degrees, confirmed the vertical extension of the new uranium-bearing zone, with an intercept of 13.9 metres grading 0.08% eU3O8 at a vertical depth of 40 metres, including a sub-intercept of 5.1 metres grading 0.186% eU3O8. The latter hole did not reach the extension of the Mantouchiche showing, inferred to be at about 170 metres vertical depth. The extension of the Mantouchiche showing was however intersected in drill hole MIST-09-03 at a vertical depth of 64 metres, with an intercept of 3.0 metres grading 0.08% eU3O8 including 0.14% eU3O8 over 1.2 metres.
The true width of the mineralized sections has not yet been determined. The equivalent uranium grades are obtained using a spectral probe. Analytical results are pending.
The drilling campaign on the Mistassini property took place from June 10th to June 28th. Seven holes were completed for a total of 786 metres. The objective of this drilling program was to begin testing the strike and dip extensions of the Mantouchiche showing, following the interpretation by Jeremy S. Brett of MPH Consulting Ltd, of a high-resolution magnetic and electromagnetic survey conducted in January 2009.
The drill holes tested three areas in the immediate vicinity of the Mantouchiche showing, over a total strike length of 125 metres. Two drill holes were completed per section to test the strike extensions namely 50 metres to the west and 75 metres to the east of the Mantouchiche showing. Drill holes MIST-09-01, 02, 05 and 06, drilled to this end, intersected anomalous eU3O8 values. Drill holes MIST-09-03 and 04 were drilled along the same section as the discovery hole MIST-07-03. The strike extension of the new zone could not be confirmed by the last hole in the campaign, namely MIST-09-07, drilled along the same section as MIST-09-05 and 06.
Given the positive results of the drill campaign and following a structural and geological interpretation, further exploration work will be carried-out over the coming year. At first, a ground geophysical survey will be conducted to test for the possible presence of high-grade uranium lenses preferentially aligned along a north-south axis.
Under the terms of the agreement executed between Strateco and Majescor on November 27th, 2008, Strateco can earn a 60% interest in Majescor's uranium rights on the property by incurring $1.3 million in exploration expenditures over three years, including a firm $500,000 commitment in Year 1. Including the recent drill program, which had a budget of $400,000, Strateco has to date spent approximately $930,000 in exploration work on the Mistassini property as part of this agreement.
The Mistassini property, optioned by Strateco, is comprised of 171 map-designated claims with a total surface area of 9,115 hectares. During the option period, Strateco will be the sole operator for all uranium exploration and will have full and exclusive access to the property. Northern Superior Resources Inc., which holds 100% of the rights for diamonds and 50.5% of the rights for all mineral substances other than diamonds and uranium on the property optioned by Strateco, is entitled to a 2.0% Yellow Cake Royalty on the Mistassini property.
This press release has been approved by Jean-Pierre Lachance, P.Geo., Executive Vice President of Strateco Resources Inc., and Marc-Andre Bernier, P.Geo., President and CEO of Majescor Resources Inc., both qualified persons as defined by 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, Ontario and Quebec and in the 10-K annual report filed with the US Securities and Exchange Commission.
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.