Montreal, June 9, 2008 - Strateco Resources Inc. ("Strateco") is pleased to announce the latest drill results completed on its Matoush property. Strateco owns a 100% interest in the Matoush property, located 300 km north of Chibougamau in the Otish Mountains in Quebec.
Between January 1st and June 4th, 2008, 52 holes were drilled on the Matoush property for a total of 27,900 metres. The 2008 program provides for 55,000 metres of drilling. Strateco has drilled nearly 100,000 metres since it began exploring the Matoush property in 2006.
Two of the three drills currently operating on the Matoush property have been assigned to exploration and resource definition of the new MT-34 zone, whose discovery was announced by Strateco on April 29, 2008.
The third drill is outlining the resource on the MT-22 zone, also discovered by Strateco in the fall of 2007.
The fourth drill operational on Matoush was placed to the disposal of other mining companies working in the Otish Mountains.
A new resource estimate complying with National Instrument 43-101 should be completed by the end of July 2008 and will include a resource estimate for the AM-15, MT-22 and MT-34 zones. All holes results received as of July 15, 2008, will be included in the new resource estimate.
MT-34 ZONE - NEW DISCOVERY
The most interesting holes drilled on the new MT-34 zone are: Hole MT-08-47, at a vertical depth of 454 metres about 70 metres south of MT-08-34, which intersected a 10.0-metre mineralized section grading an average of 2.24% eU3O8, including 3.0 metres with a grade of 3.20% eU3O8.
Hole MT-08-034, at a vertical depth of 370 metres to the south of the AM-15 and MT-22 zones, had intersected mineralization over a 54.4-metre section of drill core grading an average of 0.69% eU3O8, including a 28.0-metre section grading an average of 1.32% eU3O8 and a 4.80-metre section with a grade of 6.13% eU3O8 (Ref. Press release April 29, 2008).
The best results for holes drilled on the MT-34 zone are shown in the following table:
|
Hole |
Collar |
Az. |
Angle |
From |
To |
Core length (m) |
% eU3O8 |
lb/ton | |
|
East |
North | ||||||||
|
MT-08-034 |
9+86E |
33+48S |
268 |
-67 |
383.5 |
437.9 |
54.4 |
0.69 |
13.8 |
|
Including |
383.3 |
411.3 |
28.0 |
1.32 |
26.4 | ||||
|
Including |
397.8 |
402.6 |
4.8 |
6.13 |
122.6 | ||||
|
MT-08-037 |
10+55E |
32+08S |
262 |
-61 |
380.2 |
399.3 |
19.1 |
0.10 |
2.0 |
|
Including |
396.2 |
399.3 |
3.1 |
0.22 |
4.4 | ||||
|
MT-08-041 |
11+48E |
34+75S |
277 |
-51 |
557.8 |
564.8 |
7.0 |
0.13 |
2.6 |
|
MT-08-047 |
12+42E |
32+97S |
259 |
-46 |
616.3 |
626.3 |
10.0 |
2.24 |
44.8 |
|
Including |
619.3 |
622.3 |
3.0 |
3.20 |
64.0 |
The true width of the mineralized sections has not yet been determined.
The equivalent uranium values were generated by the Gamma probe.
MT-22 ZONE
This new mineralized zone discovered by Strateco in the fall of 2007 lies below and mainly to the north of the AM-15 zone, between 300 and 650 metres vertical depth, and is at least 500 metres long. The MT-22 zone remains open to the north. In comparison, the AM-15 zone is about 50 metres high by 300 metres long, and contains a resource of 4.1 million pounds of U3O8 (Scott Wilson Roscoe Postle Associates Inc. NI 43-101 report, October 2007 press release).
The most interesting holes drilled since April 17, 2008 on the MT-22 zone are as follows: Hole MT-08-036 intersected a 7.5-metre mineralized zone grading an average of 0.41% eU3O8, including 2.0 metres grading 1.25% eU3O8 and Hole MT-08-043 intersected 10.5 metres grading an average of 2.45% eU3O8 including 2.0 metres grading 8.97% eU3O8.
The best results of drilling completed since April 17, 2008 on the MT-22 zone are shown in the following table:
|
Hole |
Collar |
Az. |
Angle |
From |
To |
Core length (m) |
% eU3O8 |
lb/ton | |
|
East |
North | ||||||||
|
MT-08-028 |
12+15E |
27+40S |
284 |
-59 |
409.9 |
451.5 |
41.6 |
0.47 |
9.4 |
|
Including |
431.2 |
438.2 |
7.0 |
2.40 |
48.0 | ||||
|
MT-08-035 |
13+12E |
25+46S |
264 |
-55 |
520.6 |
523.4 |
2.8 |
0.63 |
12.6 |
|
MT-08-036 |
11+72E |
28+07S |
277 |
-70 |
556.9 |
564.4 |
7.5 |
0.41 |
8.2 |
|
Including |
562.4 |
564.4 |
2.0 |
1.25 |
25.0 | ||||
|
MT-08-043 |
12+13E |
27+39S |
272 |
-61 |
475.0 |
485.0 |
10.5 |
2.45 |
49.0 |
|
Including |
481.5 |
483.5 |
2.0 |
8.97 |
179.4 | ||||
|
MT-08-046 |
12+13E |
27+39S |
280 |
-67 |
565.0 |
576.5 |
11.5 |
0.26 |
5.2 |
|
Including |
565.0 |
567.6 |
2.6 |
0.81 |
16.2 |
The true width of the mineralized sections has not yet been determined.
The equivalent uranium values were generated by the Gamma probe.
All the results can be viewed on the longitudinal section on Strateco's website at www.stratecoinc.com.
Through geophysical surveys and several drill holes, Strateco has also established the presence of the Matoush fault and sedimentary horizons ACF-3 (AM-15 zone) and ACF-4 (MT-22 and MT-34 zones) on a distance of over 15 km, including a mineralized section located by Hole EC-08-01, 8.5 km south of the AM-15 zone. This hole intersected 0.15% eU3O8 over 2.1 metres at a vertical depth of 550 metres in the ACF-4. These ACF horizons of coarse sediments are a favourable context for uranium precipitation.
Strateco is continuing to prepare a scoping study scheduled for completion in late September and is still compiling all the needed documentation to obtain the permits for the underground exploration program scheduled to begin in mid-June 2009.
Strateco's goal is to outline sufficient resources to produce a minimum of 2,000,000 pounds of U3O8 per year for at least 10 years.
The Matoush property is well on its way to becoming a world-class uranium field with its very high grades, extraordinary potential and location in Quebec, considered to be among the most favourable regions in the world for mine development.
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.
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For more information, contact:
|
STRATECO RESOURCES INC. | |
|
Guy H'ebert |
Jean-Pierre Lachance |
|
President and Chief Executive Officer |
Executive Vice President |
|
Audrey V'ezina Angus Investor Relations avezina@bbhgm.com Tel: 450.641.0775 1.866.774.7722 Fax: 450.641.1601 TSX: RSC; U.S.: SRSIF; Frankfurt: RF9 |
