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Resources Inc. ("Strateco") (TSX:RSC - News; FRANKFURT:RF9 - News; OTCBB:SRSIF - News) is pleased to
announce the discovery of a new high-grade lens 1.5 km south of the three
known high-grade lenses at the Matoush project.
Hole MT-10-011, completed on November 2,
2010, has confirmed the presence of the new MT-36 lens, named for discovery
hole MT-09-036, which intersected 0.48% U3O8 over 4.2 metres
including 1.29% U3O8 over 1.2 metres. The pierce
point of the most recent hole, MT-10-011, which intersected 0.33% eU3O8 over
5.1 metres including 2.21% eU3O8 over 0.7 metres, lies 60 metres from the
pierce point of MT-09-036.
The new lens was also intersected by
three other holes, namely MT-09-035 (0.17 % U3O8 over 2.0 metres),
MT-10-009 (0.10 % eU3O8 over 1.0 metre) and
MT-10-001 (0.03 % U3O8 over 6.0 metres). These
values are typical of the values intersected within and near the AM-15, MT-22
and MT-34 lenses.
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Hole Collar Az. Angle From To Vert. Length U3O8
depth
East North (degrees) (degrees) (m) (m) (m) (m)(i) (%)
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MT-09-035 12+25E 48+55S 275 -50 568.5 570.5 410 2.0 0.17%
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MT-09-036 12+35E 50+60S 277 -50 578.6 582.8 430 4.2 0.48%
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including 579.0 580.2 1.2 1.29%
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MT-10-001 12+60E 49+50S 275 -53 670.0 676.2 500 6.2 0.03%
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MT-10-009 12+50E 49+50S 274 -48 593.5 594.5 425 1.0 0.10% e
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MT-10-011 11+80E 50+00S 275 -52 505.3 510.4 395 5.1 0.33% e
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including 507.6 508.3 0.7 2.21% e
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(i) Downhole
Notes:
1. The use of the letter "e" as in "e U3O8" designates an estimated or
equivalent U3O8 value determined using a calibrated gamma or spectral
probe.
2. The true width of the mineralized intersections has not yet been
determined.
The location of these holes can be seen
on the longitudinal section of the MT-36 lens on Strateco's
website at www.stratecoinc.com.
In the coming weeks, Strateco
will focus its drilling efforts on the determination of the mineral resource
in the new MT-36 lens.
From October 2009 to early November
2010, 37,930 metres were drilled on the
wholly-owned Matoush and Eclat
properties in the framework of a major, 120,000-metre drilling program. The
exploration holes were essentially drilled along the Matoush
fault, about half of them on a 200-metre grid over a distance of about 8.0
km. Among other things, this initial phase has confirmed the strong uranium
potential of five separate high-priority areas to the south of the MT-34
mineralized lens: L45+00S (1.0 km away), L50+00S (1.5 km away), the MT-36
lens, L60+00S (2.5 km away), L70+00S (3.5 km away) and L111+00S to L118+00S
(8.0 km away).
An additional 4-km section to the south
will be drilled during the winter.
These strongly-anomalous areas all have
the same characteristics, namely the high uranium grades and intense fuschite-tourmaline alteration typical of the AM-15,
MT-22 and MT-34 lenses of the Matoush deposit,
which hosts an estimated indicated mineral resource of 436,000 tonnes grading 0.78% U3O8 containing 7.46 million pounds
of U3O8, and an estimated inferred mineral resource of 1.16 million de tonnes grading 0.50% U3O8 containing 12.78 million pounds
of U3O8 (Scott Wilson Roscoe Postle Associates
Inc., Sept. 2009).
The above-mentioned high-priority areas,
which range from 250 to 600 metres in length,
confirm the strong uranium potential along the Matoush
fault.
On another front, three holes drilled in
early October to test a similar north-south striking structure located 4.0 km
west of the Matoush fault on the Pacific Bay-Matoush property (where Strateco
has an option on a 60% interest) proved conclusive. A Matoush-type
fault named the Alfred fault, with identical alterations to the Matoush fault, was intersected over 365 metres. The geophysical anomaly indicates that the Alfred
fault extends northward and southward. This is one of the most important
discoveries on the Matoush project outside the Matoush fault corridor. These holes, which intersected
low uranium grades, show that other Matoush-type
structures (faults) exist elsewhere on the Matoush
project.
Guy Hebert, President, stated that:
"The discovery of a new high-grade uranium lens (MT-36) outside the
known uranium-bearing area is extremely important, because it shows that,
just as we had always thought, the Matoush project
has the potential to become a world-class uranium mining camp."
This news release has been approved by
Jean-Pierre Lachance, Geo, Executive &
Exploration Vice President of which is the 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, 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.
CAUTIONARY NOTE TO U.S. INVESTORS -The
United States Securities and Exchange Commission permits U.S. mining
companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce. We
use certain terms on this press release, such as "measured,"
"indicated," and "inferred" "resources," which
the SEC guidelines strictly prohibit U.S. registered companies from including
in their filings with the SEC. U.S. Investors are urged to consider closely
the disclosure in our Form 10-K which may be secured from us, or from the
SEC's website at http://www.sec.gov/edgar.shtml.
Contact:
Guy Hebert
Strateco Resources Inc.
President and Chief Executive Officer
450-641-0775 or 1-866-774-7722
450-641-1601 (FAX)
ghebert@bbhgm.com
www.stratecoinc.com
Jean-Pierre Lachance
Strateco Resources Inc.
Executive Vice President
jplachance@bbhgm.com |