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MONTREAL,
QUEBEC--(Marketwire - July 8, 2009) - Strateco Resources Inc.
("Strateco") (TSX:RSC)(FRANKFURT:RF9)(OTCBB:SRSIF)is pleased
to provide an update on drilling completed at the Matoush project since
early June 2009, following the resumption of drilling on May 27th at
the end of the spring break up.
As mentioned in the press release dated June 1st, 2009, one of the two
drills in operation on the Matoush property, wholly-owned by Strateco,
has been assigned to the MT-34 zone area. Due to the very high grades
obtained in Hole MT-34 (1.36% U3O8 over 27.50 m including 6.03% U3O8
over 4.80 m) relative to the other grades and thicknesses for the zone,
the influence of Hole MT-34 in the September 2008 resource estimate
done by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA)
was voluntarily limited.
Furthermore, because a 50 m x 70 m drill grid was used in the area of
Hole MT-34 in 2008, this resource could not be categorized as an
indicated resource. The four holes drilled in June and the fifth hole
currently underway should allow the total MT-34 zone resource to be
increased and a portion of the resource to be upgraded from inferred to
indicated.
Scott Wilson RPA has been retained to prepare a new resource estimate
for the MT-34 zone. The report is expected towards the end of August
2009.
Four holes (MT-09-012, 014, 016 and 019) were drilled in the upper part
of the MT-34 zone in June 2009. Three of the four holes intersected
high grades over considerable intervals.
Hole MT-09-012, whose pierce point lies just a few metres from Hole
MT-08-050 due to strong deviation, returned an intersection of 0.42%
eU3O8 over 26.9 metres, including 0.66% eU3O8 over 12.9 metres and
2.41% eU3O8 over 1.3 metres.
In comparison, Hole MT-08-050 previously intersected 0.44% eU3O8 over
21.6 m, including 1.88% eU3O8 over 1.8 m, with chemical analysis
showing 0.49% U3O8 over 21.3 m, including 1.99% U3O8 over 2.0 m.
Hole MT-09-016, whose pierce point lies midway between holes MT-08-050
and MT-08-034, returned an intersection of 0.61% eU3O8 over 25.7
metres, including 1.30% eU3O8 over 7.4 metres.
Hole MT-09-019, with a pierce point in the upper part of the ACF-4 near
the contact with the CBF, 35 m north of Hole MT-08-51 (0.40% eU3O8 over
5.1 m), intersected 0.26% eU3O8 over 14.1 metres, including a section
of 0.95% eU3O8 over 2.8 m.
Hole MT-09-017 was drilled on the same section, but was abandoned due
to excessive deviation.
Hole MT-09-014 returned an intersection of 0.08% eU3O8 over 5.1 m. This
hole lies at the lower limit of the MT-34 zone.
Hole MT-09-020 is now being drilled to test the extension of Hole
MT-08-034 up dip from the MT-34 zone in the direction of the upper part
of the ACF-4.
Another hole is planned on the MT-34 zone at a vertical depth of -470 m
between holes MT-08-47 and MT-08-55, alongside the MT-34 zone in an
area where no resources were estimated.
---------------------------------------------------------- Hole Collar Az. Angle From Easting Northing (degrees) (degrees) (m) ---------------------------------------------------------- MT-09-012 12+18E 34+76S 286.5 -47.6 507.0 ---------------------------------------------------------- including 509.9 ---------------------------------------------------------- MT-09-014 12+54E 33+72S 273 -48.2 554.5 ---------------------------------------------------------- MT-09-016 12+20E 34+76S 287.5 -45.9 506.0 ---------------------------------------------------------- including 507.9 ---------------------------------------------------------- including 508.2 ---------------------------------------------------------- MT-09-019 12+09E 34+76S 287.5 -45.6 486.9 ---------------------------------------------------------- including 495.1 ---------------------------------------------------------- -------------------------------------------------- Hole To Vert.Depth Length eU3O8 (m) (m) (m)(i) (%) -------------------------------------------------- MT-09-012 532.7 383.4 25.7 0.61 -------------------------------------------------- including 517.3 383.4 7.4 1.30 -------------------------------------------------- MT-09-014 559.6 405.8 5.1 0.08 -------------------------------------------------- MT-09-016 532.9 376.8 26.9 0.42 -------------------------------------------------- including 520.8 376.8 12.9 0.66 -------------------------------------------------- including 509.5 376.8 1.3 2.41 -------------------------------------------------- MT-09-019 501.0 345.4 14.1 0.25 -------------------------------------------------- including 497.9 345.4 2.8 0.95 -------------------------------------------------- (i)Core length
The true width of the mineralized sections has
not yet been determined.
The equivalent uranium grades are obtained using a spectral probe.
All exploration drill holes results of 2009 and longitudinal sections
can be seen on the company's website at www.stratecoinc.com.
In the MT-06 area, 1.0 km south of the MT-34 core zone, a second drill
drilled four holes spaced at approximately 70 metres around Hole
MT-09-06, which had returned 8.9 metres grading an average of 0.21%
eU3O8, including 1.1 metres at 0.96% eU3O8. The four recently completed
holes (MT-09-011, 013, 015 and 018) all intercepted the Matoush fault,
with anomalous uranium values.
This second drill is dedicated to systematic exploration of the Matoush
structure, which has been traced over a distance of more than 12.5 km.
Since the drilling program began in February 2009, 16,600 metres of the
planned 30,000 metres of exploration drilling in 2009 have been
completed.
Increase in Drilling Budget
The success of the drilling program completed in early 2009 on the southern
part of the Matoush structure (Eclat property; see press release dated
April 22nd, 2009) and knowledge of the property geology indicate that
the Matoush structure could potentially contain sufficient uranium
resources to feed an ore processing plan at a rate superior to the
forecasted production of 750 tonnes per day in the scoping study
(November 2008) for approximately 2.3 million pounds of U3O8 per year.
Strateco plans to carry out 60,000 metres of surface drilling per year
in 2010 and 2011, in parallel with underground exploration work. The
results of the surface drilling program should allow the maximum
capacity of the Matoush ore processing plant to be established.
In 2010, Strateco plans to begin the environmental studies required for
mill and tailings pond construction. These studies are required to
obtain a mine construction permit.
Strateco is eligible for exploration tax credits equal to approximately
50% of surface exploration expenses until such time as it achieves
commercial producer status.
Licence and other Permits
In June, detailed engineering plans for the surface and underground
infrastructures were completed in the scope of the application for a
licence from the Canadian Nuclear Safety Commission (CNSC).
The ramp plan has also been revised and completed, and Strateco has
received confirmation from Quebec authorities that the landing strip
construction near the Matoush camp is exempt from the environmental
impact study.
Mistassini Property
The Company will issue a joint press release in the coming days with
its partner Majescor Resources Inc. on the results of drilling carried
out on the Mistassini property in June 2009.
This news release has been approved by Jean-Pierre Lachance, Geo,
Executive Vice President of Strateco Resources Inc. 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.
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