|
In January 2006, StrataGold Guyana Inc. (StrataGold), an indirectly-held, wholly-owned
subsidiary of StrataGold Corporation, was
granted Prospecting Licence No. 35/2005 (PL 35/2005) in the Kaituma area, North-West
District, Guyana,
to explore for "gold and valuable minerals" by the Guyana
Geology and Mines Commission (GGMC). Detailed stream sediment sampling
conducted by StrataGold on PL 35/2005
positively identified gold, radioactive minerals and rare earth elements
in the samples. X-ray diffraction analysis (XRD) was completed on two of
the stream sediment samples that reported up to 271 parts per million (ppm) uranium (U).
The XRD work positively identified grains of barium-uranium-phosphate of
the autunite family from samples collected at
the headwaters of the drainages located in the center
of PL 35/2005. A follow up soil sampling program over the entire PL
defined a coincident barium-uranium soil anomaly which has a strike
length of 5.2
kilometres (km) and a width of 250 to 300 metres (m). A
widely spaced trenching program across this anomaly has led to the near
surface discovery of uranium in saprolitic
bedrock.
Section 32 of the Mining Act 1989 of Guyana provides that if in
the course of exercising rights under a PL the holder discovers evidence
of another mineral not related to the holder's PL, the holder may apply
for the inclusion of that mineral in the PL. In May 2007, StrataGold applied under section 32 to the GGMC for
an amendment of PL 35/2005 to include "radioactive minerals and rare
earth elements." On June 23, 2007 the Official Gazette
(Extraordinary) of Guyana,
published by the Authority of the Government, published a Notice of
Intention to grant StrataGold's requested
amendment to PL 35/2005. During the twenty-one (21) day statutory period
for objection to the amendment, Pharsalus Inc (Pharsalus), purporting to
be a subsidiary of Takatu Minerals Limited (a
company incorporated in British
Columbia), opposed the amendment to StrataGold's PL 35/2005. Pharsalus bases its opposition on a
"Permission to conduct Geological and Geophysical Survey"
(PGGS) granted to Pharsalus in February 2007
by the GGMC which overlaps PL 35/2005. The PGGS granted to Pharsalus
grants rights over a defined area "save and except all lands
lawfully held or occupied." In August 2007 Pharsalus commenced ex parte proceedings in the High Court of the Supreme
Court of Judicature of Guyana
against the Commissioner of the GGMC seeking to prevent the amendment to StrataGold's PL 35/2005. In August 2007, StrataGold applied for, and was granted,
leave to intervene in those proceedings. StrataGold
applied to the Court to dismiss the ex parte
proceedings instituted by Pharsalus
against the GGMC on the ground, inter
alia, that StrataGold's
occupation of lands under PL 35/2005 constitutes "lands lawfully
held or occupied" within the meaning of the
exception clause to Pharsalus' PGGS. The hearing
date of StrataGold's application has not yet
been set. StrataGold will strongly defend its
right to the amendment of PL 35/2005 to include radioactive minerals and
rare earth elements.
Kaituma Uranium Discovery
Stream Sediment Program
In 2006, StrataGold
collected thirty stream sediments near the headwaters of creek drainages
on PL 35/2005 and shipped the samples to Actlabs,
located in Ancaster,
Ontario. The samples were
analyzed by neutron activation (INAA) and delayed neutron count (DNC)
analysis, which included gold, uranium, rare earth and other pathfinder
elements. Anomalous U results (up to 271 ppm U)
obtained from all of the stream sediments identified a probable local
source on PL 35/2005 for a large airborne radiometric anomaly present on
the property.
Two of the highest stream sediment U values (271 ppm and 241 ppm) were
obtained from two sites collected 4.6 km apart, near the centre of PL
35/2005 within 200 m
of the headwaters of the creeks. These two samples were further subjected
to XRD analysis at Actlabs. Mineral grains of
barium-meta-autunite or (Ba[(UO2)(PO4)]2(H2O)6)
were positively identified in both samples. This mineral has 57 weight
percent U3O8. It was concluded that barium (Ba) would be a useful pathfinder element for a soil
geochemistry survey.
Soil Survey Program
A north south oriented soil grid was established with 400 m line spacing and 1 m deep auger soil
samples collected every 25
m along these lines. A total of 3,247 soil samples
were collected across PL 35/2005 and submitted for INAA multi-element
analysis at Actlabs. A coincident Ba-U soil anomaly was identified which has a strike
length of 5.2 km
and a width of 250 to 300
m. Uranium values within the soils range up to 48 ppm U while barium values range up to 7200 ppm Ba.
Preliminary Trenching Results - Uranium
Discovery
A trenching program was conducted to test the coincident Ba-U anomaly, with trenches excavated every 800 m along the
coincident Ba-U soil anomaly. Each trench was
oriented north south and was excavated to a maximum depth of 4 m and up to 200 m in length. The
trenching indicated that the saprolitic bedrock
is covered by a 1.5 to 2 m
soil horizon. Exposed saprolite was excavated
to a maximum depth of 1.5
m beneath the soil cover. Scintillometer
readings taken in the trenches were typically in the 750 to 1200 counts
per second (cps) range, with broad zones (>30 m) exposed which
average greater than 4,000 cps. Isolated narrow zones measured greater
than 10,000 cps (the upper limit of the scintillometer
unit).
Preliminary uranium results were received from
the first set of data with a 1
m channel sample averaging 2,322 ppm U in hematized and albitized episyenite. This
uranium value result converts to an average grade of 2,738 ppm U3O8, or 5.48 pounds of U3O8
per short ton.*
Geology of the Uranium Discovery
A gold and multi-element stream sediment and soil geochemistry
exploration program has led to the discovery of uranium in episyenite bedrock. The style of uranium
mineralization discovered on PL 35/2005 is considered to be a sodium-metasomatic type uranium deposit. Similar uranium
deposits have been discovered in northeastern Brazil
including the Espinhares and Itataia uranium deposits that are associated with
uranium and phosphorous in episyenites.
Gold Exploration
It should also be noted that in addition to uranium, anomalous gold
results were received from the stream sediment and soil surveys conducted
on PL 35/2005. A folded Birimian iron formation
with a coincident gold anomaly is considered to be a favorable
gold exploration target which will require further exploration.
About Kaituma
PL
35/2005 is located 3 km
west of Port Kaituma in North-West District, Guyana.
The property has excellent infrastructure, being serviced by an
all-season road, a paved airstrip and a deep-water port. The deep-water
port and railway line were built by the African Manganese Mining Company
during the 1950's for open pit manganese mining operations located 80 km west of the
property, at Matthews
Ridge. Ore was transported
by rail to Port Kaituma, where ocean-going
vessels were loaded with the manganese ore for shipment to international
markets.
Quality Control and Assurance
A rigorous Quality Control and Assurance program (QC/QA) is in place,
using control samples and duplicates, as well as Chain of Custody (COC)
protocols, under the supervision of Bill Yeomans,
P.Geo., StrataGold's
General Manager Exploration, South America. Samples were air freighted to
Actlabs analytical laboratory in Ancaster,
Ontario. The control sample
assay results received indicated to StrataGold
that the results are considered reliable.
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements set out in National
Instrument 43-101. Mr. Bill Yeomans is
designated as the qualified person having reviewed this information.
*Note: Laboratory results are received in ppm U. The conversion factor used to
convert ppm U to pounds per short ton U3O8
is 1.179, ie: (ppm U
x 1.179 = ppm U3O8;
10,000 ppm U= 1% = 20 pounds per short
ton U)
About StrataGold
StrataGold is a gold development company focused on the systematic
exploration and development of two advanced-stage gold projects. To
obtain additional information, photos and project updates please visit: www.stratagold.com.
For further information, please contact:
Mr. Terry L. Tucker, President and CEO
Ms. Vanessa Pickering, Manager, Investor Communications
StrataGold Corporation
Tel: 604-696-6601
E-mail: info@stratagold.com
Website: www.stratagold.com
Statement Regarding Forward
Looking Statements
This news release of StrataGold Corporation (the
"Company") contains statements that constitute
"forward-looking statements." Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements, or developments in
our industry, to differ materially from the anticipated results,
performance or achievements expressed or implied by such forward-looking
statements. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by the
words "expects," "plans," "anticipates,"
"believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or
that events or conditions "will," "would,"
"may," "could" or "should" occur. Forward-looking
statements in this document include statements regarding the Company's
expectations regarding exploration activities on properties in which the
Company has an interest and statements regarding legal proceedings in Guyana. There
can be no assurance that such statements will prove to be accurate. Actual
results and future events could differ materially from those anticipated
in such statements, and readers are cautioned not to place undue reliance
on these forward-looking statements that speak only as of their respective
dates. Important factors that could cause actual results to differ
materially from the Company's expectations include among others, risks
related to fluctuations in mineral prices; uncertainties related to
raising sufficient financing to fund planned work in a timely manner and
on acceptable terms; changes in planned work resulting from weather,
logistical, technical or other factors; the possibility that results of
work will not fulfill expectations and realize
the perceived potential of the Company's properties; the possibility that
required permits may not be obtained on a timely manner or at all; the
possibility that the estimated recovery rates may not be achieved; risk
of accidents, equipment breakdowns and labour disputes or other
unanticipated difficulties or interruptions; the possibility of cost
overruns or unanticipated expenses in the work program; the risk of
environmental contamination or damage resulting from the Company's
operations; legal or regulatory developments: and other risks and uncertainties
discussed under the heading "Risk Factors" and elsewhere in the
Company's documents filed from time to time with the Toronto Stock
Exchange and Canadian securities regulators. These statements are based
on a number of assumptions, including assumptions regarding general
market conditions, the availability of financing for proposed
transactions and programs on reasonable terms, and the ability of outside
service providers to deliver services in a satisfactory and timely
manner. Forward-looking statements are based on the beliefs, estimates
and opinions of the Company's management on the date the statements are
made. The Company undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
|