Vancouver – Drilling by Strateco Resources (RSC-V, SRSIF-O) on its Matoush uranium project in northern Quebec’s Otish Mountain region has delivered further high-grade values.
Latest results from the AM-15 zone include a 5.6-metre interval averaging 1.68% U3O8 in hole MT-06-9, with a 2.3-metre interval grading 3.27% U3O8. Hole MT-06-11 cut 6.6 metres of 0.99% U3O8.
Strateco has completed 26 holes totaling about 7,700 metres at Matoush since commencing its drill program earlier this year. Testing has traced the AM-15 zone over a strike length of more than 160 metres. The company awaits lab results from 13 of the holes although it indicates uranium mineralization in most of them based on radiometric testing of the core.
The property was explored by Uranerz Exploration and Mining in the early-1980s with results including hole AM-15 that intersected 16 metres of 0.95% U3O8. Uranium mineralization is associated with tourmaline alteration halo around a gabbro dike in a sedimentary suite within the Otish Basin. A major fault system through the project is extrapolated as a primary conduit for emplacement of uranium-bearing fluids. Strateco has drawn analogies to the “perched bodies” of mineralization that occur above the high-grade uranium deposits in the Athabasca Basin of northern Saskatchewan.
The company’s stock gained 20% on the October 26th Matoush uranium values, closing up 18 to $1.08 per share on over 4.1 million shares of trading.
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