Vancouver — Strateco Resources (RSC-V, SRSIF-O) plans to be in a position to make a reserve estimate for its Matoush property in northern Quebec as early as this summer.
The company issued the pledge after a chemical analysis confirmed the presence of high-grade uranium values in some of the eight new drill holes to be completed so far this year.
Strateco said the reserve estimate would be for the AM-15 zone, which was discovered in the 1970s by Uranerz Exploration and Mining, but later abandoned due to low uranium prices.
Seven of the eight holes drilled so far this year targeted a southern extension of AM-15, and form part of a 30,000-metre program that should cost about $18 million.
“We are extremely encouraged by the results of drilling on Matoush,” said Strateco chief executive Guy Hbert, who was in Hong Kong talking to institutional and retail investors when the company reported results from the holes in early April.
The stock reacted by falling 23 to $3.69 on the TSX Venture Exchange.
Results of chemical analysis confirm the presence of very high grades over impressive widths, the company said.
Highlights include hole MT-07-03, which returned a grade of 2% U308 over 16.05 metres starting from 291.5 metres depth, including 4.02% U308 over 3.55 metres. However, true widths for mineralized sections in the eight holes have not yet been determined.
Strateco is establishing a 45-person camp, and has three drill rigs operating at the site. Two are drilling a southern extension of the AM-15 zone; the other is drilling deep holes.
In an effort to permit drilling to continue uninterrupted year-round, the company is transporting 750,000 litres of fuel to the site, which is located in the Otish Mountains about 300 km north of Chibougamau.
Consisting of 338 mining claims covering an area of 180 sq. km, Matoush includes three properties: Matoush, Eclat and Matoush Extension.
The property is accessible by helicopter and by the Eastmain winter road, which runs 7 km west of the property.
Strateco says the uranium mineralization at Matoush is closely linked to the tourmaline alteration on both sides of a gabbro dyke in the sediments.
The intensity of the tourmaline alteration appears to increase with depth, with the best grades associated with the most intense alteration.
Be the first to comment on "Strateco Hits High-Grade at Matoush"