| The Marquez Property contains an estimated 2,754,000 tons averaging .17% for a historical resource totaling 9,362,000 lbs U3O8 (Not NI 43-101 compliant). The historical resource estimate was calculated using the circle-tangent method, based on a cut-off grade of 0.10% and a minimum thickness of 6 feet. Uranium mineralization is hosted as "roll-front" deposits within sandstone units of the West Water Canyon Member of the Jurassic Morrison Formation. (Source: Kerr McGee Resources Internal Document, 1980)
The Marquez Property comprises 14,582 acres (approximately 5,900 Ha), and includes the western extent of the historically known Marquez/Bokum ore body. The property was previously explored during the 1970s and 1980s by Kerr-McGee Resources Corporation, which was one of the largest uranium mining companies in the world. Kerr-McGee drilled in excess of 390 exploratory bore holes (>800,000 feet total drilling) on the main property. In the late 1970s Kerr-McGee began mine development operations. Production was expected to begin during the early 1980s by conventional underground mining methods. The Bokum mill was constructed approximately one mile away on an adjoining property, but the Marquez project was abandoned when the uranium price collapsed, and the mill was later dismantled.
In 2004, Strathmore acquired all pertinent historical data (gamma logs, geologic studies, feasibility studies, mine plans, etc) for the Marquez Property from Rio Algom Mining Corp. This valuable information made up part of the data base that was included in the Roca Honda and Church Rock property acquisitions. As such, the acquisition of the Marquez property is a significant and strategic win for the Company. The property complements Strathmore's extensive uranium holdings in New Mexico, most notably the Company's flagship Roca Honda Property. |
