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15:48 on
09-02-2010
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The Marquez Property comprises 14,582 acres (~ 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 at the time was one of the largest uranium mining companies in the world. Kerr-McGee drilled in excess of 390 exploratory drill holes (>800,000 feet total drilling) on the main property. In the late 1970s development of the Marquez mine began. Conventional underground production was expected to begin in the early 1980s and the Bokum mill was constructed approximately one mile away on an adjoining property. The Marquez project was abandoned when the uranium price collapsed, and the mill was subsequently dismantled.
In June 2010, Strathmore completed and SEDAR filed a National Instrument 43-101 technical report for the Marquez property. The report was prepared by M. Hassan Alief, Certified Professional Geologist (AIPG #11134), who is a qualified and independent person under National Instrument Policy 43-101. Mr. Alief has over 50 years of geology, mining and exploration experience, with over 28 years specifically toward uranium exploration and development in New Mexico, Texas, Wyoming and other parts of the USA. In the 1970s and 1980s, Mr. Alief served as Chief Geologist at the Mt. Taylor Uranium Mine, located 20 miles west of the Marquez Deposit.
The Marquez NI 43-101 report provides a Measured and Indicated resource estimate of 3,610,209 tons at an average grade of 0.126% eU3O8 for a total of 9,130,343 pounds. An additional 2,159,520 tons at an average grade of 0.114% eU3O8 for a total of 4,906,695 pounds is classified as an Inferred mineral resource. The following table highlights the quantity and grade for each mineral resource category:
Marquez Uranium Deposit: NI 43-101 Measured, Indicated & Inferred Resource Estimates
|
Resource |
Tons |
Grade % |
Pounds |
Measured |
998,625 |
0.126 |
2,512,301 |
Indicated |
2,611,584 |
0.127 |
6,618,042 |
TOTAL (M+I) |
3,610,209 |
0.126 |
9,130,343 |
Inferred |
2,159,520 |
0.114 |
4,906,695 |
The Marquez Property is a non-core project that is available for joint venture or sale.
The Marquez NI 43-101 report can be viewed in its entirety on SEDAR or the Company's website at
www.strathmoreminerals.com/s/TechReports.asp
The NI 43-101 resource estimates used herein were taken from the NI 43-101 report entitled "Marquez Uranium Property, McKinley and Sandoval Counties, New Mexico, National Instrument 43-101 Mineral Resource Report", dated June 10, 2010, and prepared by M. Hassan Alief, a qualified and independent person under National Instrument Policy 43-101. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability as defined by the NI 43-101 guidelines. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed by David Miller, Chief Executive Officer for Strathmore Minerals Corp., a qualified person under National Instrument 43-101
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