 |
| | Wed Jan 4, 2006
Strathmore's Church Rock, New Mexico Uranium Deposit Resource Estimate Increased to 11.8 Million Pounds U3O8
|
| | Strathmore Minerals Corp. is pleased to announce that it has completed an independent National Instrument 43-101 technical report for its Church Rock uranium property located in the Grant's Mineral Belt in McKinley County, New Mexico. The 43-101 report provides a new resource estimate which has increased to 11.8 million pounds of U3O8 from the historically reported 6 million pounds U3O8. The report was prepared by David C. Fitch, C.P.G., who is a qualified person under National Instrument Policy 43-101. Mr. Fitch has over 17 years of uranium experience in the Grant's Mineral Belt, which was the largest producing uranium district in the world during the last uranium cycle.
The Church Rock uranium property consists of 36 unpatented mining claims totaling 260 hectares (640 acres) and is located on land owned by the Federal government and administered by the U.S. Bureau of Land Management (BLM). It is situated south of the Navajo Reservation boundary and immediately northeast of Hydro Resource Inc.'s uranium property, which recently received a favourable Nuclear Regulatory Commission (NRC) ruling allowing that company to advance its permit plans.
Strathmore Minerals Corp acquired the Church Rock property from Rio Algom Mining LLC, as successor to the Kerr-McGee Corporation. Kerr-McGee explored the property for several years and discovered significant sandstone-type uranium mineralization at a depth of 1,700 feet. By 1991, over 300,000 feet of drilling had been completed on this property. In 1987, Kerr-McGee considered initiating an ISL program at Church Rock. However, at that time the price of uranium continued to decline and plans to develop the project were delayed indefinitely.
Mr. Fitch writes:
"From a review of all the data, it is concluded that Kerr-McGee and Rio Algom collected reliable and accurate data in their performance of exploration drilling, log interpretation, map posting and calculating the historical resources. It is also concluded that there is very good potential for additional uranium mineralization."
The Church Rock Uranium Deposit is within sandstone units of the Westwater Canyon Member of the Jurassic Morrison Formation, and may be amenable to recovery by in-situ leach methods (ISL). The Company previously reported (see STM news release dated March 15, 2004) a historic resource estimate of approximately 6 million pounds U3O8.
Based upon available drill hole information, Mr. Fitch's NI 43-101 technical report estimates a measured and indicated mineral resource of 11,848,007 lbs U3O8 contained within 6,221,467 tons at an average grade of 0.10% U3O8 for the Church Rock Property. An additional 3,525,342 lbs U3O8 are estimated as an inferred mineral resource. Further details on the quantity and grade for each mineral resource category are summarized in the following Table.
------------------------------------------------------------
Resource Cutoff Grade Pounds Thick.
Category GT Tons (% U3O8) (U3O8) (Feet)
------------------------------------------------------------
Measured 0.3 1,680,333 0.10 3,233,333 8.6
Indicated 0.3 4,541,134 0.09 8,614,674 8.6
--------- ---- ---------
Total(s) 6,221,467 0.10 11,848,007 -
Inferred 0.3 1,950,560 0.09 3,525,342 8.6
------------------------------------------------------------
The resource estimate is based on over 165 drill holes completed by the Kerr-McGee Corporation. Polygons, which were centered on the drill holes, were constructed by using perpendicular bisectors halfway between adjoining drill holes. U3O8 was calculated by Kerr-McGee from gamma-ray logs for each hole by converting counts per second to % U3O8 (eU3O8). Periodically the gamma-ray equipment was calibrated at locations with known concentrations of uranium. Drill holes within the resource area were spaced approximately 200 feet apart. Thickness and grade of the mineralized intercept were assigned to each polygon for computing tonnage, with an assumed tonnage factor of 15 cubic feet per ton. A grade times thickness cutoff of 0.3 was used to calculate the resource. This methodology accounts for the larger resource calculation.
Earlier this year Strathmore opened a mine development office in Santa Fe, New Mexico, in order to continue feasibility studies and permit applications for the Company's numerous advanced uranium properties. As a result, ongoing geological and engineering studies have already exceeded the recommendations made by Mr. Fitch in this report.
David Miller, President and COO for Strathmore commented that he is "extremely pleased with the thoroughness of the 43-101 technical report. I am also very pleased with the progress being made by the Strathmore team at the Church Rock project."
The 43-101 technical report for the Church Rock property can be viewed in its entirety on the SEDAR website www.sedar.com and the Company's website www.strathmoreminerals.com.
This news was prepared on behalf of the company by Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta. Mr. Dahrouge is a qualified person. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. STRATHMORE MINERALS CORP Common Shares are listed on the TSX Venture Exchange under the symbol "STM"
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
ON BEHALF OF THE BOARD
David Miller, President and COO
FOR FURTHER INFORMATION PLEASE CONTACT:
Strathmore Minerals Corp.
David Miller
President and COO
(800) 647-3303
info@strathmoreminerals.com
www.strathmoreminerals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
| |
| | You can view the Next News Releases item: Wed Feb 15, 2006, Strathmore's Church Rock Permitting on Schedule and Under Budget
You can view the Previous News Releases item: Thu Dec 22, 2005, Strathmore Minerals Corp Appoints National Bank Financial to Evaluate Strategic Alternatives
You can return to the main News Releases page, or press the Back button on your browser.
|
| |
-0.02