Strathmore Minerals Corp. Acquires Saskatchewan Uranium Property.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 9, 2004 Strathmore Minerals Corp. is pleased to announce that it has acquired a 100 per cent interest in the Duddridge Lake Uranium Deposit, located in north-central Saskatchewan. The Duddridge Lake property encompasses approximately 10,000 hectares and is located about 100 km northwest of LaRonge, Saskatchewan. Various historical resource estimates have been published for the Duddridge Lake Uranium Deposit. According to the Saskatchewan Government Mineral Deposits Index, in 1977 Thor Explorations indicated a potentially mineable resource of 320,690 tons averaging 1.84 lb/ton U3O8 over 5 feet width and to an average depth of 250 feet. Subsequently in 1979, Thor Exploration provided a revised estimate Revised estimate The third estimate of GDP released about three months after the measurement period. of 6 Million tons averaging approximately 2.0 lbs/ton U3O8, which equates to approximately 12 Million lbs contained U3O8 (Northern Miner, October 16, 1980). As the foregoing resource estimates were completed prior to the implementation of NI 43-101 they should not be relied upon; however, they do provide a historical context and information on the exploration potential of the property. The Duddridge Lake property lies within the eastern part of the Wollaston Domain, and is hosted by metasedimentary rocks of the Wollaston Supergroup. The deposit is considered a clastic-sediment hosted uranium-copper deposit. Uranium mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. occurs in two white quartzite quartzite, usually metamorphic rock composed of firmly cemented quartz grains. Most often it is white, light gray, yellowish, or light brown, but is sometimes colored blue, green, purple, or black by included minerals. lenses within a 6.4 to 26.8 m thick, carbonaceous car·bo·na·ceous adj. Consisting of, containing, relating to, or yielding carbon. carbonaceous Adjective of, resembling, or containing carbon Adj. 1. meta-arkose. Mineralization consists predominately of pitchblende pitchblende (pĭch`blĕnd'), dark, lustrous, heavy mineral, a source of radium and uranium. Largely natural uranium oxide, UO2 and UO3, it usually contains some lead and variable amounts of thorium and rare-earth elements. or uraninite uraninite: see pitchblende. uraninite Uranium dioxide (UO2), a major oxide mineral of uranium. Uraninite is radioactive and usually forms black, gray, or brown crystals that are moderately hard and generally opaque. occurring as thin seams, bands and disseminations along bedding planes; tyuyamunite and cobalt bloom (erythrite er·y·thrite n. A reddish secondary cobalt mineral, CO3(AsO4)2·8H2O, found in veins bearing cobalt and arsenic and used in coloring glass. Noun 1. ) along some fractures; and to a lesser extent chalcopyrite, bornite bornite Common copper-ore mineral, copper and iron sulfide (Cu5FeS4). Typical occurrences are found in Mount Lyell, Tasmania; Chile; Peru; and Butte, Mont. Bornite may form isometric crystals but occurs most commonly as irregular masses. , malachite malachite (măl`əkīt), a mineral, the green basic carbonate of copper occurring in crystals of the monoclinic system or (more usually) in masses. It is translucent or opaque; the luster is silky, vitreous, adamantine, or dull. , pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. , annabergite and arsenides. Previous exploration was conducted by a number of companies, including Noranda Exploration Company from 1974 to about 1994. Exploration including combined airborne magnetic and radiometric surveys, rock and soil geochemistry and diamond drilling, outlined a uraniferous boulder train along the west side of Duddridge Lake, which extends over an area of about 100 by 1600 m. Within the boulder train, typical analysis ranged from 0.1 to 0.2% U3O8, with some exceptional values of up to 9.8% U3O8, 1.6% Cu, 0.2 oz/ton Au, and 7.0 oz/ton Ag. More than 30 drill holes were completed at the property over an approximately 1463 m strike length on the west side of Duddridge Lake. In addition several drill holes were completed at other locations throughout the property. Significant prior drill results include (Steward, 1975): Hole From To Length Grade Number (m) (m) (m) (lb/ton U3O8) --------------------------------------------- D-1-75 97.23 101.28 4.05 3.52 D-5-75 91.04 94.21 3.17 1.24 D-8-75 55.75 64.77 9.02 2.88 D-11-75 61.26 68.51 7.25 2.44 --------------------------------------------- The Company, subject to regulatory approval, will issue 200,000 shares over two years to acquire the claims. Strathmore is currently compiling all available historical information concerning prior exploration on the Duddridge Lake Property, in preparation for a summer exploration program. In addition, the company continues to review several exploration projects with excellent exploration potential. Strathmore Minerals Corp is a Canadian based resource company specializing in the strategic acquisition and development of uranium properties. STRATHMORE MINERALS CORP Common Shares are listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol "STM (Scanning Tunneling Microscope) A microscope that can image down to the atomic level. An STM uses a piezoelectric tube with a tiny sharp tip at the end that is moved within nanometers of the object being sampled. " ON BEHALF OF THE BOARD Dev Randhawa, President Jody Dahrouge, P.Geol. The foregoing press release was prepared on behalf of the company by Jody Dahrouge, P.Geol. of Dahrouge Geological Consulting Ltd., Edmonton, Alberta. Mr. Dahrouge, is the Qualified Person (QP) responsible for the exploration of the Duddridge Lake Project. Also, the company wishes to reiterate that as the foregoing resource estimates were completed prior to the implementation of NI 43-101, and they should not be relied upon; however, they do provide historical context and a framework for the continued exploration of the property. Furthermore, the resource estimates were quoted from third party publications, and the original reports were not available for consultation. Original drill logs and analyses from the 1974-75, 1976, 1981 and 1982 are however, available to the company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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