Strathmore Signs Letter of Intent with North American Gem Inc.VANCOUVER, British Columbia -- Strathmore Minerals Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE: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. ) ("STRATHMORE") and North American Gem Inc. (TSX VENTURE:NAG 1. NAG - Numerical Algorithms Group. 2. NAG - The Linux Network Administrators' Guide. ) ("NAG") are pleased to report that they have signed a letter of intent whereby NAG may earn a 50 per cent interest in Strathmore's Hall Lake and Duddridge Lake Uranium projects. Hall Lake Project: The Hall Lake project encompasses about 400,000 acres along the south-central part of the Athabasca Basin in northern Saskatchewan. The Athabasca basin hosts several major uranium deposits, including the uniformity type deposits at Cigar Lake and McArthur River. These deposits are two of the highest-grade uranium deposits in the world. Production from the Athabasca Basin accounts for more than 30 per cent of the world's annual supply of Uranium. The Hall Lake project is underlain un·der·lain v. Past participle of underlie. at depth by rocks of the Western Granulite gran·u·lite n. A fine-grained metamorphic rock often banded in appearance and composed chiefly of feldspar, quartz, and garnet. gran Domain and much of the project area is estimated to have a depth to the basement unconformity un·con·for·mi·ty n. pl. un·con·for·mi·ties 1. Lack of conformity; nonconformity. 2. Geology A surface between successive strata representing a missing interval in the geologic record of time, and produced of less than 600 metres. A previous electromagnetic interpretation flown by Questor Surveys Ltd. in 1979 suggests un-altered basement at depths ranging between 300 and 800 metres at the western margin of the property (assessment report 74F15-0008). The southeastern margin of the property is on trend with the Virgin River Shear Zone, where Formation Capitol Corp. (News release, 02/07/05) reported 13.86% U3O8 over 2.5 metres. Initial exploration anticipated for the fall of 2005, includes a MEGATEM airborne geophysical survey. It is expected that the MEGATEM survey will identify conductive zones, geologic structures and other features commonly associated with unconformity style uranium deposits within the Athabasca Basin. This is the first survey of its kind to be conducted at the Hall Lake Property. To earn its 50 per cent interest in the Hall Lake Project, NAG must make an initial cash payment of $150,000 to STRATHMORE. Furthermore, NAG must also advance $400,000 for property exploration costs before October 15, 2005 and an additional $600,000 before September 15, 2006. Upon completion of the second year expenditures, the companies will form a joint venture to continue the exploration of the project. STRATHMORE may buy back a 1 per cent interest in the project by issuing 25,000 shares to NAG. Duddridge Lake Project: The Duddridge Lake project encompasses approximately 24,700 acres and is located about 100 km northwest of LaRonge, Saskatchewan. Based upon available drill hole information, independent consulting geologist Stuart Fraser, M.Sc., P.Geol., and who is a qualified person under NI 43-101 , estimated an inferred mineral resource of 215,016 tonnes with an average grade of 2.14 lbs/tonne U3O8 for the Duddridge Lake Property. A number of historical resource estimates have previously been documented for the property. The 43-101 technical report for Duddridge Lake is available for review on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com). 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, 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 -------------------------------------------------- (Although believed to be accurate, the foregoing historical estimates were completed prior to the implementation of NI 43-101 and the Company has not done the work necessary to verify the classification of any resource or reserve and they should not be relied upon.) To earn its 50 per cent interest in the Duddridge Lake Project, NAG must make an initial cash payment of $150,000 to Strathmore. Furthermore, NAG must also advance $250,000 for property exploration costs before April 30, 2006 and an additional $450,000 before April 30, 2007. Upon completion of the second year expenditures, the companies will form a joint venture to continue the exploration of the project. STRATHMORE may buy back a 1 per cent interest in the project by issuing 25,000 shares to NAG. STRATHMORE has agreed to participate in a non-brokered private placement in NAG for a total 1.5 million shares at $0.20 per share, with a share purchase warrant exercisable at $0.30 in the first year and at $0.35 in the second year. A Finders Fee is payable by NAG on this transaction. STRATHMORE MINERALS CORP. is a Canadian based company specializing in the strategic acquisition, exploration and development of uranium properties worldwide. 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". 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 Dev Randhawa, President The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Strathmore Minerals Corp. (TSX VENTURE:STM) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion