Strathmore Updates Gas Hills Drilling Activities
October 03 2012 - 2:45PM
Marketwired Canada
Strathmore Minerals Corp. (TSX:STM)(OTCQX:STHJF) ("Strathmore" or "the Company")
is pleased to update drilling activities as part of the Company's ongoing Gas
Hills 2012 Phase I US $8 million exploration, development, and permitting
program. The goal of the drill program is to verify and expand known historical
resources in the Main Gas Hills Area and initiate exploration drilling in the
prospective Beaver Rim Area to the south. Strathmore initiated confirmation and
exploration drilling, including core drilling (see press release dated June 26,
2012), subsequent to the November 2011 cutoff date of data analysis for the Gas
Hills NI 43-101 technical report filed on August 29th, 2012. The Company intends
to update this report and the current resource estimate on completion of the
drill program later this year, and after receipt of all results, including core
assays. Drilling is continuing in several areas within the Gas Hills in an
effort to extend mineralization into previously unexplored ground that exhibits
significant potential for discovering new roll-front uranium mineralization
within favourable sandstone targets.
David Miller, CEO and Chief Geologist for Strathmore commented, "Results are
confirming the shallow mineralization delineated by previous operators and
further demonstrate the potential for growing these deposits beyond their
historical mineralized boundaries."
Table 1 summarizes the program to date which includes the completion of 216
drill holes totalling 58,880 feet on the George-Ver, Day Loma, Bullrush,
Loco-Lee, and Rock Hill Properties within the Main Gas Hills Area.
Tab1e 1: Main Gas Hills Drill Program Summary
----------------------------------------------------------------------------
# of PFN Holes
with greater
Main Gas Hills # of Drill Total Footage # of Cored than or equal
Property Holes Drilled Holes(i) to 0.50 GxT
----------------------------------------------------------------------------
Bullrush 63 17,540 3 15
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Day Loma 22 10,290 0 9
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George-Ver 48 15,570 5 15
----------------------------------------------------------------------------
Loco-Lee 59 9,185 7 20
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Rock Hill 24 6,295 4 11
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Total 216 58,880 19 70
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Notes: (i) # of cored holes included in total # of holes drilled.
Main Gas Hills Phase I Drilling Highlights
The following summarizes select Prompt Fission Neutron Tool (PFN) results for
the Loco-Lee, George-Ver, Bullrush, Day Loma, and Rock Hill Properties in the
Main Gas Hills area. Complete PFN and Gamma probe results for all drill holes
completed on each property have been compiled in table form, and posted to the
Company's website. All tables can be referenced under the PFN Measurements,
Gamma Measurements, & Assay Results tab at
www.strathmoreminerals.com/s/GasHills.asp. Area maps have also been posted.
Loco-Lee
Drilling targeted an area of the property where an open-pit was designed by
Federal American Partners (FAP) in 1982. FAP completed approximately 1,800 drill
holes. However, Strathmore was only able to purchase a data library that
included approximately 650 gamma logs from a third party in 2010. Drilling
focused on the east side of the historical designed pit where data was not
available. Several holes intersected significant mineralization. Some of the
best results include:
Hole LLS-35: 25.5' of 0.16% PFN U3O8; GT 4.13
Hole LLS-38: 31.0' of 0.11% PFN U3O8; GT 3.39
Hole LLS-51 Core: 32.5' of 0.10% PFN U3O8; GT 3.27
Hole LLS-52 Core: 33.5' of 0.07% PFN U3O8; GT 2.27
Hole LLS-53 Core: 38.0' of 0.10% PFN U3O8; GT 3.80
George-Ver
Confirmation core drilling was carried out to confirm the historical
drilling/gamma interpretations, necessary to generate data for the preparation
of a current mineral estimate.
Hole GVS-47 Core: 26.0' of 0.21% PFN U3O8; GT 5.50
Hole GVS-44 Core: 32.5' of 0.08% PFN U3O8; GT 2.58
Hole GVS-56: 26.0' of 0.04% PFN U3O8; GT 0.96
Bullrush
The majority of drilling tested an area known as the BULLRUSH WEST-29
exploration target. This area was previously explored by Union Carbide in the
early 1980s for potential open-pit production. Drilling was carried out over an
area of 2,400 ft (north-south) X 1,200 ft (east-west). Targeted uranium
mineralization is at shallow depths of approximately 200-220 feet deep.
Hole BRS-51: 9.5' of 0.14% PFN U3O8; GT 1.34
Hole BRS-49: 21.0' of 0.05% PFN U3O8; GT 1.05
Hole BRS-70 Core: 30.5' of 0.04% PFN U3O8; GT 1.22
Day Loma
Exploration drilling was carried out to the northeast of the historically mined
open-pits, successfully extending roll-front mineralization approximately 400
feet into this previously untested ground. Additional confirmation drilling was
carried out in historically drilled locations, with washout of select historical
drill holes to confirm mineralization discovered by previous operators.
Hole DLS-37: 20.5' of 0.09% PFN U3O8; GT 1.75
Hole DLS-46: 8.5' of 0.10% PFN U3O8; GT 0.88
Rock Hill
Core drilling was conducted across a wide area of the Rock Hill Property to
confirm available historical results. In addition, several historical drill
holes were "washed out" extending mineralization approximately 150 feet to the
north of the current mineral resource boundary.
Hole RHS-13-Core: 34.0' of 0.04% PFN U3O8; GT 1.44
Hole RHS-14-Core: 9.0' of 0.13% PFN U3O8; GT 1.19
Hole RHS-31: 9.5' of 0.08% PFN U3O8; GT 0.77
All drill holes were logged with a PFN tool, which directly measures the uranium
content, or a gamma probe which indirectly measures the uranium content. Three
logging trucks have been used. Two are PFN trucks: one operated by GAA Wireline
Services of Casper, Wyoming, and one Company owned and operated by either
Strathmore or GAA technical personnel. The third is a conventional Century
geophysical truck with a gamma probe. Logging tools owned by the Company and GAA
Wireline, and operated by GAA Wireline, are routinely calibrated at the U.S.
Department of Energy's Test Pits located in Casper, Wyoming. While using a PFN
logging tool to provide direct readings of downhole uranium mineralization is a
widely used procedure by many companies drilling roll front style uranium
deposits, the Canadian Institute of Mining ("CIM") Estimation of Minerals
Resources and Mineral Reserves Best Practice Guidelines recommends traditional
chemical assaying to provide supporting assay results. Strathmore has completed
a total of 19 core holes with samples submitted for assay analysis by
Intermountain Labs of Sheridan, Wyoming, a Nuclear Regulatory Commission
accredited facility. Assays from core analysis are pending.
Beaver Rim
Planned drilling has been completed in the Main Gas Hills, and three rigs have
been moved to the Beaver Rim Area where exploration activities commenced in
mid-July. Two rigs are currently operating at the South Black
Mountain/Allegretti Prospect, and the third is active on the West Diamond
Prospect. The Allegretti trend is immediately south of CAMECO's proposed in-situ
recovery #2 Mining Unit. Last fall, four Cameco drill rigs were observed
operating immediately north of this drilling location. At West Diamond,
exploratory drilling will test for a potential south extension of the Peach
deposit, which comprises Cameco's proposed #3 Mining Unit. Strathmore will
provide further updates as work progresses and information is available.
Gas Hills, Wyoming
Strathmore's Gas Hills Properties comprises approx. 35,000 acres in the Gas
Hills Uranium District of central Wyoming. Between 1953 and 1988, many companies
explored, developed, and produced uranium in the Gas Hills Uranium District,
including on lands in the Main Gas Hills Area now controlled by Strathmore.
Cumulative production exceeded 100 million pounds making it the second largest
uranium mining region in the USA. Strathmore is actively pursuing the
advancement of a mine permit application for submittal to the State of Wyoming
and a Source Materials License application to the US Nuclear Regulatory
Commission. Strathmore owns 100% of the Gas Hills Uranium Properties, subject to
a 5% net production royalty on 155 Rock Hill claims. There are no other
royalties on all other claims which total 1,510 lode mining claims.
Upon completion of the Phase I US $8 million program in 2012, Korea Electric
Power Corp. (KEPCO) can elect to participate in a Phase II program, and earn-in
up to a 40% interest in the project by incurring US $32 million in expenditures
over three years beginning in 2013.
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.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in
the strategic acquisition, exploration and development of mineral properties in
the United States. Headquartered in Vancouver, British Columbia with a branch
administrative office in Kelowna, the Company also has U.S. based Development
Offices in Riverton, Wyoming and Santa Fe, New Mexico.
STRATHMORE MINERALS CORP. Common Shares are listed on the TSX under the symbol
"STM" and trade on the OTCQX International electronic trading system in the
United States under the symbol "STHJF".
This press release contains "forward-looking information" that is based on
Strathmore Minerals Corp.'s current expectations, estimates, forecasts and
projections. This forward-looking information includes, among other things,
statements with respect to the Phase I exploration, drilling results,
development, and permitting plans for the Gas Hills Properties The words "may",
"would", "could", "should", "will", "likely", "expect," "anticipate," "intend",
"estimate", "plan", "forecast", "project" and "believe" or other similar words
and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause Strathmore's actual results, level of activity,
performance or achievements to be materially different from those expressed or
implied by such forward-looking information. Such factors include, but are not
limited to: uncertainties related to the historical resource estimates, the work
expenditure commitments; the ability to raise sufficient capital to fund future
exploration or development programs; changes in economic conditions or financial
markets; changes in input prices; litigation; legislative, environmental and
other judicial, regulatory, political and competitive developments;
technological or operational difficulties or an inability to obtain permits
required in connection with maintaining, or advancing projects; and labour
relations matters.
This list is not exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully and readers
should not place undue reliance on such forward-looking information. Such
forward-looking statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect new events or
circumstances, except as required by law.
ON BEHALF OF THE BOARD
David Miller, CEO
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