Strateco Resources Inc.
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Big Red Diamond Corp. Clarifies Press Release Regarding the Acquisition of the Strategis Property Next to Strateco's Matoush Project
MONTREAL, QUEBEC--(CCNMatthews - Nov. 13, 2006) - Big Red Diamond Corporation (TSX VENTURE:DIA) announced on Friday the acquisition of the " Strategis" property located within the Otish Mountain region of Quebec. This 4,628 hectares property is contiguous to the east to Strateco Resources' Matoush project..
The arms length transaction calls for the issuance of Big Red Diamond Corp. treasury shares and not Antoro shares as mistakenly stated in the press release issued at 12.17 pm on Friday November 10, 2006. A second press release correcting the first one was issued at 1:27 pm but was not carried by Stockwatch and Stockhouse leading to some confusion among investors. The Corporation apologizes for this mistake and the confusion it might have created.
The Big Red Diamond transaction concerns a single separate property, made up of 89 claims, that is contiguous to the east-north-east of Strateco's Matoush property extension.
The property was acquired for its proximity to the Matoush discovery. Furthermore the government airborne magnetic data suggests that the area is underlain by the same geological features as the Matoush property. A complete compilation of historical exploration data will be completed in the coming weeks. The proximity to the Eastmain Mine also indicates that there could be a potential for Gold and Base metals on the properties.
Mr. Francois Desrosiers, President of Big Red Diamond states that:
"The Company is actively exploring for uranium in 2 very interesting environments: Mont-Laurier (Andy Lake), James Bay area (Maro). The Company will soon be dispatching an exploration team to the Otish mountains to start exploration on the Strategis project. The Management and the Board of Directors are very happy with this newest addition and look forward to completing exploration which should offer the potential of being crowned with success since all the properties host known uranium occurences. We feel this will handsomely add to our uranium portfolio."
The area surrounding the Strategis project was prospected for uranium during the 70's and early 80's by Uranerz Mining and Exploration. During that period numerous uranium occurrences were identified in the area.
The press release was reviewed by Benoit M Violette, geo., a qualified person under the terms of National Policy 43-101.
The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this release.
Strateco Resources Inc (C:RSC)
Shares Issued 106,909,867
Last Close 6/26/2007 $2.76
Wednesday June 27 2007 - News Release
Mr. Guy Hebert reports
MATOUSH CONTINUES TO IMPRESS: STRATECO INTERSECTS 1.97% U3O8 OVER 6.7 METRES AND BEGINS GLOBAL EXPLORATION OF THE MATOUSH PROJECT
Strateco Resources Inc. is providing an update on exploration work on its wholly owned Matoush project in Quebec's Otish Mountains.
Exploration work has primarily consisted of drilling, with three drills operating on the site. Since the beginning of 2007 (to June 21), 55 holes including one wedge have been drilled for a total of 22,402 metres. Definition drilling continued on zone AM-15 in preparation for an NI 43-101-compliant resource estimate, as well as drilling on the north and south extensions of the zone. One drill is assigned to deep drilling and has completed four holes, not including one wedge and another hole left uncompleted. Exploration drilling is also testing the uranium potential of the CBF horizon from surface down to the minus-180-metre level.
In terms of results, Strateco has received chemical analyses for 24 holes from the RSC laboratory in Saskatoon, as well as results for MT-07-01 to MT-07-08, which were disclosed in news in Stockwatch on April 10, 2007.
To date, drilling in the AM-15 area has indicated the presence of interesting uranium mineralization over a distance of more than 300 metres, with a core distance of 160 metres. The AM-15 horizon remains open both to the north and to the south.
Holes for which chemical analyses have been received include nine holes drilled in the northern extension of AM-15, namely MT-07-26, 27, 28, 29, 31, 32, 33, 34 and 35 (the pierce point locations can be viewed on the company's website). The true width of the mineralized sections has not yet been determined. Hole MT-07-29 returned the best value, with a grade of 1.97 per cent U3O8, representing 39 pounds per ton U3O8, over a length of 6.7 metres in the CBF horizon. These results are even more promising as the intersection corresponds to a fault in the hangingwall of the Matoush fault, 135 metres to the north of the hole AM-15 intersection. Another hole of interest in this area is MT-07-33, drilled 25 metres to the north of MT-07-29. As in MT-07-29, the uranium mineralization is in the hangingwall of the Matoush fault. The mineralization is found in a four-metre section of the hole, but sampling has not yet been completed. To date, grades of 1.49 per cent U3O8 (30 pounds per ton) over 0.3 m from 244.2 to 244.5 m and 1.18 per cent U3O8 (24 pounds per ton) over 0.8 m from 247.6 to 248.4 m have been obtained.
In the rich ACF horizon, also in the northern extension of the AM-15, hole MT-07-35 returned the best intersection, 65 metres to the north of AM-15. A grade of 0.95 per cent U3O8 (19 pounds per ton) over a substantial length of 10.7 metres, including 1.61 per cent U3O8 (32 pounds per ton) over 5.9 metres, was obtained. This intersection, which displays intense fuschite, tourmaline and chlorite hydrothermal alteration with pitchblende and uranophane, confirms the presence of a corridor of high grades and widths in the upper part of the ACF to the north of AM-15.
Three holes (MT-07-48, 50 and 54) were drilled in the southern extension of AM-15, in the lower CBF, between 10 and 20 metres above the ACF-CBF contact, to test the potential presence of a saccharoidal level recently identified in the northern extension of the AM-15. This level, which would add considerable value to the project, consists of fine, moderately silicified, porous sandstone with a sugar structure (saccharoidal). The results of visual examination and radiometry on the core are very encouraging. In hole MT-07-48, the mineralized zone is seven metres long, with counts per second (cps) of up to 3,000 associated with the pitchblende. In hole MT-07-50, the mineralization was intersected over one m with a maximum cps of 2,300, and in hole MT-07-54, over six metres with maximum cps of 5,300, but with 50-per-cent core loss.
Thirteen exploration holes were drilled in the southern extension of the AM-15 zone, over a strike length of 270 metres, being up to Section 35+15S, with hole AM-15 lying on Section 31+50S. Most of these holes intersected the Matoush fault in the ACF. Chemical analysis results have been received for these 13 holes. Except for hole MT-07-18, which was drilled on the lake last winter and returned a grade of 0.21 per cent U3O8 over 3.4 m, including 0.83 per cent U3O8 (17 pounds per ton) over 1.5 m, grades were below 0.10 per cent U3O8 (four pounds per ton). For instance, hole MT-07-10, with a pierce point 100 m south of AM-15 in the upper part of the ACF, returned a grade of 0.06 per cent U3O8 over four m, including 0.19 per cent U3O8 over 0.8 m.
As indicated in news in Stockwatch on April 10, 2007, one of the three drills was mobilized on Feb. 10, 2007, for deep drilling to test the uranium potential of the basement rock (unconformity). The news in Stockwatch on Feb. 20, 2007, disclosed the results for the first hole to reach the basement on the Matoush property, namely hole MT-07-09, with a total length of 1,296 metres. In addition to hole MT-07-09, three other holes were drilled, namely MT-07-15, 22 and 30, as well as a wedge (MT-07-22-A). A fourth exploration hole (MT-07-47) was drilled to test the basement 170 metres north of MT-07-30, but was left unfinished for technical reasons. One of these holes, MT-07-22, can be considered significant, as it intersected two intrusives, both containing uranium mineralization. The mineralization was intersected in the ACF at an average vertical depth of 700 metres, with the basement lying at 792 metres. The two intrusives are 60 metres apart downhole, with the second corresponding to the Matoush fault. Chemical analysis results were revealing, with respective grades of 1.18 per cent U3O8 (24 pounds per ton) over 0.6 metre and 0.30 per cent U3O8 (six pounds per ton) over 1.40 metres. The core from the other holes has not yet been sent to the laboratory, but no significant mineralization is anticipated.
Nine exploration holes (MT-07-36, 38, 40, 41, 43, 44, 45, 49 and 53) were drilled to test the uranium potential of the CBF at a vertical depth of between the minus 80 m and minus 160 m. This horizon typically contains low uranium grades. The five holes, centred at minus 100 m over a strike length of about 240 m, do not appear to have returned any significant mineralization, with counts per second of less than 700. However, holes MT-07-36 and 44, 105 metres apart with a pierce point at minus 160 m, are considerably more promising. Hole MT-07-36 intersected a mineralized zone of interest over 3.15 metres with a cps of up to 6,300, and hole MT-07-44 intersected two mineralized zones, the first two metres long with a cps of up to 3,900 in the CBF, and the second about 13 metres long in the ACF with a maximum cps oscillating from 650 to 2,700.
Hole MT-07-49 is without doubt the most promising hole. With a pierce point 185 metres to the north of AM-15 in the middle part of the ACF, this hole shows that the mineralization extends to the north. The 3.8-metre length of mineralized zone showed the presence of pitchblende over its entire length, with a cps of 11,500.
Hole MT-07-23, drilled to test an IP geophysical anomaly outside the Matoush corridor, did not intersect any abnormal structure, and the anomaly remains unexplained.
In addition to the delay in obtaining chemical analysis results from the laboratory, Strateco has experienced delays in sampling and consequently in shipments of samples due to a personnel shortage. The situation was recently remedied with the hiring of three geologists.
Consequently, 530 samples left the site during the week ending June 22, 2007, and are now on their way to the laboratory. These samples represent 15 holes, MT-07-37 to MT-07-52 (excluding hole MT-07-47, left unfinished for technical reasons), as well as complementary samples for certain holes, including MT-07-34 and 35.
These holes include four holes drilled in the northern extension of AM-15, namely MT-07-37, 39, 42 and 46.
Strateco also recently began its summer exploration program, including prospecting on the three properties that make up the 23-kilometre-long Matoush project (Matoush, Matoush Extension and Eclat). This major ground exploration program is the first to be carried out on the project. Numerous radiometry anomalies identified following a helicopter-borne survey during the winter will be investigated. The best targets will then be drilled thanks to the presence of a light aluminium drill (Versa drill) on the project, which can be moved by helicopter.
Meanwhile, the scoping study has begun as planned. Seven representatives from Golder Associates, which was assigned the mandate of the environmental impact study for a mining operation, made a reconnaissance site visit on June 14, 2007. This visit led to, among other things, the identification of a potential site for the installation of the mine infrastructure. Two representatives from Scott Wilson Roscoe Postle Associates Inc. also visited the site to carry out a due diligence for the first NI 43-101-compliant uranium resource estimate on the Matoush property. Strateco has also retained the services of DGI of Toronto, a firm specialized in the use of a gamma probe. A team of three technicians visited the site to perform a radiometer reading of nine holes for which Strateco had already received the chemical analyses, for calibration purposes. The test results are expected this week. Assuming positive results, the team will be able to read the radiometry in recently completed holes. Radiometry results obtained using the gamma probe would allow such holes to be included in the resource estimate being prepared by Scott Wilson RPA.