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Strathmore Minerals Corp.: Strathmore Completes NI 43-101 Technical Reports for Portions of Nose Rock and Dalton Pass Uranium P
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2009) - Strathmore Minerals Corp. (the "Company") (TSX VENTURE:STM) is pleased to announce that its wholly owned subsidiary Strathmore Resources (US) Ltd. has completed and SEDAR-filed independent National Instrument 43-101 Technical Reports for portions of the Nose Rock and Dalton Pass Uranium Properties in New Mexico. The Nose Rock NI 43-101 report covers Section 1, which comprises approximately 540 acres of the Company's property. The historical resource for the remaining 4,520 acre property as reported by Phillips Uranium (1979) is 4,383,582 tons at an average grade of 0.163% U3O8 for a total of 14,303,085 pounds (not NI 43-101 compliant). The Dalton Pass NI 43-101 report covers Section 32, which comprises approximately 640 acres of the 1,120 acre project. The previously reported historical resource prepared by Pathfinder (1980) examined Section 32 only. Updated mineral resource estimates for the remainder of both properties will be prepared, subject to the availability of historical databases.
Nose Rock
The Nose Rock NI 43-101 report provides a Measured and Indicated resource estimate of 884,091 tons at an average grade of 0.147% U3O8, for a total of 2,593,486 pounds. An additional 167,012 tons at an average grade of 0.135% U3O8 for a total of 452,129 pounds is classified as an Inferred mineral resource. The following table highlights the quantity and grade for each mineral resource category:
Nose Rock, New Mexico: Section 1
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Category Tons Ave. Grade % Pounds Thickness Ave. GT
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Measured 309,570 0.146 905,681 10.02 1.47
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Indicated 574,521 0.147 1,687,805 9.86 1.45
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Measured & 884,091 0.147 2,593,486 9.94 1.46
Indicated
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Inferred 167,012 0.135 452,129 0.57 1.30
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The new resource estimates are based on 185 exploration drill holes completed by Phillips Uranium Corp. during the 1970s. Phillips sunk several shafts on the greater Nose Rock property, including Strathmore's Section 36. Licenses to begin operations were obtained and full production was expected by 1986. Phillips suspended operations at Nose Rock in early 1981 as a result of declining uranium prices at the time, and later abandoned the project. Strathmore acquired copies of the drill hole gamma logs, mineralized intercept data sheets, drill hole location maps, historical resource estimates and a historical pre-feasibility study for the Nose Rock property, including the subject Section 1.
For the mineral resource estimates, polygons, which were centered on the drill holes, were constructed by using perpendicular bisectors halfway between adjacent drill holes (also called area of equal influence "AOI"). Uranium content was previously calculated from gamma-ray logs for each hole by converting counts per second to %eU3O8 (equivalent). A minimum thickness (6 feet) and grade (greater than or equal to 0.10% eU3O8) of the mineralized intercepts were assigned to each polygon for determining tonnage, with an assumed tonnage of 15 cubic feet per ton. Historical drilling was conducted largely on a 100 foot x 200 foot grid. The AOI of each polygon was limited by one-half the distance to adjacent drill holes, the property boundary, and/or the maximum capped size of the measured (100ft x 100ft), indicated (200ft x 200ft), or inferred (400ft x 400ft) resource category.
The Nose Rock Property covers 5,060 acres (2,048 ha) and is located in the Grants Uranium District of northwestern New Mexico. Strathmore's Nose Rock acreage represents approximately 45% of the very large historical uranium resource outlined by Philips Uranium in the 1970s. The property was recently the subject of a joint-venture. However, the agreement was dissolved at the end of 2008 and the Company retained 100% of the project (see press release dated November 7, 2008).
Dalton Pass: Section 32
The Dalton Pass NI 43-101 report provides a Measured and Indicated resource estimate of 1,622,750 tons at an average grade of 0.095% U3O8 for a total of 3,070,726 pounds. An additional 908,127 tons at an average grade of 0.084% U3O8 for a total of 1,529,823 pounds is classified as an Inferred mineral resource. Further details on the quantity and grade for each mineral resource category are shown in the following table:
Dalton Pass: NI 43-101 Resource Summary
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Category Tons Ave. Grade % Pounds Thickness Ave. GT
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Measured 446,367 0.094 839,137 10.2 0.95
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Indicated 1,176,383 0.095 2,231,589 9.8 0.93
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Measured 1,622,750 0.095 3,070,726 10.0 0.94
& Indicated
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Inferred 908,127 0.084 1,529,823 9.3 0.78
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The new resource estimates are based on 137 exploration drill holes completed by Utah International and Pathfinder Mines Corp. during the 1970s. The Company acquired copies of the drill hole gamma logs and reinterpreted the uranium intercept information (depth, grade %, thickness) in preparation for issuance of the NI 43-101 technical report.
For the mineral resource estimates, polygons, which were centered on the drill holes, were constructed by using perpendicular bisectors halfway between adjacent drill holes (also called area of equal influence "AOI"). Uranium content was calculated from gamma-ray logs for each hole by converting counts per second to %eU3O8 (equivalent). Thickness and grade of the mineralized intercepts were assigned to each polygon for determining tonnage, with an assumed tonnage of 15 cubic feet per ton at an initial cutoff of 0.05% eU3O8. A grade times thickness cutoff of 0.25 was used to calculate the resource. Historical drilling was conducted largely on a 200 foot x 200 foot grid across the extent of the mineralization. The AOI of each polygon was limited by one-half the distance to adjacent drill holes, the property boundary, and/or the maximum capped size of the measured (100ft x 100ft), indicated (200ft x 200ft), or inferred (400ft x 400ft) resource category.
The Dalton Pass Property comprises 1,120 acres, and is located between the Church Rock and Crownpoint Uranium Districts in the western part of the Grants Mineral Belt in northwestern New Mexico. The property was recently the subject of a joint-venture, however, the agreement was dissolved at the end of 2008 and the Company retained 100% of the project (see press release dated November 7, 2008).
The Company is determining the best course forward for the Nose Rock and Dalton Pass properties as they relate to ongoing operations in New Mexico (see press release dated February 3, 2009).
The Nose Rock Section 1 and Dalton Pass Section 32 technical reports were prepared by M. Hassan Alief, Certified Professional Geologist with the American Institute of Professional Geologists, who is a qualified person under National Instrument Policy 43-101. Mr. Alief has over 48 years of mining and exploration experience; including work as Chief Geologist during the 1980s at the Mount Taylor Uranium Mine, which is also located in the Grants Mineral District in New Mexico.
Strathmore is also pleased to welcome Mr. Don Stauffenberg to the Riverton, Wyoming team as Manager of Mine and Worker Safety. Don is the former State Mine Inspector for the State of Wyoming. He brings over 40 years of diversified mining experience to the company, including 23 years in underground uranium mining.
The foregoing historical resource estimates were completed prior to the implementation of the NI 43-101 requirements. Given the quality of the historic work completed by Phillips Uranium on the Nose Rock property, and the historic work completed by Pathfinder Mines and Utah International on the Dalton Pass property, discussed herein, the Company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resource, and is not treating the historic resources as current. Hence, they should not be relied upon. 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 uranium properties in the United States. Headquartered in Kelowna, British Columbia, 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 Venture Exchange under the symbol "STM".
This news 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 Strathmore's exploration and development lands, outlook and business strategy. 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, the project; 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. Strathmore Minerals Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
David Miller, CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.