Thursday, 21 July 2011

Strathmore reports large uranium resource at Gas Hills, potential for up to 68m pounds more

Strathmore Minerals Corp. (TSE:STM)(OTCQX:STHJF) announced Thursday its techical report for the Gas Hills Uranium properties in central Wyoming, with 10.7 million pounds of measured and indicated resources, and the potential for a further 36 to 68 million pounds of uranium.
The latest NI 43-101 technical report outlines 10.7 million pounds of measured and indicated uranium, at a grade of 0.097%, plus an additional 1.2 million pounds of inferred resources at a grade of 0.064%.
The company said there are also remaining non-compliant historical resources of 10.075 million pounds of uranium, which Strathmore plans to upgrade to NI 43-101 compliant standards as historic information is acquired and more confirmatory drilling is completed.
The Gas Hills properties comprises around 35,000 acres in the Gas Hills Uranium District, where historical uranium production exceeded 100 million pounds, making it the second largest uranium mining region in the US.
The technical report provides new mineral resource estimates for several properties where Strathmore acquired historic drill data and later confirmed mineralization by drilling, including George-Ver, Day Loma, Loco-Lee, and the Rock Hill deposits.
In addition to these NI 43-101 resources, the report estimated potential mineral targets at the properties, which include the Beaver Rim/South Gas Hills and Main Gas Hills Area targets, could host between a further 35.35 million and 68.27 million pounds of uranium.
In particular, the Beaver Rim area, which was previously believed to be unexplored but with great development potential, has been the subject of new historical information, showing that significant exploration programs were actually carried out.
With regards to the Main Gas Hills area, located just north of Beaver Rim, Strathmore drilled several monitor wells, with holes that intercepted mineralization outside of areas previously tested by drilling.
Strathmore has been actively advancing its mine permit application for the property as well as source materials license application to the US Nuclear Regulatory Commission, it said.
"All told, Strathmore's Gas Hills Uranium Project has significant potential to drill and discover additional uranium deposits," the report concluded, noting that further work is recommended by the company, including continued mine and mill permitting activities.
A budget of $3.2 million was suggested to carry out this work, in addition to the $3 million budgeted by Strathmore for ongoing activities currently underway.

Vancouver, Canada-based Strathmore is a resource company specializing in uranium properties in the US.

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