Vancouver — Drilling by Strateco Resources (RSC-V, SRSIF-O) on its Matoush uranium project in northern Quebec’s Otish Mountain region has delivered further high-grade values.
The latest results from the AM-15 zone include a 5.6-metre interval averaging 1.68% U3O8 in hole MT-06-9, with a 2.3-metre interval grading 3.27% U3O8. Hole MT-06-11 cut 6.6 metres of 0.99% U3O8.
Strateco has completed 26 holes totalling about 7,700 metres at Matoush since beginning its drill program earlier this year. Testing has traced the AM-15 zone over a strike length of more than 160 metres. The company awaits lab results from 13 of the holes, although uranium mineralization is indicated in most of them based on radiometric testing of the core.
The Matoush property was explored by Uranerz in the early 1980s with results including 16 metres of 0.95% U3O8 in hole AM-15. Uranium mineralization is associated with a tourmaline alteration halo around a gabbro dyke in a sedimentary suite within the Otish basin. A major fault system through the project is extrapolated as a primary conduit for emplacement of uranium-bearing fluids. Strateco has drawn analogies to the “perched bodies” of mineralization that occur above the high-grade uranium deposits in the Athabasca basin of northern Saskatchewan.
The company’s stock gained 20% on the results, closing up 18 at $1.08 per share on traded volume of over 4.1 million shares.
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