Strateco Resources | Matoush Project Properties
The Matoush project, located in northern Quebec’s Otish Mountains about 275 km north of Chibougamau, consists of the wholly-owned Matoush, Matoush Extension and Eclat properties, and the Pacific-Bay-Matoush property, on which the Company has an option on 60% interest. The Matoush project currently comprises 590 claims covering a total area of 31,213 hectares (312 km2).
The Matoush uranium exploration property is wholly-owned by Strateco and consists of 25 mining claims covering an area of 1,328 hectares. The property is subject to a Royalty of 2% NSR to Ditem Explorations Inc.
The Matoush property was explored in the 70’s by Uranerz. They identified high grade uranium mineralization, especially in hole AM-15. Exploration of the Matoush property by Strateco started in 2006 by a helicopter-borne radiometry, magnetic and electromagnetic survey covering the entire Matoush project over about 1,410 line-kilometres.
Following the survey, 38 drill holes totalling 13,668 metres were drilled on the property in 2006. Hole MT-06-02 (”twin hole”) confirmed the presence of high grade mineralization, on a substantial thickness, found by hole AM-15 (0.95% U3O8 over 16.0 m) with an intersection of 0.74% U3O8 over 18.1 metres. The 2006 drilling program led to the delineation of the AM-15 zone. At the beginning of 2007, definition drilling continued on the AM-15 lens in preparation for the first NI 43-101 resource estimate.
In October 2007, Scott Wilson Roscoe Postle Associates Inc. (”Scott Wilson RPA”) prepared the NI 43‑101 mineral resource estimate, for the core of the AM-15 zone at Matoush using drill hole data available as of September 6th, 2007. Indicated mineral resources were estimated to total 201,000 tonnes grading 0.79% U3O8 containing 3.48 million pounds of U3O8 and inferred mineral resources were estimated to total 65,000 tonnes grading 0.43% U3O8 containing 0.62 million pounds of U3O8.
Drill holes realized under the AM-15 zone, at the end of 2007, allowed for the identification of the new MT-22 zone. At the beginning of 2008, hole MT-08-003 intersected 2.43% eU3O8 over 18.4 metres including 4.48% eU3O8 over 3.4 metres. This hole confirmed the high grade of the new MT-22 zone. The MT-22 zone is located at a vertical depth between -300 metres and -650 metres and over a length of approximately 600 metres.
Another zone (MT-34) was discovered on the Matoush property in April 2008, by hole MT-08-034, the best hole drilled by Strateco to date on the Matoush property. It intersected a 54.4-metre section of drill core and grades an average of 0.69% eU3O8, including a 28.0-metre section grading an average of 1.32% eU3O8 and a 4.80-metre section with a grade of 6.13% eU3O8. The MT-34 zone is located at depth in the south extension of the AM-15 zone.
In September 2008, Scott Wilson RPA updated the NI 43-101 resource estimate for the Matoush uranium project using drill hole data available as of July 25th, 2008. Indicated mineral resources were estimated to total 250 thousand tonnes grading 0.68% U3O8 containing 3.73 million pounds U3O8. Inferred mineral resources were estimated to total 1.3 million tonnes grading 0.44% U3O8 containing 13.07 million pounds U3O8.
In February 2009, a 35,000-metre drilling campaign covering the entire Matoush project started with two operational drills. At the beginning of the campaign, one drill was assigned to the south extension of MT-34, about 1.0 km from the core of MT-34 with the objective to find a new lens between -550 metres and -650 metres. In mid-April, hole MT-09-006 intersected a new zone which returned an 8.9-metre intersection grading 0.21% eU3O8, including 1.1 metre at 0.96% eU3O8. This intersection is strongly altered in fuschite with the presence of pitchblende and uranophanes, and is similar in size, grade and alteration to intersections near the MT-34 and MT-22 core zones. After being halted for a month for spring break-up, drilling on the MT-06 zone resumed at the end of May with one operational drill.
Early in June, one of the two drills in operation was assigned to the MT-34 zone area. Due to very high grades obtained in hole MT-34, relative to the other grades and thicknesses for the zone, the influence of hole MT-34 in the September 2008 resource estimate done by Scott Wilson RPA was voluntarily limited. Drilling in June and July should allow the total MT-34 zone resource to be increased and a portion of the resource to be upgraded from inferred to indicated. As a matter of fact, hole MT-09-022 drilled in the extension of the MT-34 intersected 0.99% eU3O8 over 30.6 metres including 5.98% eU3O8 over 4.5 metres. This drill hole is one of the best holes drilled to date by Strateco on its Matoush property. The results of this drill hole are even more exciting since the pierce point is located outside of the resources estimated by Scott Wilson RPA and published in September 2008.
In September 2009, Scott Wilson RPA updated the NI 43-101 resource estimate for the Matoush uranium project using drill hole data available as of September 1, 2009. Indicated mineral resources are estimated to total 436 thousand tonnes grading 0.78% U3O8 containing 7.46 million pounds U3O8. Inferred mineral resources are estimated to total 1.16 million tonnes grading 0.50% U3O8 containing 12.78 million pounds U3O8. The Mineral Resources are contained within three zones: AM-15, MT-22 and MT-34.
Strateco plans to carry out 60,000 metres of surface drilling per year in 2010 and 2011, in parallel with underground exploration work. The results of the surface drilling program should allow the maximum capacity of the Matoush ore processing plant to be established.
The Matoush Extension uranium exploration property, wholly-owned by Strateco, is located north, west and east of the Matoush property.
The Matoush Extension property which consists of 198 claims covering 10,504 hectares was acquired by the Company in autumn 2005 as well as winter and summer 2006, to protect the area located near the Matoush and Eclat properties.
In 2007, following the 2006 airborne radiometric, magnetic and electromagnetic surveys, the prospecting, line cutting, ground geophysics and drilling were conducted over the Matoush Extension property.
Systematic scintillometer prospecting covered most of the property. Main boulder fields were prospected and anomalous boulders sampled. At least two new uranium showings were discovered by prospecting.
In the east-north-east corner of the property, highly radioactive boulders (Laurent-Martin showing) especially one with readings up to 61,000 counts per second (cps), were the reason for detailed prospecting, a grid of lines and ground magnetic and electromagnetic survey and two drill holes for a total of 436 metres.
In 2008, three holes were drilled on the Matoush Extension property for a total of 1,473 metres. The drilled section lays a few hundred metres north of the east-west string of Pacific Bay claims, on what should be the extension of the Matoush fault. However, none of the holes intersected the fault.
The first hole, MT-08-002, was extended to the basement without hitting the Matoush fault. Discordance was seen at a depth of 685 metres down hole. The basement rock consists of alternating granitic material and large laminae of mafic units. Many marginal uranium anomalies were intersected in the basement, the most important being 0.02% U3O8 over 4.0 metres. The subsequent holes, MT‑08-006 and MN-08-01, were drilled on the same section and failed to detect the extension of the Matoush fault. No radiometry anomalies were detected.
The Eclat uranium exploration property is located in the Otish Mountains, immediately south of the Matoush property. The property consists of 90 mining claims covering 4,787 hectares. Following a final payment of $96,000 issued mid-June 2009, Strateco now holds 100% interest in the property. The interest applies to all metals, but not to diamonds. The property is subject to a 2% NSR to Vija Ventures Corp.
In February 2006, hole EC-06-01, drilled 5.8 kilometres south of Uranerz Hole AM-15, primarily to maintain certain mining claims in the area, confirmed the southern extension of the Matoush fault.
The structure was intersected at 111 metres down the hole, at a vertical depth of 76 metres. While unmineralized, the typical tourmaline alteration of the structure was intersected over a 10-metre section, with the fault appearing to be strongly chloritized. This hole therefore confirms the presence of the Matoush structure over a distance of more than seven kilometres.
The radiometry and magnetometry survey carried out by Aeroquest Ltd in the fall of 2006 on the Matoush property also covered the entire Eclat property.
During summer and autumn 2007, ten holes totalling 2,260 metres were drilled on the property, up to 8.7 km south of AM-15, in order to pinpoint the position of the Matoush fault and test for the presence of uranium mineralization. The Matoush fault was intersected with counts per second up to 1,500 recorded on the core.
Early March 2008, one drill was mobilized on the Eclat property to explore the south sector of the Matoush project. In all, three holes were drilled for a total of 2,007 metres. The first hole (EC-08-001) had to be stopped at 759 metres due to too great an influx of sand and water. It should be noted that the stratigraphy encountered in the sediments is the same as that found in the AM-15 area 8.5 km to the north. A clay breccias corresponding to the Matoush fault was intersected at a depth of 575 metres down hole, followed by disseminated mineralization grading 0.15% eU3O8 over 2.1 metres at 587 metres in depth.
The next hole, EC-08-002, was drilled on the same line at a depth of 321 metres, with the pierce point 425 metres above the pierce point of EC-08-01, and would appear to indicate that locally, the Matoush fault has an inverse dip, being to the west. However, it should be noted that no anomalies were found in this hole.
Finally, Hole EC-08-003 was drilled a few hundred metres north of the border with Cameco’s property, and targeted the basement rock. The basement was reached without any anomalous traces found in the sediments. The basement rock intersected was mafic in nature, and very likely represents the folded extension of the “Camie River” greenstone belt.
Those results established the presence of the Matoush fault and sedimentary horizons ACF-3 (AM-15 zone) and ACF-4 (MT-22 and MT-34 zones) on a distance of over 15 km.
In February 2009, a 30,000-metre drilling campaign covering the entire Matoush project started with two operational drills.
In early March one drill was assigned to the Eclat property, 9.5 km south of the MT-34 zone, near Hole EC-08-001.
Hole EC-09-005 intersected two mineralized zones 20 metres apart in the Matoush fault, one intersected 1.5 metres at a grade of 0.08% eU3O8 and the other 2.6 metres at a grade of 0.12% eU3O8. Furthermore, Hole EC-09-006 drilled 200 metres north of EC-09-005 and at the same elevation, intersected 2.1 metres at a grade of 0.11% eU3O8.
These drill holes strongly altered in fuschite with the presence of pitchblende and uranophanes, are comparable to intersections located near the MT-34 and MT-22 core zones.
The Pacific Bay uranium exploration property is located in the Otish Mountains, about 40 km south-west of the Matoush property.
On October 29th, 2007, the Company signed an agreement of principle with Pacific Bay Minerals Ltd whereby Strateco can earn 60% interest in 277 Pacific Bay claims covering 14,576 hectares. Since, the Company assumes the direction of exploration activities on the property.
Between October 31st and November 25th, 2007 Strateco drilled four holes, with the help of the helicopter-borne Versa drill, for a total of 1,061 metres. These holes are all located in the southern block of the Rabbit Ears claims about 10 km north-east of the Matoush camp. These holes were drilled in an area of the property with favourable geophysical anomalies such as magnetic lineaments and airborne radiometric anomalies, as well as VLF/EM conductors. Uranium-bearing boulders have also been discovered in the area during prospecting in the summer of 2007.
Drilling on the Rabbit Ears south block intersected the two same types of sedimentary facies (ACF and CBF) seen in the Matoush sector. The vertical hole, PB-07-01, confirmed a subhorizontal bedding in this area of the basin. The best hole was PB-07-05 which intersected a 10 cm altered sandstone averaging 0.03% eU3O8.
In 2008, seven holes totalling 1,510 metres were drilled. The holes were drilled between August 8th and September 7th, 2008, using the helicopter-borne Versa drill. The holes were drilled in the “Rabbit Ears South” sector, about 5 km east of the AM-15 zone. The targets were established for the purpose of identifying a Matoush-type uranium mineralized zone, based on the results of prospecting done in 2007 and 2008, geophysical surveys and the geomorphology study done by Poly-Geo in 2008.
No significant mineralization was intersected during this drilling program. However, ACF and CBF layers with the same sequence as those at Matoush were encountered. From a structural perspective, no major faults comparable to the Matoush fault were intersected by drilling. Nevertheless, several highly fractured to sub-brecciated zones were seen in five holes, and potential remains for the discovery of a major uranium-bearing structure.
In February 2009, one drill was mobilized to drill the Rabbit Ears South area, where highly radioactive boulders with cps up to 60,000 were discovered. Five holes were drilled to test for a major structure like the Matoush fault. Hole PB-09-02 proved to be of particular interest, intersecting a major clay-rich breccia structure several metres in width.
Despite the absence of mineralization and of the mafic dikes characteristic of the Matoush fault, the presence of this strongly brecciated structure indicates potential for the discovery of a structure similar to the Matoush fault. This area lies 10 km east of the Matoush fault.