Uranium Mineral Resources

 

Matoush Mineral Resource Update (December 2012)

 

In December 2012, Roscoe Postle Associates Inc. (“RPA”) updated the resource estimate for the Matoush uranium project in accordance with National Instrument 43-101 using the drill results available on November 22, 2012. The indicated resource is now estimated to be 586,000 tonnes with an average grade of 0.95 % U3O8 containing 12.33 million pounds of U3O8, compared to 453,000 tonnes grading 0.78% U3O8 containing 7.78 million pounds of U3O8 in January 2012. The inferred mineral resource now stands at 1.69 million tonnes at an average grade of 0.44% U3O8 containing 16.44 million pounds of U3O8, compared to 2.04 million tonnes grading 0.43% U3O8 containing 19.22 million pounds of U3O8 in January 2012.

 

The indicated resource is contained in the three main zones: AM-15, MT-34 and MT-22. The inferred resource is contained primarily in the MT-22, MT-34, AM-15 Extension, MT-02, MT-06 and MT-36 zones. These zones are present over a strike length of 3 km.

 

The Matoush structure that controls the mineralization has been identified over a strike length extending 11 km southward and 2.5 km northward. The increase in the indicated category is primarily explained by the continuity of the very high grades returned by drilling done in 2012. Strateco also drilled several holes in the southern portion of the MT-34 Zone and in the central portion of the MT-22 Zone to tighten the drill hole spacing in areas where resources were previously categorized as inferred.

 

                                                                           Table: Matoush Project Mineral Resource

 

                                                                         January 2012                                                            December 2012

Category

Tonnes

Grade

Pounds

U3O8

Tonnes

Grade

Pounds

U3O8

 

(X 1 000)

(% U3O8)

(X 1 000)

(X 1 000)

 (% U3O8)

(X 1 000)

 Indicated

 

 



 AM-15

269

0.704

4,189

269

0.710

4,205

 MT-22

-

-

-

73

1.160

1,866

 MT-34

184

0.890

3,610

245

1.160

6,257

 Total Indicated

453

0.779

7,799

586

0.954

12,329

 

 

 



Inferred

 

 



 AM-15

91

0.211

423

95

0.217

456

 MT-02

64

0.358

503

69

0.270

413

 MT-06

192

0.183

774

195

0.181

777

 MT-22

882

0.521

10,122

717

0.539

8,517

 MT-34

607

0.470

6,286

414

0.564

5,148

 MT-36

194

0.238

1,018

196

0.262

1,127

 Total Inferred

2,041

0.428

19,225

1,686

0.442

16,440

Notes:

1. CIM definitions were followed for Mineral Resources.

2. Mineral Resources are estimated at a cut-off grade of 0.1% U3O8.

3. High grade U3O8 cut to 9% except the core of the MT-34.

4. Mineral Resources are estimated using an average long-term uranium price of US$75 per pound.

5. A minimum mining width of 1.5 m was used.

6. Numbers may not add due to rounding.

 

In January 2012, Roscoe Postle Associates Inc. (“RPA”) updated the NI 43-101 uranium resource estimate for the Matoush uranium exploration project using drill hole data available as of December 31, 2011. At a cut-off grade of 0.10% U3O8, indicated mineral resources are estimated to total 453,000 tonnes grading 0.78% U3O8 containing 7.78 million pounds U3O8. Inferred mineral resources are estimated to total 2.04 million tonnes grading 0.43% U3O8 containing 19.22 million pounds U3O8. The indicated resource is contained in zones AM-15 and MT-34. The inferred resource is contained primarily in zones MT-22, MT-34 and AM-15 Extension, as well as in the new MT-02, MT-06 and MT-36 zones. The Matoush structure has been identified over a strike length extending 11 km southward and 2.5 km northward. The NI 43-101 technical report by RPA (January 2012): Part 1 / Part 2 / Part 3. *** Except for the mineral reserve estimate, most of part 3 of this report, including mineral processing, mining methods, recovery methods, project infrastructure, capital and operating costs and economic analysis, was taken from the scoping study conducted by Roscoe Postle Associates Inc. in April 2010.

 

In September 2009, Scott Wilson RPA updated the NI 43-101 uranium resource estimate for the Matoush uranium exploration project using drill hole data available as of September 1, 2009. At a cut-off grade of 0.10% U3O8,  indicated mineral resources are estimated to total 436,000 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. Click here for the September 2009 updated NI 43-101 report by Scott Wilson RPA.

 

In September 2008, Scott Wilson RPA updated the NI 43-101 uranium resource estimate for the Matoush uranium project using drill hole data available as of July 25, 2008. At a cut-off grade of 0.05% U3O8,  indicated mineral resources were estimated to total 250,000 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. The mineral resources are contained within three zones: AM-15, MT-22 and MT-34. Click here for the September 2008 NI 43-101 report by Scott Wilson RPA.

 

In October 2007, Scott Wilson RPA prepared the initial NI 43-101 uranium resource estimate for the AM-15 core zone at Matoush using drill hole data available as of September 6, 2007. Indicated mineral resources were estimated to total 201,000 tonnes grading 0.79% U3O8 containing 3.48 million pounds U3O8 and inferred mineral resources were estimated to total 65,000 tonnes grading 0.43% U3O8 containing 0.62 million pounds U3O8. Click here for the first NI 43-101 report, prepared by Scott Wilson RPA in October 2007.