Saturday, July 23, 2005
Strathmore Minerals (STHJF) press releases
SIDEX is a Quebec government agency with a C$50 million budget (over 5 years) to fund mining exploration and development. Strathmore sold 114K units (same terms as before). The investment doesn't show up on SIDEX's website yet. The amount would be about C$228K which is a medium sized investment for SIDEX.
The various historical resource estimates range from 20 million pounds to 110 million pounds of U3O8.
In June, field crews went to the property to do exploration: re-logging an old drill core, mapping, sampling, ground geophysical surveys, Fugro Airborne Surveys to conduct GEOTEM 1000 electromagnetic survey (which hasn't been done before at Dieter).
July 11, 2005: Strathmore adds to Powder River Basin Properties
They bought 165 unpatented mining claims in Powder River Basin in Wyoming (about 3,300 acres). Known, drill indicated uranium. Part was fully permitted until the late 1990s. Company will issue 100,000 shares for the property.
April 27, 2005: Strathmore explores Dieter Lake
They put a bunch of specialized huts at Dieter Lake for an all-weather camp (photos on their website). The exploration apparently will all take place during 2005.
Previous exploration at the Dieter Lake Property identified a mineralized bed within Sakami Formation sediments, generally ranging from 0.2 to 3 metres thick, but locally up to 5 m in thickness. The sedimentary bed containing the uranium mineralization has been outlined over an east-west distance of 5 km and a north-south distance of about 2.5 km. Mineralization remains open in all directions. The main zones of uranium mineralization thusfar identified include the Lake Vivian, Nancy I, Nancy II, and Bert's Lake zones. Anomalous grades have been reported up to 0.22% U3O8 over 1 m in the Bert's Lake Zone, 0.34% U3O8 in the Nancy I Zone and 0.56% U3O8 in the Lake Vivian Zone.There's also this statement:
With respect to the Company's New Mexico properties, and in light of the recent announcement of the Navajo Tribal Council to restrict uranium development on tribal lands, the Company wishes to clarify that none of its New Mexico properties occur on the Navajo Reservation. All Company acquisitions to date are on New Mexico State owned lands or US Federal lands managed by the Bureau of Land Management. The Company is in the process of opening a technical and permitting office in New Mexico and plans for development of its New Mexico properties are moving forward.And they promoted a guy to CFO:
The Company is also pleased to announce that Mr. Patrick Groening [not to be confused with Matt Groening] has agreed to be the Chief Financial Officer of the Company. Mr. Groening has previously been the Controller of Strathmore. Mr. Groening obtained his Chartered Accountant designation in 1999 and is a member of the Institute of Chartered Accountants of British Columbia. He also holds a professional accounting designation as a Certified Public Accountant and is member of the Illinois Board of Examiners in the United States. In addition to being an auditor for several years, Mr. Groening has provided business advisory, information technology, and financial accounting services to many medium and large size organizations.April 14, 2005: Strathmore comples acquisition
1.9 million acres at two different locations in Athabasca Basin. Davy Lake is 1.5 million acres along northern part of the basin. Previous investigations did not provide clear visibility into the uranium in the ground. Apparently, they did an aerialmagnetic test.
Hall Lake is 400K acres in the southern part of the basin. Electromagnetic tests in 1979 showed [uniform?] layer of uranium at depths of 300 to 800 meters at the western edge of the property. On the southeastern edge, Formation Capitol Corp reported 13.86% U3O8 over 2.5 meters.
April 4, 2005: Strathmore to do airborne survey of Athabasca Basin
Waterbury Lake (100K acres) to be surveyed (northeast part of Athabasca Basin). They probably also did the property mentioned in the April 14 press release at the same time. Fugro did the survey. Kit [Christopher] Campbell, Principal Geophysicist [over 3 decades of experience] of Intrepid Geophysics Ltd. was retained by the Company to supervise the survey and review the data.
Previous exploration by other companies on the Waterbury Lake Property indicates that the basement unconformity is at depths of between about 200 and 500 m. Exploration between 1970 and 1994 included a number of airborne geophysical surveys (radiometric, magnetic and electromagnetic), which in some cases only covered parts of the property. In addition, ground geophysical surveys, boulder litho-geochemical surveys, and some drilling identified a number of conductors and geochemical anomalies. For example, a conductor identified near the north end of the property was tested by a 1996 drill hole and intersected strong hydrothermal alteration immediately above the basement unconformity, with associated uranium values of 219 parts per million Uranium across 1 meter.March 15, 2005: 2 Guys Promoted
One has 30 years uranium mining experience, registered geologist in WY, lots of relevant experience. The other also has over 30 years experience in key roles in the uranium industry.