Friday, September 01, 2006
Strathmore Minerals (STM.V, STHJF) Encounters Uranium
...completed the first round of drilling on its wholly owned "Waterbury Project" located adjacent to Denison/AREVA's proposed Midwest uranium mine. This first phase consisted of 8 widely spaced holes totaling 2,686 meters. One of the holes encountered highly anomalous uranium mineralization with grades exceeding .03% U3O8.This is a bit more than half a pound of uranium per ton of ore. In my estimate of the value of Strathmore's uranium, anything less than 1 pound per ton I just threw away as being worthless.
This part of the property is within 1,000 meters of the Mae Zone of Denison/AREVA. The Mae Zone reportedly contains strong mineralization, with up to 3.8 meters at 4.1% U3O8 (Denison Mines news release dated August 10, 2006).So Strathmore reports a whole lot of uranium on some other company's property.
I understand the point here is that Strathmore just started drilling on property that they simply staked out (without relying on the previous historic drilling database info) and right away found some uranium. That's great, it says that they're good at finding uranium on their own.