Strathmore Minerals Corp., as part of its continuing commitment to advance its uranium projects, provides the following update on exploration activities at its wholly owned Waterbury Lake Property, located within the northeastern part of the Athabasca Basin in north-central Saskatchewan, Canada.
The Waterbury Lake Property encompasses approximately 100,000 acres and covers lands to the north, east and west of the Midwest Uranium Deposit. Denison Mines Inc. (May 12, 2005) recently provided an updated reserve estimate for the Midwest Deposit of 345,500 tonnes of 5.47% U3O8, 4.37% Ni, and 0.34% Co containing 41.7 million pounds U3O8. The Cigar Lake Mine (proven and probable reserves of more than 232 million pounds U3O8 at an average grade of 19%. Source www.cameco.com), which is located on the southwest side of Waterbury Lake, is underlain by a well-defined basement ridge interpreted as a mylonite zone composed of pelitic gneisses.
Strathmore's Waterbury Lake project is located a short distance to the northeast, presumably occupying a similar position along the western margin of the underlying Wollaston basement. A number of additional significant uranium occurrences are in close proximity to the property, including the Natona Bay Deposit, and the La Roque and Waterfound River uranium occurrences.
Strathmore's recently completed MegaTEM airborne geophysical survey at Waterbury Lake identified several extensive and strong conductive zones, some with significant evidence of vertical extent, along with an abundance of weaker conductors. Historic exploration at the Waterbury Lake Property indicates that the depth to the basement unconformity varies between 200 meters and 500 meters.
Of particular significance is a strong northeast trending conductor axis which flanks a fairly strong magnetic gradient, with the magnetic low on the down-dip side. This association suggests a relationship to a deep geologic feature. The conductor curves to the northwest, and has a total length of approximately 7.5 km. The southern part of the conductor underlies the Midwest Deposit, while the northern 2 to 2.5 km continues onto Strathmore's Waterbury Lake Property. The Midwest Deposit is located within the south-central part of the conductor.
At the Midwest Deposit, drilling has shown a discontinuous zone of uranium mineralization that extends for 4 km and is open to the north. During 2005, Hole MW-660, located approximately 1,000 m south of the Strathmore-Midwest Project boundary, intersected 11.7% U3O8 across 7.7 m. There is little historic exploration information on the northern continuation of this conductor, which is primarily within Strathmore's Waterbury Lake Property.
Near Murphy Lake, located within the northwest part of the Waterbury Lake Property, is another strong and possibly folded conductor, with its axis along the edge of a magnetic low. It appears to be similar to the Midwest conductor. This conductor exceeds several kilometers in length and has previously been tested by five drill holes. In 1996, an isolated drill hole located within the southern part of the conductor intersected strong hydrothermal alteration immediately above the basement unconformity with associated uranium values of 219 ppm uranium across one meter. Given the style of alteration observed, the presence of highly anomalous uranium and an apparent displacement in the basement, the Murphy Lake conductor becomes a high-priority target for future exploration.
Strathmore is very encouraged with the results from its summer 2005 exploration program at Waterbury Lake and plans an aggressive follow-up program. Work scheduled for the fall 2005 includes ground geophysical surveys and litho-geochemical sampling. The company anticipates drill testing the Midwest conductor and other targets on the Waterbury Lake Property during the 2005/6 winter exploration season.
This news was prepared on behalf of the company by Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta. Mr. Dahrouge is the qualified person responsible for the exploration of Waterbury Lake.
STRATHMORE MINERALS CORP. is a Canadian based company specializing in the strategic acquisition, exploration and development of uranium properties worldwide. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
ON BEHALF OF THE BOARD
Dev Randhawa, President
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