SASKATCHEWAN - In the northeastern part of the Athabasca Basin, STRATHMORE MINERALS of Kelowna, B.C., reports it has found several strong conductors on its Waterbury Lake property adjacent to the Midwest uranium project. (Midwest is 54.84%-owned by COGEMA RESOURCES INC.) The zones are large and some have evidence of vertical extent, says the company. Strathmore recently completed a MegaTEM airborne geophysical survey of the area.
Of particular significance is a strong northeast-trending conductor axis that 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.
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, Strathmore reported. This conductor exceeds several kilometres 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 1 metre. Given the style of alteration observed, the presence of highly anomalous uranium and an apparent displacement in the basement, the Murphy Lake conductor has become a high-priority target for future exploration.
A map of the Waterbury Lake property is posted at www.StrathmoreMinerals.com in the press release dated Aug. 24, 2005.
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