2007-05-02 16:10:25 -
BOULDER, Colo., May 2 /PRNewswire-FirstCall/ -- Strategic Resources, Ltd. (BULLETIN BOARD: SGCR) is pleased to report that it has received an Independent Geological report on its Uranium Properties in La Rioja Province, Northern Argentina. The report was prepared by SRK Consulting Engineers of Denver, Colorado, based on an initial site visit earlier this year. Based on the report, Strategic Resources is pleased to announce plans for its 2007 drilling program.
Initially, Strategic Resources plans to drill two of its properties within the next quarter, namely the
Los Colorados Mine and the recently acquired San Sebastian Property. "We are excited to commence a drilling campaign in the near term and advance these properties quickly," said President and CEO John Anderson. "It is exciting for us to be involved in the resurgence of uranium exploration and development in Argentina and we would hope to add additional land to our portfolio of uranium properties."
The Los Colorados Mine is a former producing property and is Strategic Resources' primary target to be drilled. Los Colorados is located approximately 45 miles south-southwest of La Rioja city via a national highway. The property is situated at the southern termination of the Sierra de Los Colorados range. The stratigraphic sequence of importance appears to be 15 to 20 meter-thick white to light-grey medium-grained sandstone with micaceous sandstone and siltstone interbeds. The unit is underpinned by a coarse-grained, basal arkose, containing a 0.5 meter-thick grey, fissile micaceous sandstone to siltstone. The entire stratigraphic section is sandwiched between a thick sequence of argillaceous red-bed sandstones and conglomerates. The main uraniferous horizons were grey micaceous and carbonaceous siltstone-sandstone and the basal arkose. In places, fossil stick-fragments are preserved in the stratigraphy. Radiometric surveys of the basal arkose produced anomalies ranging between 1,500 to 2,000 cps. The gray micaceous siltstone/sandstone produces anomalies ranging between 1500 to 10,000 cps. Based on these high grade readings, Los Colorados is Strategic Resources' primary target to host significant quantities of uranium.
The San Sebastian Mine is located approximately 50 miles west-northwest of La Rioja and one mile east of Cuesta de Miranda 1, via a national highway. The property lies within the eastern foothills of the Sierra De Famatina range. The main uranium host rock is a highly fractured/shattered, and locally sheared fine-grained quartzite to siltstone overprinted by hydrothermal alteration of variable intensity. Radiometric survey of the various trenches, open slot cuts, and shallow drifts produced gamma anomalies ranging between 2,000 to 8,000 cps with an average background of approximately 500 cps. Field observations indicate the presence of widespread uranium mineralization within various excavations and mine workings encompassing an area of approximately 0.5 sq. km. The mineral assemblage and its open-spaced nature (occurring in fractures and shears) are consistent with a low temperature, near-surface environment for formation. The deeply oxidized character of the "ore" suggests that uranium leaching and remobilization may have occurred. In addition, there is site evidence of extensive exploration and reports of rotary drill programs, which will be the initial focus of Strategic Resources' drill program.
About Strategic Resources, Ltd.:
Strategic Resources, Ltd. is in the business of exploring, acquiring, and developing advanced precious metals and base metals properties. Strategic Resources' shares are quoted on the OTC Bulletin Board under the symbol "SGCR."
Statements herein express management's beliefs and expectations as of the date of this press release regarding future performance and are forward- looking and involve risks and uncertainties, including, but not limited to, the satisfactory completion of various surveys, the availability of sufficient operating capital to effectuate our business plans; fluctuations in the price of precious and non-precious metals; stock price fluctuations; and other risks. These risks are and will be detailed, from time to time, in Strategic Resources' Securities and Exchange Commission filings, including its Forms 10- KSB, 10-QSB, and 8-K. It should not be assumed that the statements made herein remain accurate as of any future date and actual results may differ materially from management's expectations. Strategic Resources does not presently intend to update these statements prior to the filing of its next report with the Securities and Exchange Commission and undertakes no duty to any person to effect any such update under any circumstances.
For further information, please visit our website at http://www.strategicresourcesltd.com/.
Source: Strategic Resources, Ltd.
