Stratton Announce Further High Grade Drill Results from MAC Project
January 12, 2012 08:00 ET
Stratton Announce Further High Grade Drill Results from MAC Project
Reports 32 Metres of 0.485% Molybdenum and 0.347% Copper
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2012) - Stratton Resources Inc. (TSX VENTURE:SI) ("Stratton" or the "Company") is pleased to announce additional assay results from its initial drilling program at the MAC Molybdenum-Copper Project ("MAC"). In addition, the Company has entered into an option agreement on the Natlan Project, a copper-gold porphyry target in west-central British Columbia.
MAC Exploration Update
Stratton completed its 2011 exploration campaign at the MAC project in mid-December. The two drills completed 10,067 meters of diamond drilling in 44 holes in the Camp zone. On the east contact zone, 5,742 meters were drilled in 25 holes and on the north-west contact zone, 4,325 meters were drilled in 19 holes. Two of the holes drilled on the north-west contact zone were designed to test preliminary IP targets generated by ground geophysical surveying. Please see the end of this release for a drill hole location map of the 44 holes drilled in the 2011 program or visit the Company's website at [ www.strattonresources.com ].
In the 2011 program, IP data was collected from a total of 38.4 line kilometers over 23 lines along the Camp, Pond, West Extension, and Peak zone grids. Airborne geophysics was completed over all 13,000 hectares of claims at 100 to 200 metre line spacing.
In addition to the previously reported seven holes drilled on the east contact zone (see news release dated November 23, 2011), results have been received for five new holes from this zone which all returned significant molybdenum-copper mineralization values including a highlighted intercept of 32 metres of 0.485% Mo and 0.347% Cu.
Results to-date on the east contact reveal a high grade core trending northwesterly towards the area of high grade intercepts of the north-west contact. Potential for a structural and mineralized corridor through the intervening quartz monzonite stock remains untested.
East Zone Contact Drill Results | |||||||||||
Hole ID | From (metres | ) | To (metres | ) | Width (metres | ) | Mo (% | ) | Cu (% | ) | |
MC11-11 | 86 | 141 | 55 | 0.076 | 0.087 | ||||||
including | 86 | 120 | 34 | 0.090 | 0.103 | ||||||
MC11-12 | 54 | 156 | 102 | 0.204 | 0.234 | ||||||
including | 88 | 120 | 32 | 0.485 | 0.347 | ||||||
MC11-14 | 70 | 150 | 80 | 0.141 | 0.205 | ||||||
including | 106 | 150 | 44 | 0.193 | 0.273 | ||||||
MC11-17 | 134 | 288 | 154 | 0.101 | 0.137 | ||||||
including | 150 | 206 | 56 | 0.187 | 0.220 | ||||||
MC11-19 | 68 | 193 | 125 | 0.083 | 0.141 | ||||||
including | 96 | 161 | 65 | 0.113 | 0.178 |
A further five holes (in addition to the three previously reported) have been received from the north-west contact with continued showings of significant molybdenum-copper mineralization.
North-West Contact Zone Drill Results | |||||||||||
Hole ID | From (metres | ) | To (metres | ) | Width (metres | ) | Mo (% | ) | Cu (% | ) | |
MC11-13 | 68 | 165 | 97 | 0.098 | 0.080 | ||||||
including | 96 | 134 | 38 | 0.166 | 0.139 | ||||||
MC11-15 | 30 | 84 | 54 | 0.076 | 0.084 | ||||||
including | 60 | 80 | 20 | 0.109 | 0.080 | ||||||
MC11-16 | 47 | 198 | 151 | 0.073 | 0.109 | ||||||
including | 47 | 163 | 116 | 0.080 | 0.135 | ||||||
MC11-18 | 96 | 210 | 114 | 0.083 | 0.09 | ||||||
including | 124 | 158 | 34 | 0.174 | 0.082 | ||||||
MC11-20 | 137 | 231 | 94 | 0.088 | 0.114 | ||||||
including | 175 | 217 | 42 | 0.128 | 0.136 |
Stratton's President and CEO, Greg McCunn commented: "We continue to be very encouraged with the strength of the initial drill results from the MAC Project. With 20 holes reported and a further 24 still pending from the assay lab, we plan to continue reporting results as they become available over the coming weeks. The complete program's drilling results will be compiled into a NI 43-101 compliant resource estimate, which will be completed in late February or early March. The report will also outline further exploration targets identified by our ground and airborne geophysical surveys to form the basis for our 2012 exploration program."
Natlan Option Agreement
The Company also announces that it has entered into an option agreement with two private individuals that grants the Company an exclusive right to acquire a 100% undivided beneficial interest in the Natlan copper/gold/molybdenum porphyry project (the "Natlan Project"). The Natlan Project is comprised of 25 individual claims covering an area of approximately 11,000 hectares located in west-central British Columbia, 42 kilometres north-northeast of the town of Hazelton. Previous work has been performed on the project by Teck Resources in 1997 and more recently by Paget Resources Corporation where limited surface sampling has identified a surface anomaly containing significant copper, gold, molybdenum and lead values.
The Natlan option allows the Company to earn a 100% interest in the claims by making cash payments totaling $200,000, issuing 200,000 common shares and incurring $1,500,000 in exploration expenditures over a four-year period. Payments due upon signing are $25,000 and 25,000 common shares. The Natlan property is subject to a 2% NSR royalty, which the Company can purchase one-half of, being 1%, at any time.
The option agreement is subject to TSX Venture approval.
On behalf of the Board of Directors,
Greg McCunn, President & CEO
To view the Drill Hole Location Map, please visit the following link: [ http://media3.marketwire.com/docs/si112i.pdf ].
Qualified Person
Richard Haslinger, P.Eng. is the qualified person under NI 43-101 who has reviewed the technical disclosure in this news release and is responsible for the technical information contained in this release.
At MAC, HQ diamond drill holes are positioned and oriented by GeoMinex Consultants Inc. who then also lay out and oversee sampling and insertion of quality control standards, blanks and duplicates into the core sample stream. Samples are collected from two metre sawn core intervals and transported to Acme Laboratories for near-total hot four-acid digestion and ICP-ES (inductively coupled plasma emission spectroscopy) multi-element analysis.
About Stratton Resources
Stratton Resources Inc. is a Canadian mineral exploration company focused on the discovery and development of porphyry molybdenum-copper deposits in British Columbia and Arizona.
Stratton's goal is to build a quality asset portfolio consisting of base metal properties at various stages of development. With an experienced management team, that has a proven track record of successful discovery and development of mineral deposits. Stratton is positioned to rapidly build shareholder value.
For more information please visit our website at [ www.strattonresources.com ].
Disclosure Notes
The above release contains forward-looking information, which in Stratton's view is based on reasonable assumptions and estimates. There can be no assurance that forward looking statements will prove to be accurate and are subject to may factors beyond the control of Stratton including third party consents, regulatory approvals the state of capital markets and the appetite for higher risk junior resource companies. For further details about Stratton and the risks it faces see its public filings at [ www.sedar.com ].
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.