VANCOUVER, BC / ACCESSWIRE / September 11, 2014 / Strata Minerals Inc. (TSXV: SMP) ("Strata" or the "Company”) is pleased to announce the completion of the maiden resource estimate, prepared in compliance with NI 43-101, for the Diamond Mountain Phosphate Project (“Diamond Mountain” or the “Project”) located in Uintah County, Utah.
The initial resource totals approximately 61 million tonnes with an average grade of approximately 19.7% P2O5 (33.9 mt measured plus indicated @ 19.7% P2O5 and 27.1 mt inferred @ 19.7% P2O5). The average thickness of the phosphate resource is 4.4 metres. The resource lies at depths below surface ranging from approximately 90 metres to 350 metres with an average dip from north to south of 8 degrees. The effective date of the estimate is September 11, 2014.
Table 1 – Diamond Mountain Phosphate Resources by Tenement Type
Geologic modelling of the resource was completed by Norwest Corporation (“Norwest”) of Salt Lake City, Utah. Norwest’s scope of work included the completion of an initial resource estimate and supporting NI 43-101 Technical Report for the Project.
This initial resource estimate is based on the results of a 17 hole, 2,397 metre diamond core drill programme at Diamond Mountain which was completed in July 2014 and included in company announcements released on July 28, 2014 and August 21, 2014. Assays were completed using XRF analysis for phosphorus pentoxide (P2O5) and for a full suite of metal oxides and related compounds.
Figure 1 – Diamond Mountain Resource Classification
Figure 1, shows the distribution of resources and a preliminary geological interpretation for the project. The phosphate mineralised zone extends for approximately 4 km along strike at an average thickness of approximately 4.4 metres. Strata plans to focus Phase 2 exploration on further delineation of resources including near surface phosphate mineralisation.
Strata President and CEO, Jason Bahnsen commented: “The initial 61 million tonne resource at Diamond Mountain exceeded our expectations for a maiden resource based on the initial exploration drilling programme at the project. The results confirm the presence of a large high grade phosphate deposit at Diamond Mountain”.
“Next steps for Strata include the completion of preliminary economic assessment work on the project, planning of a Phase 2 exploration programme for 2015 and the acquisition of additional mineral rights. We anticipate filing the initial NI 43-101 technical report on the Project by the end of September 2014 and subsequently completing Phase I to earn an initial 51% interest in the Diamond Mountain Mineral Leases,” added Mr. Bahnsen.
Under the Option Agreement by which the Company is earning into Diamond Mountain from Utah Mineral Resources LLC dated November 12, 2013 (the “Agreement”), following completion of Phase I, Strata can elect to proceed to Phase II which includes the commitment of US$1.5 million in exploration expenditures during 2015, and when complete will result in Strata owning 80% of the Diamond Mountain Phosphate Leases.
Lawrence D. Henchel P.Geo., PG, Vice President Geological Services with Norwest Corporation, in accordance with NI 43-101, is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Henchel is an independent consultant contracted by the Company.
About Strata Minerals Inc.
Strata Minerals Inc. is an emerging, phosphate focused, agricultural nutrient company exploring for commercial-scale phosphate rock mineralization deposits. Armed with the objectives of becoming a supplier to the US and global fertilizer industry and generating wealth for its shareholders, Strata is currently advancing its phosphate exploration projects in Utah, USA and in Western Australia, Australia. All references to the Company in this release include the Company’s wholly owned Australian subsidiary, Strata Minerals Pty Ltd. For further information, please refer to the Company's website at http://www.strataminerals.com/. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained on SEDAR at http://www.sedar.com/.
For further information, please contact:
Jason Bahnsen, President and CEO
Tel: +1 647 986 7542
Email: [email protected]
Or
Adam Rochacewich, CFO
Tel: +1 647 298 7824
Email: [email protected]
Or
Investor Relations Contact:
Arrowhead Business and Investment Decisions, LLC
Daniel Renaud or Thomas Renaud
Tel: +1 212 619 6889
Email: [email protected]
Company profile: www.abid.co/TSXV.SMP and http://www.strataminerals.com/
Special Note Regarding Forward Looking Statements
This new release includes “forward-looking information” and “forward-looking statements” under applicable Canadian securities laws, which includes statements related to the anticipated timing of a NI 43-101 Technical Report and completing the Company’s Phase I obligations. These statements reflect current beliefs of management of the Company and are based on information currently available which may prove to be incorrect. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of Strata to be materially different from those expressed or implied by such forward-looking information, including risks associated with the future business and development of the company. Accordingly, readers should not place undue reliance on forward-looking information. Strata does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Source: Strata Minerals Inc.