VANCOUVER, BC / ACCESSWIRE / August 21, 2014 / Strata Minerals Inc. (TSXV: SMP) ("Strata" or the "Company”) today announced the assay results from the 2014 exploration drilling programme at the Diamond Mountain Phosphate Project (“Diamond Mountain” or the “Project”) located in Uintah County, Utah.
As previously announced on July 28, 2014, Strata completed a 17 hole, 2,397 metre drill programme at Diamond Mountain which confirmed the presence of phosphate mineralisation at depths ranging from 119 to 287 metres and has been initially interpreted through core observation to be within a mineralised zone ranging between 3.8 and 5.3 metres in thickness.
Assay results have been received from the 9 holes that intercepted the zone of phosphate mineralisation. The assay work was completed by SGS North America at its certified laboratory in Denver, Colorado. Assays were completed using XRF analysis for phosphorus pentoxide (P2O5) and for a full suite of metal oxides and related compounds. Phosphate (P2O5) grades for the mineralisation zone intercepts range from 17.2% to 22.7% with an average of 19.6%. The phosphate mineralised zone extends for approximately 4 km along strike and an average thickness of approximately 4.7 metres.
Geologic modelling work on the resource is currently being completed by Norwest Corporation (“Norwest”) of Salt Lake City, Utah. Norwest’s scope of work also includes the completion of an initial resource estimate and supporting NI 43-101 Technical Report for the Project.
Strata President and CEO, Jason Bahnsen commented: “The assay results provide further confirmation of the target 53 MT (20% average P2O5) historic phosphate resource defined by US Steel in the 1960’s and we anticipate releasing the initial NI 43-101 resource 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.”
Under the Option Agreement entered into between the Company and Utah Mineral Resources LLC dated November 12, 2013 (the “Agreement”), following completion of the 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.
Table 1 shows a summary of the assay results together with the corresponding depth and thickness of the phosphate mineralisation drill core intersections for the drill holes that Strata has completed. Figure 1 shows the phosphate (P2O5) grade distribution across the mineralised zone. Figure 2 shows the location for each of the drill holes completed along with the historic US Steel drill hole locations.
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.
Note: The historical US Steel resource estimate (53 MT @ 20% P2O5) is historical in nature, Strata Minerals Inc. wishes to clarify than an independent Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and, accordingly, Strata Minerals Inc is not treating the above historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimate, additional work is required.
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
Adam Rochacewich, CFO
Tel: +1 647 298 7824
Investor Relations Contact:
Arrowhead Business and Investment Decisions, LLC
Daniel Renaud or Thomas Renaud
Tel: +1 212 619 6889
Company profile: www.abid.co/TSXV.SMP and 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.
Table 1 Summary of Phosphate Mineralisation – 2014 Exploration Drilling Results
Source: Strata Minerals Inc.