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Strata Minerals Inc (2)
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Close 2014-08-15 C$ 0.10
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Strata Minerals drills 5.43 m of 19.1% P2O5 at Diamond

2014-08-21 11:19 ET - News Release

Mr. Jason Bahnsen reports

STRATA MINERALS ANNOUNCES ASSAY RESULTS FROM EXPLORATION DRILLING PROGRAMME AT DIAMOND MOUNTAIN

Strata Minerals Inc. has released assay results from the 2014 exploration drilling program at the Diamond Mountain phosphate project located in Uintah county, Utah.

As previously announced on July 28, 2014, Strata completed a 17-hole, 2,397-metre drill program at Diamond Mountain which confirmed the presence of phosphate mineralization at depths ranging from 119 to 287 metres and has been initially interpreted through core observation to be within a mineralized zone ranging between 3.8 and 5.3 metres in thickness.

Assay results have been received from the nine holes that intercepted the zone of phosphate mineralization. The assay work was completed by SGS North America at its certified laboratory in Denver, Colo. 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 mineralization zone intercepts range from 17.2 per cent to 22.7 per cent with an average of 19.6 per cent. The phosphate mineralized zone extends for approximately four kilometres along strike and an average thickness of approximately 4.7 metres.

Geologic modelling work on the resource is currently being completed by Norwest Corp. of Salt Lake City, Utah. Norwest's scope of work also includes the completion of an initial resource estimate and supporting National Instrument 43-101 technical report for the project.

Strata president and chief executive officer Jason Bahnsen commented: "The assay results provide further confirmation of the target 53-million-tonne (20 per cent average P2O5) historic phosphate resource defined by U.S. 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-per-cent interest in the Diamond Mountain mineral leases."

Under the option agreement entered into between the company and Utah Mineral Resources LLC dated Nov. 12, 2013, following completion of phase I, Strata can elect to proceed to phase II, which includes the commitment of $1.5-million (U.S.) in exploration expenditures during 2015, and when complete will result in Strata owning 80 per cent of the Diamond Mountain phosphate leases.

The table shows a summary of the assay results together with the corresponding depth and thickness of the phosphate mineralization drill core intersections for the drill holes that Strata has completed.

Lawrence D. Henchel, PGeo, PG, vice-president, geological services, with Norwest, is the qualified person in accordance with NI 43-101 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 U.S. Steel resource estimate (53 million tonnes at 20 per cent P2O5) is historical in nature. Strata Minerals 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 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.

                                          EXPLORATION DRILLING RESULTS  
                Depth  
       
Hole ID      Top    Base       Apparent thickness        True thickness     P2O5     MgO     Al2O3     Fe2O3   
              (m)     (m)                      (m)                   (m)      (%)     (%)       (%)       (%) 
                                                                              
DM-14-01c 209.18  213.60                     4.42                  4.27    18.35    4.23      2.96      1.36
DM-14-06c 286.56  290.73                     4.17                  4.03    20.54    3.62      3.20      1.46
DM-14-07c 137.19  141.88                     4.69                  4.53    17.18    4.66      3.22      1.37
DM-14-08c 138.10  142.43                     4.33                  4.18    20.96    3.98      2.98      1.32
DM-14-09c 154.03  158.54                     4.51                  4.36    20.10    4.12      3.10      1.38
DM-14-10c 122.65  126.55                     3.90                  3.77    22.72    3.17      3.44      1.58
DM-14-12c 142.65  147.52                     4.87                  4.70    18.52    3.86      3.31      1.52
DM-14-13c 132.34  137.27                     4.93                  4.76    18.82    3.19      3.47      1.49
DM-14-16c 118.78  124.21                     5.43                  5.25    19.10    2.29      2.86      1.36
Average   160.16  164.75                     4.58                  4.49    19.59    3.68      3.17      1.43

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