Waseco to Drill Extensive Uranium Discovery
23 June 2009 - 12:40AM
Marketwired
Waseco Resources Inc. (TSX VENTURE: WRI)(FRANKFURT: WSE) is pleased
to announce that an initial diamond drilling program will start on
June 29th, 2009, on its Du Portage uranium claims in the Quebec
Labrador Trough, Canada. The drilling is part of the $1.1 Million
2009 exploration program being funded by the AREVA group.
Significant surficial uranium was first reported by Waseco in
2007, following a high resolution geophysical survey. Uranium zones
extending up to 4 km, with widths of 500m to 1km, were reported,
with the smallest of the six (6) zones being approximately 800m by
400m in size. Several of the areas have potential for iron
formation hosted gold and copper, as well as uranium.
Results of the 2007 geophysical survey and interpretation
prepared by MPX Geophysics Inc. are summarized as follows:
- A total of six (6) large zones of uranium enrichment;
-- Note: in this study, a "zone" is defined as having an
extension approaching or exceeding a kilometre in measurement;
- A total of eight (8) discrete uranium anomalies;
-- Note: in this study, a "discrete anomaly" is defined as a
circular or elliptical shaped anomaly of limited diameter, and of
high amplitude (typically 2.5 eU to 5.5 eU) that is distinct
from/or hosted in a uranium zone.
- A total of seven (7) moderate conductivity electromagnetic
anomalies;
- A total of eighteen (18) discrete magnetic targets that
conform to a strike limited prismatic or vertical cylinder
model;
- Identification of possible iron formation and gabbro dyke
systems.
The Report concludes that:
"It is apparent that the study area is complex and has potential
for hosting several types of economic mineralization. The potential
exists for uranium, (and) gold at a minimum... As a result of the
wide range of potential mineral deposits, the possibility of an
IOCG multi-commodity type metalogenic system must be given serious
consideration."
Management is very pleased with the results of the study and
with the quality of the Report. It cautions readers that the areas
referred to are surficial, as these radiometric readings generally
penetrate 1.5 metres in depth. Further ground truthing is required
to quantify and qualify the Uranium potential.
In 2008, a field program was carried out using AREVA's base camp
on the adjascent Minowean uranium project. Helicopter assisted
reconnaissance, propecting, mapping, grab and soil sampling were
carried out. Twenty of the samples assayed for uranium at levels
greater than 500cps (scintellometer). These samples were sent to
Activation Laboratories for analysis by Neutron Activation/Mass
Spectrometry (INAA/MS).
- 5 samples returned uranium values greater than 1000ppm (equals
0.1%- the maximum reading from multi-element analysis);
- 4 returned uranium values of between 500ppm and 1000ppm
(equals 0.05% and 0.1%); and
- 11 samples returned uranium values of between 100ppm and
500ppm (equals 0.01-0.05%) (see April 28, 2009 News Release )
In March of 2009, a further follow-up electromagnetic (VTEM)
survey was completed, including very close line spacings over a 13
square kilometer area where the uranium targets are interpreted as
being most prospective. Geotech Ltd. and geophysicists at AREVA
France are just completing their review and interpretation for the
selection of the initial drill targets. The diamond drill and
related equipment have been airlifted to the base camp.
Loic Garnier, Geo. and Exploration Director of AREVA Quebec,
Inc. is the Qualified Person under NI 43-101 who has reviewed and
approved the technical contents of this release. A.C.A (Peter)
Howe, P.Eng. and Qualified Person under NI 43-101, has reviewed the
technical contents of this release on behalf of the Company.
Waseco Resources Inc. is an exploration company focused
primarily on uranium exploration in the Quebec Labrador Trough
where it is working with the AREVA group. The Company is
profitable, debt free and trading on the TSX Venture Exchange and
the Frankfurt Stock Exchange. There are currently approximately
30.8 million shares issued and outstanding
About AREVA
All over the world, AREVA provides its customers with solutions
for carbon-free power generation and electricity transmission. With
its knowledge and expertise in these fields, the group has a
leading role to play in meeting the world's energy needs. Ranked
first in the global nuclear power industry, AREVA's unique
integrated offering covers every stage of the fuel cycle, reactor
design and construction, and related services. In addition, the
group is developing a portfolio of operations in renewable
energies. AREVA is also a world leader in electricity transmission
and distribution and offers its customers a complete range of
solutions for greater grid stability and energy efficiency.
Sustainable development is a core component of the group's
industrial strategy. Its 75,000 employees work every day to make
AREVA a responsible industrial player that is helping to supply
ever cleaner, safer and more economical energy to the greatest
number of people.
For further information on AREVA, please visit the company web
site at www.areva.com.
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 release
Contacts: Waseco Resources Inc. Richard Williams President (416)
364-3123 blackwell@tcn.net www.wasecoresources.com
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