April 3rd, 2006- Toronto, Canada.
Waseco Resources Inc. (TSX-V: WRI-
Frankfurt: WSE) reports having received
formal notification by UMC Energy
plc that it is not exercising its
right to earn an interest in 150
claims, pursuant to an agreement
dated February 9 th, 2005. Waseco
currently holds a 100% interest in
291 claims in the Labrador Trough
that are prospective for uranium,
base metals and possibly diamonds.
The Company has
also received an Evaluation Report
of Waseco’s
Properties in the Quebec Labrador
Trough, prepared by Dr. Roger Lainé ,
Ph.D. P,Geo., which correlates the
Geophysical Report prepared by McPhar
Geosurveys Ltd. with geochemical
reports prepared by the Quebec Ministry
of Natural Resources, as well as
geological information obtained from
assessment filings on historical
work.
Chairman Peter Howe, P. Eng. is pleased
that the work to date has identified
new uranium anomalies that have never
been tested on each of the property
Blocks. One of the highlights is
the several strong uranium anomalies
that follow a linear structure running
north-west - south-east, over 7.5
km across Block I. The Company has
extended its land position to include
the extension which appears to coincide
with uranium anomalies on Block II,
making the entire area of interest
some 15 km long.
Dr. Lainé states
in his Conclusions that:
BLOCKS I
AND II:
“Most likely uranium targets
to be found would be Midnite type
deposits or Shinkolobwe type deposit.
Previous exploration and drilling
has shown that uranium mineralization
is linked to dolomitic levels in
the Seward Group which has similarities
with the Mines series of Zaire .
On top of that the best intersections
are related to tectonic zones which
seem to line up parallel to the magnetic
highs: faulted contact between gabbro
sills and dolomitic Lace Lake Formation
on one side and faulted contact between
the same gabbro sill and the Chakonipau
Formation on the other side.
Despite all the work done by
Eldorado Nuclear, the source of the
radioactive boulders from Train 3
was not found; work on the other
boulder trains was inconclusive and
may require stepping back to better
understand the geology and the contacts
between the gabbro sill and the two
sedimentary formations on either
side of the gabbro.
The numerous “new” uranium
anomalies warrant ground checking,
along with serious mapping to check
the previous work by Eldorado and
the Geological Survey, relocate the
DDH and trenches accurately.
Stratigraphic drilling is warranted
to understand the presence of the
Lace Lake Formation on the west side
of the contact between the Chakonipau
Formation and the gabbro sill, to
go deeper and explore the relationship
between the gabbros and the Lace
Lake-Chakonipau Formations; at the
same time, to see if there is enrichment
of uranium with depth. At least two
cross-cut sections should be extended
to the NE and SW over the boulder
train where the previous drilling
took place to understand the geology
and check the magnetic bodies (iron
formations of McPhar).
Prior to drilling some ground
EM should help better define the
faulted contact in the extensions
of the known drilling in order to
prepare for additional drilling along
the contact. Lines should be several
KM long in the NE-SW direction to
cross-cut the regional faulting pattern
to outline major faults if any going
across the three geological units:
the Chakonipau Formation, the gabbro
sill, and the Lace Lake Formation.”
BLOCK
III
“Is there a possibility of finding
unconformity vein-type deposits in
the east part of BlockIII? The basement
does not show any signs of politic
or graphitic metasediments like in
Saskatchewan ; the potassium high
seems to stop at the contact with
the sandstones, but the gravity low
seems to continue underneath the
contact: do we have something there?
The contact between the sediments
and the granitic basement could be
faulted therefore we would not have
a normal contact which is typical
of the Saskatchewan deposits.
Nonetheless about 10km to the northwest,
previous exploration found some stratigraphically
controlled mineralized showings,
233 and 239, typical of Dieter Lake
mineralization, and 235, albitization
and vein control. Dieter Lake type
deposits should be checked in the
Wishart Formation sediments in contact
with the basement arkosic sandstones
and conglomerates which seem to be
anomalous in uranium. A few stratigraphic
diamond holes are warranted to check
the facies and the nature of the
contact between the sediments and
the underlying basement; one over
the magnetic high and one on either
side (see McPhar geophysical interpretation
Block III) to have an answer.
The kind of mineralization discovered
by previous prospecting is typical
of the Bancroft area: uranium linked
to intrusive pegmatite dykes in granite
basement.
But more encouraging, the uranium
map (2005 survey by McPhar) shows
a consistent uranium “high” over
what can be seen over the folded
granitic rocks ( McPhar: Geophysical
Interpretation Block III) . This
should be investigated on the ground
for geological mapping and ground
radiometrics, looking for Rossing
type settings: the uranium linked
to alaskite intrusives sills in gneiss
series on the flank of a synform.
The two uranium anomalies, U24 and
U25, would be on the outskirts of
the synform if this is what the geophysics
reveals.
BLOCKS IV AND V:
Least prospective
of the properties; previous work
has found no encouragement after
drilling…a
crew could go down and spend some
time on the Uranium anomalies found
by McPhar (UB4 to 6) on Block IV,
which lie inside the basement inlier
(Basement high), and U27 on Block
V…”
He
also states in his Recommendations
that:
“Additional staking be carried out
(locations excluded from New Release)
based on the lake bottom sediment anomalies.
Ground prospecting and geological
mapping of the uranium anomalies of Block I (U2
through U12) and Block II (U14 through
21) as well as on Block III, which
do not correspond to any of the previously known
mineral occurrences. Ground EM Surveys
and Diamond Drilling are also recommended
on Blocks I, II and III.”
This release
was reviewed by Dr. Roger Lainé in
his capacity as a Qualified person
(Q.P.). A copy of the McPhar Geophysical
Report is being filed on SEDAR and
will also be available for viewing
on the Company’s
web site. Waseco Resources has already
initiated the search for a new partner
to fund the next phase of exploration.
Given the results to date and the
interest in uranium, management is
optimistic that a suitable partner
can be found.
The Company also wishes to report
that the Company’s claim for damages
resulting from the expropriation
of its tantalum prospect in Figuery
township, Quebec , by the Quebec
Ministry of Natural Resources, has
been adjourned until September, 2006.
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