August 8th, 2005 . Toronto ,
Canada . WASECO RESOURCES INC. (WRI-V)
is pleased to announce that the helicopter
supported land gravity survey and
GPS positioning has been completed
over the 105 square kilometres of prospective
uranium properties in the Labrador
Trough, Quebec . Readings were taken from
some 529 stations covering over 1,100 line
kilometres. The airborne high resolution
aero-magnetic survey and gamma ray spectrometer
survey and gravity observation data over
the 5 properties (210 claims) is currently
in mobilization.
Each of the properties hosts
known uranium occurrences. Prior to the
uranium price collapse in 1982, field-work
was carried out in the camp by a number
of major mining companies, including Hollinger
Mines Ltd., Imperial Oil Ltd., Uranerz
Exploration, and Eldorado Nuclear.
In a recent qualifying report prepared
for Uranium Mining Corporation plc
(“UMC”)
, Dr. Mousseau Tremblay P. Eng. Ph.D.,
states: “The conditions that favour
uranium and other metals to accumulate
into commercially viable deposits
are present throughout the Central Labrador
Trough. Three mining properties (were)
reviewed, all containing potential resources,
mostly co-existing uranium, copper, gold
and other metals in various minor proportions.
The properties belong to two well defined
structural and north-north-west orientated
sub-parallel geological zones of the Central
Labrador Trough. Mining exploration activity
by mining companies occurred mostly between
1976 and 1982 when the price of uranium
was high. By the end of 1982, the
price of uranium had fallen to very low
levels. This part of the Trough was abandoned.
Today, it knows a new surge of activities
as prices for uranium are climbing.”
One of the 12 uranium showings discussed
in his Report, the Bravo Lake showing
(#181), is described as “disseminated
uraniferous mineralization nodules in calcareous
dolomites within intense shear zones. The
mineralised zone can be traced over a length
of 955m at an average width of 4.5m. The
uranium minerals are accompanied by chalcopyrite,
digenite and malachite, all copper
minerals and some gold.
REMOBILIZED URANIUM IN SEDIMENTS
Grab samples reported:
- 38% Uranium
- 11.2% Copper
- 0.04% Zinc
- 5.0% Lead
- 0.04% Cobalt
Memo by C. Robert MRN 1988/03/10: Drill
sample 0.16% over 1 metre”
Dr. Tremblay’s comments in his Report
relating to the Caribou Occurrence
(#234) are also noteworthy: “This
showing occurs in differentiated
granite syenite rock, located within what
appears to be a shear zone in the
Archean basement. The radioactivity is
caused by both uranium and thorium minerals.
The pegmatite outcrop is 50m long and 25m
wide. A grab sample returned 3% U 3 0 8,
another 0.42% and 1.3% U 3 0 8. A channel
sample of the pegmatite returned 1.26%
U 3 0 8 over 1.8 m. Copper and gold also
accompany the uranium. Thorium is relatively
abundant (up to 0.08% Th) and barium is
present.
It is only 500 meters distant from
the flat-lying overlying Labrador
Trough unaltered Ferriman Group sedimentary
rocks which occupy half of the claim block.
These overlying sedimentary rocks have
probably not been prospected in detail
in the past. Similar rock cover on a neighbour’s
block to the north, exhibit important mineralisation
containing uranium and copper. The
adjacent property contains three showings
within a strictly similar geological setting.
The three showings are partially
or totally disseminated within their host
rocks lying relatively flat over the granitic
basement. Therefore the cover sedimentary
rocks that directly overlie the basement
and occupy about half of Block III must
be carefully geologised and prospected
for uranium and copper-gold and other metals.
The possibility of large or larger disseminated
uranium-copper-gold is real within Block
III…”
Dr. Tremblay’s geological model also
warrants mention: “It is possible
to envisage that the Central Labrador
Trough type of uranium, copper, gold deposit
may, and could well be, of the Athabasca
Basin type. ( Canada ’s largest uranium
deposits occur within the Athabasca
Basin .) The latter are evidently
hydrothermal in origin, are associated
with a major unconformity and contain a
curious association with a variety of metals
along with the uranium. The hydrothermal
solutions came up through a network of
fractures and into the sedimentary cover
rocks. The Central Labrador Trough mineralised
solutions containing uranium, copper and
gold appear to have followed a similar
process.”
Dr. Tremblay’s report goes on to
recommend a thorough program of follow
up work on the claim blocks under
review.
Waseco President, Richard Williams
stated that the compilation and integration
of the new data and then the integration
with the historical data should generate
some first class targets. The program continues
to support the possibility of large
uranium near surface deposits in sediments
which could be amenable to open pit mining
methods.
UMC has advanced $200,000 and has an
option to contribute a further $800,000
in exploration funding in order to earn
a 75% interest in 3 of the 5 claim blocks
prior to December 2006. For more information,
please visit the Waseco web site at www.wasecoresources.com.
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