|Waseco Resources Inc
|Shares issued 19,793,829
||Jun 26 2002 close $ 0.08
|Thursday June 27 2002
|Mr. Peter Howe reports
|WASECO ANNOUNCES RESULTS ON JAMES BAY
|Waseco Resources Inc. is pleased to announce
preliminary results of an airborne magnetic survey
of its claims in the Attawapiskat Region of the James
Bay Lowlands, in northern Ontario.
|These claims are adjacent to De Beers’
claims covering the Victor Diamond pipe and surround
De Beers’ Uniform pipe. The claims tie onto the boundary
of the KWG/Spider claims on which they previously
reported two diamondiferous pipes within a diatreme
|The Waseco survey results indicate a circular
feature which Geophysical Consultant, Don MacFadyen
reports "is similar to De Beer’s Uniform Pipe
and within a dyke striking towards the Uniform Pipe,
two kilometers away. Three other pipe-like features
have been identified as well as two dyke-like features
running parallel to the KWG/Spider system."
|Mr. MacFadyen has recommended taking samples
for geochemical analysis to confirm the presence of
kimberlite indicator minerals in each of the magnetic
targets prior to initiating a diamond drill programme.
|Waseco can earn a 40% interest in the
property by spending $250,000 in year one and an additional
$1.5 million in the subsequent 2 years. The property
is subject to a 2% NSR, with Waseco having a right
of first refusal to acquire a 1% NSR.
|Waseco is an exploration company with
gold projects in Canada and Indonesia, including the
advanced Tewah alluvial gold project. Waseco presently
has 21,913,821 common shares issued and outstanding.