Waseco Updates Uranium Exploration Program
March 15 2010 - 11:05AM
Marketwired
Waseco Resources Inc. (TSX VENTURE: WRI)(FRANKFURT: WSE) has
received and reviewed a Technical Report entitled "The Evaluation
of the Uranium Potential of the Waseco Properties- Block IV (Lac
Fenster) and Block V (Lac Pons) in the Labrador Trough, Quebec,
Canada".
Waseco and Areva Quebec Inc. are exploring four separate claim
blocks comprised of the DuPortage Property (Blocks I & II), Lac
Drumlin (Block III), Lac Fenster (Block IV) and Lac Pons (Block V).
This Report is on Blocks IV & V.
In 2008 and 2009, Areva conducted reconnaissance programs within
these blocks. These were designed to review the geological findings
of prior years in order to evaluate the uranium potential of the
sedimentary sequences and establish new models for orienting future
work programs.
Regionally, Waseco's Blocks IV & V are near properties held
by Azimut Exploration Inc. and Virginia Mines Inc. Other companies
(Fission Energy Corp., Fancamp Exploration Ltd. and Sheridan
Platinum Group Ltd.) are grouped around the known uranium deposits
at Dieter Lake, which has reported estimated resources of 19.7 Mt
grading 0.049% U3O8.
According to Uranerz Exploration & Mining Ltd. geologists
(Genrisch et al., 1982), the Dieter Lake deposit's location and the
grades of the mineralized zones are controlled by NE-SW faults.
This control model has not yet been adequately tested on Waseco's
Blocks IV and V by the prior exploration work or by the sampling
carried out during the reconnaissance program.
It should be noted that these faults were active before, during,
and after the deposit of the Sakami Formation mineralization at
Dieter Lake. As a result, these structures are of major importance
in the deposition of uranium mineralization.
Dr Ivanov, the author of the Report recommends testing by detailed ground
work, focused on, in order of importance:
-- at Lac Fenster: one zone on the south border at the base of the
fractured granite, which is in the centre of the Sakami Formation; and
-- at Lac Pons: a zone of discordance which borders on the south of the
Sakami Formation.
The recommended program is a combination of the following:
-- geophysical vertical profiles (electromagnetic, electric resistivity and
conductivity) to a depth of at least 400m, spaced at 100-200m intervals;
-- drilling at 60 degrees, to depths of 150m-250m;
-- geophysical probing of the hole (radiometric, magnetic, electric
resistance and conductivity);
-- geochemical analysis of the core.
The Technical Report was prepared by Dr. Gennady Ivanov, Chief
Project Geologist for AREVA Quebec, Inc. and a Qualified Person
under NI 43-101. Both Mr. Ivanov and Mr. A.C.A. Howe, on behalf of
the Company, have reviewed the contents of this release for
scientific accuracy. A copy of the full Technical Report has been
posted on the company's web site at www.wasecoresources.com
It should be noted that the majority of the field work carried
out in 2009 was at Waseco's DuPortage Property (Blocks I & II).
A report on the results of this program is still pending.
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
With manufacturing facilities in 43 countries and a sales
network in more than 100, AREVA offers customers reliable
technological solutions for CO2-free power generation and
electricity transmission and distribution. AREVA is the world
leader in nuclear power and the only company to cover all
industrial activities in this field. AREVA's 75,000 employees are
committed to making sustainable development the focal point of the
group's industrial strategy. For further information on AREVA,
please visit the company web site at www.areva.com.
For further information on Waseco, please visit the Waseco web
site at www.wasecoresources.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)
557-7966 blackwell@tcn.net www.wasecoresources.com
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