Areva Reports on Waseco's Labrador Trough Uranium Prospects
September 02 2010 - 9:15AM
Marketwired
Waseco Resources Inc. (TSX VENTURE: WRI)(FRANKFURT: WSE) has
received an extensive report on the 2009 exploration program
carried out by AREVA (Quebec) Inc. on the Du Portage Property
(formerly Block I and II) composed of 304 claims, covering 14,288
hectares, in the Quebec Labrador Trough.
The area studied is in the central portion of the Labrador
Trough, a region that has been intensely explored these last years
for mineral resources, following the discovery of numerous uranium
showings in the 1970's. The property hosts 8 known mineral
showings, 5 of which contain uranium mineralisation. In addition,
the property hosts numerous radiometric and geochemical uranium
indications, including values that sometimes exceed several 10's of
parts per million ("ppm") U. Most of these remain under-explored.
Several fields of radioactive boulder trains have also been found,
the sources of which have yet to be identified.
AREVA undertook a geological reconnaissance study, and focused
on the eastern portion of the property, with a view to identify the
exploration markers which should assist in the discovery of
economic mineralisation.
The 2009 field program, included prospecting, detailed mapping,
and a series of 6 drill holes, with a total of 1,320 meters
completed. Down hole radiometric surveys were completed in all
drill holes. Hole number WS09-5001 returned the most interesting
results, indicating anomalous uranium mineralization within the
host purple siltstone formation. Radiometric readings from this
hole measuring 470 counts per second ("cps"), 659 cps and 761.4 cps
were found at depths of 16.10m, 25.6m and 53m, respectively. These
radiactive readings correspond to uranium assays of 157 ppm U over
0.2m, 331 ppm U over 0.2m, and 109 ppm U over 0.3m,
respectively.
Sulfides and magnetite were noted in the anomalous intervals.
The uranium mineralisation was generally associated with fractures
or shear zones filled with argillaceous material and sulfides.
Trace amounts of uranium were registered in all of the other
completed holes. (note: one hole was abandoned due to depth of
overburden, and one hole was re-started in order to facilitate the
installation of plastic casing and in order to improve the down
hole radiometric logging survey).
The uranium potential of the property was further confirmed by
the discovery at surface of a number of new radioactive glacial
boulder trains which are spatially linked to the uranium anomalies
identified by anomalous airborne spectrometer readings. Thick
overburden inhibited the precise identification of the source of
these boulder trains. This will require further investigation,
including possible drilling. The 2009 drill program provided
valuable new information regarding the lithological, geophysical
and geochemical characteristics of the sedimentary and intrusive
formations hosting anomalous uranium values, and level of
deformation related to anomalous uranium, copper, cobalt and other
commercial elements. The field work also further identified the
geochemical relationships between various metals and defined a
number of different types of uranium mineralisation.
Certain EM anomalies discovered by VTEM readings, particularly
in the southern section of the property where major faults
intersect, could reflect deep intrusive structures. It is possible
that their existence could have generated hydrothermal systems.
Follow up work is required.
The report concludes that the property continues to have uranium
potential and recommends that further work be carried out. The
focus would be on prioritising the geochemical drainage and traps
for uranium in order to better define the favourable "blind zones"
on surface; prioritising the known mineralised zones in order to
identify the most favourable drill targets; drilling certain "blind
targets" where favourable geochemical traps are interpreted at
depth; drilling the mineralised zones at surface which have a
potential in grade and size in order to determine their lateral and
depth continuity; and pursuing detail prospecting and ground
truthing of helicopter identified uranium targets.
All geochemical analyses for the program were carried out by
Activation Laboratories Inc. of Ancaster, Ontario, using Induced
Coupled Plasma (ICP) analytical techniques.
The Report, entitled Projet Du Portage 2009 Rapport des travaux
de reconnaissance geologique was authored by Dr. Gennady Ivanov, P.
Geo.. The technical content of this release was reviewed and
approved by A.C.A. Howe, P.Eng., who is a Qualified Person under
National Instrument 43-101.
Waseco Resources Inc. is an exploration company focused on
uranium exploration in the Quebec Labrador Trough and gold
exploration in Kalimantan. The Company is profitable, debt free and
trading on the TSX Venture Exchange and the Frankfurt Stock
Exchange. There are currently approximately 30.3 million shares
issued and outstanding.
About AREVA
AREVA supplies solutions for carbon-free power generation. Its
expertise and know-how in this field are setting the standard, and
its responsible development is anchored in a process of continuous
improvement.
As the global nuclear industry leader, AREVA's unique integrated
offer to utilities covers every stage of the fuel cycle, nuclear
reactor design and construction, and related services. The group is
also expanding considerably in renewable energies - wind, solar,
bioenergies, hydrogen and storage - to be one of the top three in
this sector worldwide in 2012.
Every day, AREVA's 60,000 plus employees cultivate the synergies
between these two major carbon-free offers, helping to supply
safer, cleaner 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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