Waseco Resources Plans New Drill Program at Battle Mountain, Nevada
2014年5月12日 - 10:43PM
Marketwired
Waseco Resources Plans New Drill Program at Battle Mountain, Nevada
TORONTO, ONTARIO--(Marketwired - May 12, 2014) - Waseco
Resources Inc. ("WRI") (TSX-VENTURE:WRI)(FRANKFURT:WSE) is pleased
to report that it intends to follow up on the excellent results of
its 2012 drill program and the acquisition of the balance of the
lease to the Battle Mountain Ridge gold project in Lander County,
Nevada. The Waseco Board has approved a drill program designed to
expand several of the known gold zones previously identified on the
property and evaluate new targets. Readers are invited to view a
new video presentation on the project on the Company web site and
at http://geovideobites.com/page/waseco.html.
Subject to
financing, the proposed drilling program is to consist of 6 to10
reverse circulation ("RC") holes, totaling up to 1,800m. A power
point presentation showing this information will be available on
the Waseco website (www.wasecoresources.com).
The initial focus
will be on the North Zone where, in a core drilling program
completed by Waseco, Hole 12#5 intersected 25.4 g/t Au (0.9oz/t)
over 3.7m (12feet) in the interval 150-153.7m down hole
(450-465feet) on a splay fault of the dominant stibnite fault. This
interval included intersections of:
47.6 g/t Au (1.68
oz/t) over 0.9m (3 feet) and
61g/t Au (2.15 oz/t)
over 0.6m (2 feet).
This hole is
exceptional in that it has intersected the highest grade gold
mineralization reported from any known exploration program
completed on the property to date. This high grade zone remains
open laterally and to depth. Three to four RC holes are planned for
this area.
An upper zone,
higher in the hole, between 128-147m (420-465 feet), returned gold
values averaging of 1.82g/t Au (0.06oz) over 13.72m (45 feet). The
intersections appear to be approximately 85% of true widths based
on the core angles and information plotted on cross section.
A previous RC hole
intersection, approximately 25m above Hole 12#5, returned 29m (95
feet) of 1g/t Au. Hole 12#6, drilled at 53 degrees to the east,
returned intersections of 5.3 g/t Au over 1.5m from 65.8-67m,
0.49g/t Au over 3m from 178-181m and 1.15g/t Au over 0.9m from
194.5-193.4m.
The upper zone of
core Hole 12#5, was not intersected in core Hole 12#6. It is
believed that this higher grade zone may be off-set to the north
and therefore was missed by Hole 12#6. This interpretation will be
tested during the planned program.
The South Zone will
also be tested by 1 or 2 holes to follow-up to several previous RC
holes (7-5, 7-6, and 93-19) that intersected significant gold as
well as core Hole 12#2 which intersected several mineralized zones.
The upper zone returned 4.6m of 0.41 g/t Au from 6.1-10.7m. Two
deeper zones, from 59.5-68.6 and 74.7-76.2 m, returned 8.4m of
0.52g/t Au and 1.5m of 0.53g/t Au, respectively. This
mineralization appears to extend to surface as a 1m chip sample at
the surface returned 0.63g/t Au but extensive surface sampling or
trenching has not yet been done in this area. This zone is open to
the north where no drilling has carried out to date to extend the
zone. The intersection of two major fault zones about 150m to the
north makes this area a priority target.
The gold
mineralization at BMR is structurally controlled and the continuity
may be disrupted by offsets which displace the gold zones laterally
and vertically. The extension of the North zone to the southeast
appears to be offset by a documented east west fault and a similar
of extension of the soil and rock chip geochemical anomaly
associated with the North Zone supports this interpretation. This
extension has not been tested. At least two holes are proposed in
this area.
In summary, the
Company is very encouraged by the ore potential on the property for
the following reasons:
- The North Zone, where holes 07-3 (23 m of 1.13 g/t Au) and Hole
12#5, ( 29 m of 1.0 g/t Au) show multiple mineralized zones,
including the much higher grade zone intersected in the latter
hole, is open to the south for a strike length over 400 m. The
upper zone in Hole 12#5 (1.82 g/t Au over 13.7 m) may be the same
zone intersected in hole 93-21 which returned 23m of 0.9 g/t Au
where the hole terminated in gold mineralization; while the higher
grade zone in Hole 12#5 ( 3.7 m of 25.3 g/t Au) did not appear due
to the hole not drilled deep enough or the zone off-set. All of the
gold mineralized zones therefore are open to the north.
- The West Zone has not been fully tested as previous RC holes (9
holes about 20 years ago) were spotted in the zone and started in
gold mineralization. This zone is believed to the continuation to
the south of the Trenton Canyon deposit which was previously mined
by Newmont. This is indicated by an untested geochemical anomaly
extending to the property boundary and is a priority target for
drilling.
- At the South Zone, the gold intersection in RC hole 93-19 (33m
of 1.3 g/t Au) or (110 feet of 0.045 oz per ton Au) remains to be
tested at depth and to the south.
- In addition to the above targets, a new gold zone, discovered
east of the South Zone (hole 07-7), should also be tested as a
possible off-set continuation of the North Zone. Geochemical and
geophysical surveys support the interpretation that the North Zone
has been offset by a post mineralization fault.
Company President, Richard Williams, commented: "The recent
merger discussions between Barrick and Newmont highlighted both the
importance of Nevada as a gold mining centre and the value of
operating in this safe jurisdiction. The Battle Mountain Ridge
project is strategically located in the heart of one of the most
prolific gold belts in the world and the property is proven to host
gold. The excellent exploration potential makes for a very exciting
program."
A. Lee Barker, P.
Eng., P. Geol., a the Qualified Person pursuant to the guidelines
of National Instrument 43-101 has reviewed and approved the
technical content of this release.
Waseco Resources
Inc. is an exploration company focused on gold exploration in
Nevada and Kalimantan and uranium exploration in the Quebec
Labrador Trough through a joint venture with AREVA Canada Inc. The
Company is debt free and trades on the TSX Venture Exchange and the
Frankfurt Stock Exchange. There are currently approximately 30.3
million shares issued and outstanding.
For further
information on Waseco, please visit the Waseco web site at
www.wasecoresources.com.
ON BEHALF OF THE
BOARD OF DIRECTORS OF
WASECO RESOURCES
INC.
Richard
Williams, Richard Williams, President
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.
Waseco Resources Inc.Richard WilliamsPresident(416)
364-3123blackwell@tcn.netwww.wasecoresources.com
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