Positive Results Reported From New Geochemical Work
TORONTO, ONTARIO -- (Marketwire) -- 07/16/12 -- Waseco Resources Inc.
(TSX VENTURE: WRI) (FRANKFURT: WSE) (the "Company") is pleased to announce that, starting today, it will carry out an initial diamond drill program on its Battle Mountain Ridge gold project in Nevada, currently under option from Sparton Resources Inc.
(TSX VENTURE: SRI). (see Waseco News Release dated April 23, 2012).
In May, 2012, the Company completed a systematic soil sampling program over the portion of the property that had not previously been surveyed. A total of 259 soil samples were taken and sent to the ALS Chemex Laboratories in Winnemuca and Vancouver for multi-element analysis.
Specific analyses were done for standard pathfinder elements used in Nevada-style gold deposit exploration. These included gold, silver, arsenic, antimony, mercury, bismuth and thallium. The results were compiled with previous work and clearly indicate extensions of the soil anomalies associated with the known gold zones on the claims. They also highlighted a new untested area in the southern part of the claim block with the discovery of a coincident soil anomaly and CSAMT geophysical target. This zone is approximately 600 metres in strike length and is located near a shallow drill hole (#7) completed by Sparton in 2007, which returned anomalous gold values.
Based upon the interpretation of the compiled geochemical results, a number of known zones on the claims have also been extended in size. Based upon this work, and the inclusion of this new geochemical data, a 5,500 foot core drilling program consisting of 8 drill holes is planned. A drilling contract has been executed and work starts today. The initial holes are planned to extend the mineralization in the known zones and begin evaluating the new target areas. Because this will be the first core drilling program conducted on this property, it is expected to lead to a much better understanding of the structural and lithologic controls on mineralization and provide direction for future work.
Mr. Derek Bartlett, Waseco Director and Project Manager, stated: "This is the first time that the property will undergo diamond drilling. To date, all of the previous drilling has been done using reverse circulation drills. While the results have been successful in identifying a series of near surface gold zones, this core drilling program should provide a more accurate understanding of the mineral structures on the property as well as add to the dimensions of the known gold zones, as we plan to drill to greater depths."
Mr. Richard Williams, Company President and CEO, added that: "There is already a historical resource on the property(i) that we intend to better understand following the current program. The presence of existing gold mineralization, combined with its strategic location on Nevada's prolific Battle Mountain Trend, tying directly onto Newmont's Trenton Canyon Deposit and within a few miles of Barrick - Goldcorp's Marigold and Newmont's Phoenix Gold Mines, makes this property a very exciting and compelling exploration project."
(i)The claims host a non-N-I 43-101-compliant historical resource of 2.9 million tons of 0.023 oz/t Au (0.80/g/T Au) reported by previous operators in 1997. (A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources). Mr. A. Lee Barker, P. Eng., P Geol., a Qualified Person under National Instrument 43-101, has reviewed and approved the technical content of this release.
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.