TORONTO, ONTARIO--(Marketwired - Aug 8, 2014) - Waseco Resources Inc. (TSX VENTURE:WRI)(FRANKFURT:WSE) (the "Company"), reports that preparations continue for a follow-up drill program consisting of 6 to 10 holes, of up to 1,800 meters in total, designed to test and expand several of the known mineralized gold zones identified on the Battle Mountain Ridge Project in Nevada. A video animation detailing the exploration history of the property is available for viewing on the Company's web site.
The initial focus will be on the north zone, where Hole 12-5 intersected 25.4 g/t Au (0.9 oz/t) over 3.7 m (12 feet) in the interval 150-153.7 m (492-504 feet) down hole on a splay structure of the dominant Stibnite Fault. This interval included intersections of:
|47.6 g/t Au (1.68 oz/t) over 0.9 m (3 feet) and |
|61 g/t Au (2.15 oz/t) over 0.6 m (2 feet) |
This high grade zone remains open laterally and to depth. An upper zone, higher in the hole, between 128-142 m (420-465 feet), returned gold values averaging of 1.82 g/t Au (0.06 oz) over 13.72 m (45 feet). Three to four holes are planned for this area.
The south zone will be tested by 1 or 2 holes by way of follow-up to several previous RC holes (7-5, 7-6, and 93-19) that intersected significant gold as did core drill Hole 12-2, which intersected several mineralized zones. In addition, this mineralization appears to come to the surface, as a 1 m chip sample above this intersection returned 0.63 g/t Au. This zone is open to the north where no drilling has been carried out. The intersection of two major fault zones about 150 m to the north makes this area a priority target.
The gold mineralization is structurally and stratigraphically controlled and the continuity can be disrupted by offsets which displace the gold zones laterally and vertically. An area south-east of the north zone is viewed as a potential offset of this zone. It has seen very limited testing. Two holes are proposed in this area.
In addition to the above targets, a 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, or a new mineralized area.
The Company also reports that the TSX Venture Exchange has accepted the Company's application to pay a US$25,000 portion of the BMR advance royalty from treasury by the issuance of 315,815 shares. The shares will be subject to a four month hold period ending December 7th, 2014.
Waseco President, Richard Williams remarked: "This project is bringing renewed attention to the area and has generated local interest. The property hosts significant gold mineralization and is immediately adjacent to Newmont's Trenton Canyon Mine. It is on one of the world's most prolific gold belts and in a mining friendly jurisdiction."
Shareholders and prospective investors are cordially invited to the Annual Meeting which is being held at 10:00 a.m. on August 28th, at Suite 1500, 2 Queen St. E, Toronto, Ontario.
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 trades on the TSX Venture Exchange and the Frankfurt Stock Exchange. There are approximately 30.6 million shares issued and outstanding.
For further information, please visit the Waseco web site at www.wasecoresources.com.
WASECO RESOURCES INC.
Richard Williams, President & CEO
A. Lee Barker, P. Eng., P. Geol., a Qualified Person pursuant to the guidelines of 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.