Waseco has acquired 5 properties covering Uranium occurrences comprising 210 claims. These properties cover a total of 105 square kilometers and are situated in a zone extending from 200 to 300 kilometers northwest of the town of Schefferville and 140 to 280 kilometers south-east of Fort Chimo, in Quebec-Labrador.
Three of the five properties have been optioned to Uranium Mining Corporation
plc. who have the right to earn a 75% interest by funding the next $800,000 of
exploration. Two of the properties are 100% owned by Waseco. All of the original
properties are subject to a net smelter royalty.
U3O8 Price (lb)
The Preliminary Summary Report, authored by Rob Hearst, M.Sc. P.Geoph. and a
Qualified Person under N-I Policy 43-101, compiles and interprets the initial
results of the magnetic, gravity and radiometric surveys completed in September
of this year. The Summary identified that each of the five properties has
geophysical features of significant interest for uranium, and other minerals.
Several anomalous uranium zones across all properties have been delineated, some
of which are kilometres in strike length and open ended. Additional follow-up
geologic and geophysical work has been recommended, including the staking of
additional claims. A detailed interpretation of the airborne survey results is
currently being completed with the expectation of developing several targets
that can be directly drilled from these results. More detailed and property
specific information will be made available following receipt of the Final
Report.
The Company also intends to focus on opportunities available in Kazakhstan, which has significant undeveloped and under-developed resources.
UMC have been introduced to a number of energy-related projects in Kazakhstan, including oil and gas opportunities, and are close to taking an option to acquire one project.
Rob Schoonbrood, Executive Chairman, "We are of course disappointed that
negotiations for this particular oil field have not had the expected result. We
are currently looking at other attractive opportunities and have just commenced
negotiations on an oil field of similar size and characteristics. We are
confident that we can keep to our current targets and timing."
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