Uranium Projects in the Quebec Labrador Trough

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LOCATION

Waseco has acquired 5 properties covering Uranium occurrences comprising 770 claims. These properties cover a total of 330,000 hectares 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.

MINERALIZATION

Uranium (U3O8) occurs as pitchblend, associated with copper, gold, silver, lead, zinc and cobalt. The mineralization occurs strata-bound in sandstone, mudstone and siltstone. It also occurs in veins and pegmatites. The occurrence of these associated minerals plus haematite in the country rock, indicates potential for the Iron Oxide Copper Gold (“IOCG”) poly-metallic uranium type of deposits, similar to the huge Olympic Dam deposit of Australia.

PROPERTIES ACQUIRED

The properties are described in various reports, lodged with the Ministry of Energy and Resources of Quebec by previous explorers such as Uranerz and Eldorado Nuclear; companies which explored in the 1980’s and terminated activities when uranium prices dropped below US$10.00 per pound. The following quotes these Reports as listed by numbers and catalogued by the Ministry: BLOCK I, BLOCK II, BLOCK III, BLOCK IV, BLOCK V.

CONCLUSIONS & RECOMMENDATIONS

Waseco has acquired five highly prospective areas with known uranium mineralization. In some blocks this is accompanied by copper, gold, silver, lead, zinc and haemetite, similar to the Olympic Dam deposit of Australia , the largest deposit in the world containing 700 million tonnes of 0.05%U, 1.7% Cu, 0.6g/t Au, 3.6g/t Ag. Other areas contain sandstone deposits of uranium. The U.S.A. has large resources of sandstone deposits in the Western Cordillera Region, and most of its uranium production has been from these deposits, recently by in situ leach mining. There also is vein type mineralization in some Waseco blocks. Vein deposits constitute about 9% of world uranium resources. Major deposits include Czech Republic and Zaire. It is recommended that initial exploration be carried out by an airborne radiometric, magnetic and gravimetric survey. This will establish potential sources of the boulders and identify deeper deposits.

STATUS

The Company owns a 100% interest in each of the 5 claim blocks, subject to a royalty on the original 210 claims. The claims have been optioned to Areva, who may earn a 50% interest in the Uranium assets and related metals by funding $1.6 million of exploration and a further 20% interest by advancing a project to final feasibility.

Main project page, BLOCK I & BLOCK II, BLOCK III, BLOCK IV & BLOCK V

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