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 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.

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 1. #181 BRAVO, #185 Lac CRABE, #187, #188: total of 94 claims, situated east of Lac du Portage.
#181 discovered by Eldorado Nuclear Co., in 1979. Report ET.88-06 by Ministry states: “one surface exposure remains open exposing a zone 2.5m. long, 2.0m. wide, with a central zone of enrichment 20 to 30cm. wide. The mineralization is sub-parallel to the schistosity and is confined to a calcareous rock, Bravo presents uraniferous mineralization disseminated throughout the interior of a calcareous strata. Channel samples taken (Tremblay 1979) reported 0.58% U308 over 25cm, and 0.14% U308 over 28cm. The uranium mineralization is concentrated in irregular masses up to 2 to 3cm. in diameter. One sample taken by Pierre Brouilolette, reported in 1989 for Ministry, analysed 2.16% Uranium with 4.5 g/t silver. One drill hole analysed 0.05% U over 25cm. Examination of a dozen trenches adjacent to Bravo outcrop followed a strike length of about 200 metres. Glacial trains cross the property and carry uranium and copper mineralization in hundreds of mineralized pieces of rock. Analyses of grabs ran up to 38% U, 1.2% Cu, 5% Pb and 0.02% Co. A memo by C. Robert M.E.R.Q. /88/03/10 reports a drill hole analysing 0.16% U over 1.0m. He reports that the discovery of radio active float of type Bravo at several kilometres to the S.E. of Bravo suggest an extension of the mineralization in that direction, as discontinuous as it may be (GM-37130-1980).
BLOCK 1. #185 Lac Crabe, Ministry reports copper disseminated and in veins in train No.4. Mineralization 955m. long x 1.3m wide x 45m. Drilled intersections 3.71% Cu over 1.8m; 0.07% U over 1.2m
#187  Strata-bound U in Sandstone
#188  Vein Uranium
BLOCK 2. #175 Lac Cutus Sud,
#176 Lac Cutus Nord,
#182 Otel Lake Total of 32 claims, North Boundary 3km. S.E. OF BLOCK I south boundary.
#175 Vein of chalcopyrite containing grabs of 51.4% Cu, 1.25g/t Au, 10.62g/t Ag and drill core of 0.96% Cu over 3.37m.
#176 Vein of chalcopyrite containing sample results:

Grabs: 7.05%Cu, 5.62g/t Ag,
Trench: 3.5% Cu over 0.7m

#182  Extract from Report DV83-05 (1983): “Eldorado’s exploration of 1982 produced encouraging results. At least two cross-checks in the drilling of 1982 gave more than 0.1%U, over at least 1 metre. Despite the encouraging results, Eldorado decided to interrupt activities in the region for an indefinite period.” Sample Results:

Grabs: 3.855 U, 6.88% Cu
Drilling: 0.10% U across 1m
1.24% Cu across 0.5m.

BLOCK 3. #234 CARIBOU: total of 24 claims, located 130 kms N.E. of Block 1.  Extract from report by Uranerz 1979: INDIAN LAKE AREA Radiometric zone 150m long and width 1 to 2 meters.

Grabs: 1.26% U3O8, 0.42% U3O8, 0.13% U3O8
Caribou showing area: Mineralized showing 50m long and 25m wide.

Rock sampling sheets provide analyses on samples taken. (Page 6) up to 0.53% U308. A report by C. Robert states: “uranium occurs in a zone extending over l50m long varying up to 2.0m wide with uranium associated with vanadium adsorbed in the matrix of the rock with values up to 6.41%. The matrix represents up to 30% of the rock. The mineralization is so fine that the minerals of uranium and vanadium could not be identified.” Other Ministry reports indicate grab samples-

1.26% U308 and 0.055% Th02
0.42% U308 and 0.13% Th02 and 1.10% Cu

BLOCK 4. #166 PONS LAKE: total of claims 24, situated 110 km west of Block 1 and 20 km south of Block 5.
Extract from report by Uranerz, Rodney Orr, 1979: “Located in Sakami formation of Lac Gayot  outlier Sakami formation consists of sedimentary rocks of Precambrian age. Four uranium-bearing wacke-type boulders were found, ice direction was from south to north and it is quite certain that these boulders have their source within this outlier. Two uranium bearing fractures were found within the basement granites. Both are situated close to the contact with the sediments.
Chemical analyses from boulders and outcrop:

Green Wacke     0.277%U308
Green Wacke     0.124%U308
Fractured Granite 0.445%U308
Fractured Granite 0.201%U308
Altered Granite   0.308%U308

BLOCK 5. #164, #165 FENSTER LAKE. Number of claims 36, situated 100kms west of Block 1 and 20 kms north of Block 4. Extract from report by Uranerz, Rodney Orr, 1979: “Located in Lac Gerzine outlier in similar Sakami type formation of Lac Gayot outlier. Six radio active boulders were found. The glacial trend indicates the source of the boulders to be the western edge of the outlier.

Chemical analyses of these boulders:
Green Shale      0.094%U308
Red Green Wacke   0.289%U308
Buff Wacke       0.055%U308

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. Projects bids are being sought. Owing to the isolated areas of these blocks initial ground geological investigation will cost in the order of $350,000.STATUS

The Company owns a 100% interest in each of the 5 claim blocks, subject to a royalty held by the original vendors. Three of the claim blocks (Blocks I, II, and III) have been optioned to Uranium Mining Company plc. who may earn a 75% interest by funding $800,000 of exploration.

 

Geophysical Survey Report   (4 mb pdf)

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