Block I & II – Quebec Labrador Trough

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Blocks I/II consists of an area covering approximately 145 square kilometers. of the Quebec Labrodor Trough. The Company commissioned a high resolution airborne geophysical study of this property last fall. Results of the geophysical survey and interpretation, prepared by MPX Geophysics Inc., can be summarized as follows:

  • A total of six (6) large zones of uranium enrichment.
    Note: in this study, a “zone” is defined as having an extension approaching or exceeding a kilometre in measurement;
  • A total of eight (8) discrete uranium anomalies;
    Note: in this study, a “discrete anomaly” is defined as a circular or elliptical shaped anomaly of limited diameter (<700 metres), and of high amplitude (typically 2.5 eU to 5.5 eU) that is distinct from/or hosted in a uranium zone.
  • A total of seven (7) moderate conductivity electromagnetic anomalies;
  • A total of eighteen (18) discrete magnetic targets that conform to a strike limited prismatic or vertical cylinder model and may be present as kimberlites upon further inspection;
    Note: in this study, a “discrete magnetic target” is defined as a circular or elliptical shaped anomaly of limited strike length (<1,000 metres), of limited width (<500 metres), and of moderate amplitude (typically 200 nT to 1,500 nT) that does not appear to be part of another magnetic feature or related to a possible stratigraphic feature.
  • Identification of possible Iron Formation and gabbro dyke systems.

The Report describes the uranium zones as extending up to 4 km, with widths of 500m to 1km, with the smallest of the six (6) zones being approximately 800m by 400m in size. Several of the areas have potential for Iron Formation hosted gold and copper as well as uranium.

The MPX Report states:

“Both Athabasca and Olympic Dam type deposits have been suggested for the Labrador Trough uranium deposits. Although these types are fundamentally different, they do share some significant common elements, primarily:

  • The Achaean basement is the primary source of mineralization,
  • Both are multi-metallic with respect to uranium mineralization, primarily carrying copper and gold,
  • That the metal-carrying solutions have, for Olympic dam deposits, filled open spaces in an explosive volcanic diatreme breccia crater and in the case of the Athabasca deposits, traveled up through a network of fractures, shear zones and cataclastic zones within the basement and the overlying sedimentary cover sequences.

Specific deposit model types to be considered are:

  1. Sandstone Uranium Model (Athabasca Type): Unconformity related uranium deposit consisting of massive pods, veins and or dissemination of uranite (commonly as pitchblende) associated with an unconformity between Proterozoic sandstone and underlying basement metamorphic units.  The sandstone host tends to be unmetamorphosed and flat lying, whereas the basement metamorphic units tend to be shear zone separated meta-sedimentary belts and/or granitoid intrusives.
  2. Iron-Oxide Copper Gold (IOCG- Olympic Dam Type): Typically not associated with a unique lithological host or age, IOCG deposits typically form at shallow to mid crustal depth in an extensional continental tectonic setting and in the specific instance of Olympic dam in Australia, at the junction of continental scale lineaments. Associated alteration zones typically exhibit a primary Ca-Na regional alteration superimposed on potassic and FeO alteration.”

The MPX Report also states:

“The primary focus of Waseco is uranium exploration in this area; however, the presences of copper, gold, silver, lead, zinc, cobalt and possibly kimberlite can not be overlooked”… “It is important to note that the Labrador trough should not be considered only in the context of uranium deposits but also for massive base metal sulphide (MBMS), precious metal deposits and given the Archaean basement rock proximity, the possibility of kimberlite and hence diamonds.”

The Report concludes that:

“It is apparent that the study area is complex and has potential for hosting several types of economic mineralization. The potential exists for uranium, gold and diamonds at a minimum…As a result of the wide range of potential mineral deposits, the possibility of an IOCG multi-commodity type metalogenic system must be given serious consideration.”

Management is very pleased with the results of the study and with the quality of the Report.  It cautions readers that the areas referred to are surficial, as these radiometric readings generally penetrate 1.5 metres in depth.  Further ground truthing is required to quantify and qualify the uranium potential.  Management has also been advised that the geochemical samples taken last fall by Aurora Geosciences Inc. are currently being processed by an independent laboratory and that these results should also be available in a relatively short time.  All of this data is being collated and interpreted by UraMin Inc., in preparation for discussion of a follow-up program.

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.



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