TORONTO, April 03, 2019 (GLOBE NEWSWIRE) -- Waseco Resources Inc. (the “Company”) (TSX-V:WRI) plans to re-activate its exploration program on the Battle Mountain Ridge gold project in Nevada. At the request of IIROC, the Company wishes to clarify certain disclosure earlier circulated to select shareholders. The intent of this release is to generally disseminate this information.
The property is strategically located on the Battle Mountain Gold Belt, adjacent to Newmont’s Trenton Canyon Mine and within 3 miles of the producing Marigold Mine and 9 miles from Newmont’s Phoenix/Fortitude Mine complex. Management has calculated, using Newmont and SSR public disclosure, that there are in excess of 30 million ounces of past production and current resources within a 10 mile radius of the property, making this one of the most prolific gold centers in the world. Note: Mineralization hosted on adjacent and nearby properties is not necessarily indicative of mineralization that may be hosted on the Company’s Battle Mountain Ridge gold property.
On November 12, 2012, Company was successful in making a discovery at Hole 12-5 which was reported, as follows:
“Located approximately 100 meters from Newmont’s boundary and approximately 150 meters from one of the pits comprising their Trenton Canyon Mine, Waseco’s Hole 12-5 hit a high-grade gold zone that warrants follow up delineation.
Hole 12-5 intersected 25.4 g/t Au (0.9oz/t) over 3.7m (12 feet) in the interval 150-153.7m down hole (450-465 feet) on a splay fault of the dominant stibnite fault.
This interval included intersections of:
47.6g/t Au (1.68oz/t) over 0.9m (3 feet) and
61g/t Au (2.15 oz/t) over 0.6m (2 feet).
An upper zone, higher in the hole, between 128-147m (420-465 feet returned gold values averaging 1.82g/t Au (0.06 oz) over 13.72m (45 feet).
This hole is exceptional in that it has intersected the highest grade gold mineralization reported from any known exploration program completed on the property to date.”
A follow-up drill program in 2016 was successful in intersecting gold in all seven holes and extending the zone to 70 meters to depth and 45 meters laterally to the north and 110 meters to the south. The gold zone remains open at depth and laterally. While a further follow-up drill program has been laid out, management had elected to defer the program, pending its efforts to acquire the adjoining property to the north where the surface expression of the gold bearing structure appears to cross and continue.
A data room was assembled by the adjacent land owner, which included for sale the block north of the BMR property, and a bidding process was completed towards the end of 2018. A number of other properties, including past producers currently on standby, were in the property package being sold. Management elected to restrict its offer to the lands immediately adjacent. The vendor has recently advised that a third party, not yet identified, bid for the entire package of properties and would become the new owner. The closing has yet to be announced.
Management desires to be in control of its own destiny. In light of the recent increase in the price of gold and a renewed investor interest in gold exploration, management has recommended that the exploration program be re-initiated. Additional funds are also needed to maintain the public listing and address payables. A financing will now be sought in the context of the market.
With some 40 Million shares issued and outstanding, the Company has managed to limit dilution of the years maintained a relatively low float and never had a consolidation. The BMR will remain the priority, management continues to assess other projects including additional gold prospects in Nevada.
A. L. Barker M.A.Sc., P. Eng., P. Geol. is the Qualified Person under NI 43-101 for the technical information in this news release and has reviewed all available data for the results reported and approved the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
WASECO RESOURCES INC.
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.