Waseco Resources Inc. Corporate Update
TORONTO, ONTARIO--(Marketwired - Jul 5, 2016) - Waseco Resources Inc. (TSX VENTURE:WRI)(FRANKFURT:WSE) is pleased to confirm that it has negotiated a reduction of the Annual Advance Royalty payable on the Battle Mountain Ridge ("BMR") gold property, in Nevada, from US$ 75,000 to US$50,000, annually. It has also settled the current lease payments and the current and coming year's Advance Royalty payment for shares and US$ 10,000 in 2016 and $US$ 20,000 in 2017. Regulatory authority was obtained for the issuance of a total of 1.5 million shares and 700,000 warrants, exercisable at $0.075 per share prior to June 1st, 2018. The shares and warrants have been issued and are subject to a 4 month trading hold until October 3rd, 2016.
The Company is also pleased to report that 650,000 warrants, which formed part of the initial tranche of the unit offering completed last year, have been exercised. The warrants were convertible into shares at $0.075 per share and will result in the issuance of 650,000 shares.
The proceeds from the financing will be used for a follow-up exploration program at Battle Mountain Ridge, around the North Zone high grade discovery in hole, # 12-5, which intersected 25.4 g/t Au (0.9oz/t) over 3.7m (12 feet) in the interval 150-153.7m (492-504 feet).
This property is strategically located on the prolific Battle Mountain Trend, immediately adjacent to Newmont's Trenton Canyon Mine, 5 miles south of Silver Standard's Marigold Mine and 9 miles to the north-east of Newmont's Phoenix Complex. The latter two mines both reported annual production of over 200,000 ounces of gold in 2015, with Newmont also reporting production of 46 million pounds of copper from the Phoenix Complex.
Company President, Richard Williams, commented: "We have been waiting for conditions to improve in the junior exploration market before continuing our program at BMR. Based upon our research, the disseminated gold found on surface on both our property and on those of our neighbours, is structurally controlled with mineralizing fluids originating at depth. These have emplaced gold and other related minerals in preferred structures. In the North Zone, we have a well documented mineralized structure containing gold and antimony (stibnite) that is visible at surface and trends across most of the property. Gold mineralization is clearly enriched in this structure and the previous core drilling program has indicated that the gold grade improves at depth. Our follow-up program will use this model to target deeper parts of the zone and is expected to generate additional higher grade intersections.
- Lee Barker, M.Sc, P.Eng, P.Geo, is the Qualified Person for this news release under National Instrument 43- 101 and he approved the scientific and technical information in the news release.
Waseco Resources Inc. is an exploration company focused on gold exploration in Nevada and uranium exploration in the Labrador Trough, Quebec, through a joint venture with AREVA Canada Inc. For further information about the company, please visit the web site at www.wasecoresources.com.
WASECO RESOURCES INC.
Richard Williams, President
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