By Dr. Allen Alper, PhD Economic Geology and Petrology, Columbia University, NYC, USA
Richard Williams, President and CEO of Waseco Resources (TSX-V: WRI): Exploring Gold Property Adjacent to a Newmont Mine on the Prolific Battle Mountain Trend in Nevada.
Waseco Resources (TSX-V: WRI) is an emerging international exploration company focused
on a highly prospective gold property adjacent to a Newmont mine on the prolific Battle
Mountain Trend, in Nevada. We learned from Richard Williams, President and CEO of Waseco
Resources, that in October they had all seven holes hit gold and they were able to extend
their Stibnite gold zone both to depth and on strike. Plans for 2017 include follow-up on
the drilling program and putting together a very strong four person technical advisory
committee with about 200 combined years of exploration and development experience. The
company is fairy tightly held with management owning 30%.
Dr. Allen Alper: This is Dr. Allen Alper, Editor-in-chief of Metals News,
interviewing Richard Williams, President and CEO of Waseco Resources Inc. Could you give
me an overview of your company, Rick?
Mr. Richard Williams: Certainly. We're a junior resource company listed on the
TSX Venture Exchange and we're also listed on several exchanges in Germany. Our main
focus at the moment is on the Battle Mountain Ridge Project, a property on the Battle
Mountain Trend in Nevada. This property is adjacent to a Newmont mine that's on care
and maintenance, where their focus was on the near surface oxides. Our property also has
near surface oxides and we have done some work expanding the resource, however our
current focus is on systems that may have brought the gold to surface.
Dr. Allen Alper: Wow, that's great. Could you tell me a little bit more about your
property and the drilling results that you've been getting in the Stibnite Gold Zone?
Mr. Richard Williams: Well, in October, we carried out a seven hole reverse
circulation program and all seven holes hit gold. Five of the holes were following-up on
what we call the Stibnite Gold Zone, where we intersected 25 grams of gold per ton in one
of the holes of our previous program. We wanted to follow-up on that and we put five
holes down. All five holes hit. We hit up to 10 grams and had a couple of five gram
intersections as well. We've extended the zone both to depth and on strike. We've added
about 45 meters on one end of the discovery hole and 110 meters on the other. We've also
added about 70 meters at depth, so it is starting to look very interesting. We have more
work to do. Our model suggests there is a fault to the south and that the zone has been
displaced to the east. We have some more drilling to get to the fault line, but then it
might go across the entire property. It could turn into something significant.
We drilled two other holes, one of which was on the zone where most of the historical
work was carried out. We hit the same sort of gold material that they had found
historically, the near surface oxide. We've added tonnage to the N-I 43-101 non-compliant
resource. Our other hole was a little bit of a wildcat; testing a geophysical and
geochemical target that had never been drill tested. Again, we hit some gold there, on
the south central portion of the property. There is lots of work to be done and we're
quite encouraged by it.
Dr. Allen Alper: Sounds very good, very good results! Could you tell me what your
plans are for 2017?
Mr. Richard Williams: Well, subject to financing, we plan to follow up on the
program that we just completed, but in addition, we have assembled a technical advisory
committee. They are four senior geologists that have worked with us in the past and who
have expressed interest in working with us on this project. We're going to have a lot of
talent. There's about 200 years of experience there. These are proven mine finders. We
are going to have them look at the Battle Mountain Ridge Project and a number of other
opportunities in the area. That's going to be our focus.
Dr. Allen Alper: All right, sounds very good. Could you tell me a little bit more,
Rick, about your background, your board and your team?
Mr. Richard Williams: Sure. I have 30 years’ experience in mining. I was in-
house counsel to a group of mining companies. I then set up a consulting firm. I
currently sit on two other public company boards, but this is the one that has my name on
it, as President. Mike Ellingson just joined our board. He is a mining engineer and was a
stock broker focused on mining. He lives in the States, so I think that will be helpful
to us. Our CFO, who is a CPA, is also on our board and he's a director with lots of
experience in mining as well. Then we have Derek Bartlett, who is a mining engineer. He
has a fair bit of experience in mining, about 40 years. Then Peter Sever, who has an MBA,
and has worked with me on mining projects over the last 30 years. It's a small, tight
board of skilled people.
Dr. Allen Alper: That sounds very good. Could you tell me a bit more about your
share and capital structure?
Mr. Richard Williams: We're fairly tightly held. We have 40 million shares,
issued and outstanding. I own about 10%. We I have another shareholder with about the
same, just under 10%. Management holds about 30% of the stock. We have a good shareholder
base in Europe and a good retail base here in Canada. We’re looking to see our retail
base expand in Germany and possibly elsewhere.
Dr. Allen Alper: What are the primary reasons our high-net-worth readers/investors
should consider investing in your company?
Mr. Richard Williams: Well, we have a low market cap, a small float, not a lot
of shares issued and outstanding. I think we have a good property in a very good
neighborhood with a great address. Management owns about 30% of the stock so we put our
money where our mouths are and we want to perform.
Dr. Allen Alper: That sounds excellent.
Richard Williams just sent us a News Release announcing the formation of a Waseco
Technical Advisory Committee. He states “As you will note, this is an amazing group of
dedicated geologists who will help us a lot, both at the BMR project and with the
evaluation of other opportunities. This team adds tremendous credibility to the Company
and I personally regard this as an important game changer.
Joining the Technical Committee are:
• Brian Arkell- B.Sc. Geo, M.S. Econ Geo. Mr. Arkell brings over 30 years of world-wide
experience in team building in base, precious metals, coal and uranium operations and
exploration. Featured among his many accomplishments is an extensive international
career with Newmont Mining Corporation.
• A. Lee Barker- P.Eng., P. Geo. Mr. Barker brings over 40 years of international
mineral exploration and development experience. For the past few years, Mr. Barker has
been the Qualified Person under National Instrument 43-101 policies, overseeing the
reporting of results from the Company’s Battle Mountain Ridge gold project in Nevada.
Mr. Barker is also the current President and CEO of Sparton Resources Inc.
• Gary O’Connor- B.Sc. Geo, Geophysics & Environmental Studies. Mr. O’Connor also brings
over 30 years of mineral exploration and development experience, having worked on all
continents of the world. He is currently the Vice-President of Dundee Resources, where
he is responsible for the technical due diligence and review of resource projects for the
• Alexander Po- B.Sc. Mining Engineering, M. Engr. Mining Geo – Mr. Po brings over 45
years of mineral exploration and development experience, including extensive work in
Nevada, Canada, the Philippines and Guyana. Mr. Po recently retired from Guyana
Goldfields Inc., where he led the team in the delineation of the Aurora Gold Mine.
The initial focus will be on conducting an in-depth review and analysis of the Battle
Mountain Ridge project in Nevada, where the Company has recently completed a drilling
program. The property is strategically located on the Battle Mountain-Eureka Trend,
immediately adjacent to Newmont’s Trenton Canyon Mine.
c/o Blaney McMurtry
2 Queen St. East, Suite 1500
Toronto, Ontario Canada
Richard Williams, LL.B., President