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The echolocation is the only part about the show that turned out to be interesting. The rest was your typical weirdo looking bearded guys finding nothing.
But as far as the echolocation went, it was definitely biological; sounded just like cetacean biosonar. And if it is a fish species that echolocates, it will be the first known in the world. The only aquatic species known to echolocate are the cetaceans, the whales and dolphins.
For a brief listen and some more information, try here:
http://www.animalvoice.com/lakechamplain.htm
I'm still 50-50 whether it's an actual lake-locked cetacean (there are fossil baluga whales all over the Lake Champlain area that date to as recent as 10-20,000 years ago) or a hoax.
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So it IS like that time you solved a Rubiks Cube.