| | Published : October 29th, 2007 | Drilling Leads to Major Uranium Discovery in Labrador |
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BAYSWATER URANIUM CORPORATION
NEWS RELEASE
Drilling Leads to Major Uranium Discovery on Bayswater�s Anna Lake Prospect,
Central Mineral Belt Uranium Project, Labrador
Highlights
Best drill intersection to date returns 40 meters grading 0.07% U3O8 and
0.022% Mo (molybdenum)
Hole to hole correlation establishes main uranium mineralized zone over a
340 meter strike length, 230 meter vertical depth and approximate true widths
of up to 25 meters
Deposit open in all directions
Deposit is entirely blind�overburden covered with a veneer of glacial
drift and boulders
Vancouver, BC, October 29, 2007 ─ Bayswater Uranium Corporation
(TSX-V: BAY) (OTC: BYSWF) is pleased to report a near surface uranium
discovery with significant molybdenum credits from drilling on its Anna Lake
Prospect located on the Company�s 100% owned property in the Central Mineral
Belt, Labrador. Drill results include an intersection in AL07-01 grading 0.07%
U3O8 over 40 metres including 0.12% U3O8 over 5 metres and 0.15% U3O8 over 6.0
metres. Also, an approximate true width intersection from AL07-25 grades 0.05%
U3O8 over 25.0 metres including 0.10% U3O8 over 2.0 meters and 0.11% U3O8 over
6.0 meters.
Mr. George Leary, President of Bayswater states, "The Company
is very encouraged by the drill results from its Anna Lake property to date.
This discovery is an excellent start for our first drill program in Labrador and
on our Canadian holdings."
To date, 62 Diamond drill holes totalling approximately 13,000
meters of core recovery have been completed on several of Bayswater�s high
priority targets identified during 2006. Uranium assay results have been received for 28 of 33 holes at the Anna Lake Uranium prospect, 12 of 13 holes
for the Dandy and all holes for Stipec A, Stipec E and Kanairiktok Bay showings.
Only partial results have been received for an ICP-42 multi-element suite.
Additional results for the Anna Lake drilling are pending laboratory
analysis. Table 1 highlights drill results from the Anna Lake
discovery to date.
Table 1 � Analytical Results � Uranium & Molybdenum
Anna Lake Prospect
DDH # |
From
(m) |
To
(m) |
Interval (m) |
% U3O8 |
% Mo
|
Comments |
AL07-01
Including
|
18.69
25.69
33.69
51.69
54.69
64.69
72.96
79.69
105.69
131.69 |
20.69
28.69
35.69
91.69
59.69
70.69
77.69
86.69
107.69
137.69 |
2.0
3.0
2.0
40.0
5.0
6.0
5.0
7.0
2.0
6.0 |
0.09
0.07
0.06
0.07
0.12
0.15
0.06
0.09
0.10
0.07 |
0.0311
0.0309
0.0287
0.022
0.0234
0.0446
0.0185
0.0300
0.0315
0.0225 |
Designed to test main zone. True widths
unknown. |
AL07-02
|
11.5
24.0
87.5
145.2 |
13.4
27.35
89.6
150.0 |
1.9
3.35
2.1
4.8 |
0.06
0.06
0.08
0.07 |
0.0372
0.0325
0.0317
0.0114 |
Designed to test main zone. True widths
unknown. |
AL07-03
including |
26.0
29.0
70.0
77.0
86.0 |
34.0
32.0
71.0
82.0
89.0 |
8.0
3.0
1.0
5.0
3.0 |
0.07
0.13
0.08
0.03
0.09 |
0.0206
0.0346
0.0111
N.S.R.
N.S.R. |
Designed to test main zone. True widths
unknown. |
AL07-04 |
|
|
|
N.S.R. |
Not sampled |
Drilled in footwall rocks |
AL07-05 |
|
|
|
N.S.R. |
Not sampled |
Designed to test separate IP target |
AL07-06 |
|
|
|
N.S.R. |
Not sampled |
Drilled in footwall rocks |
AL07-07
including |
9.4
13.2
46.2
75.0 |
16.3
14.2
47.7
83.9 |
6.9
1.0
1.5
8.9 |
0.10
0.25
0.08
0.11 |
0.0284
0.0636
N.S.R
0.0342 |
Designed to test main zone. |
AL07-08
including |
120.0
132.4
134.0
162.6
176.5 |
123.0
138.7
138.7
163.0
180.5 |
3.0
6.3
4.7
0.4
4.0 |
0.03
0.07
0.08
0.19
0.08 |
N.S.R.
0.0208
0.0233
0.0674
0.0300 |
Designed to test main zone. |
AL07-09 |
|
|
|
N.S.R. |
Assays
Pending |
Designed to test separate IP target |
AL07-10 |
89.6 |
91.6 |
2.0 |
0.05 |
Assays Pending |
Designed to test main zone |
AL07-11 |
|
|
|
N.S.R. |
Assays Pending |
Designed to test main zone |
AL07-12
including |
48.0
68.0
72.0 |
50.0
73.5
73.5 |
2.0
5.5
1.5 |
0.02
0.09
0.22 |
Assays Pending |
Designed to test main zone. |
AL07-13 |
108.54
146.5 |
117.79
147.5 |
9.25
1.0 |
0.04
0.09 |
Assays Pending |
Designed to test main zone |
AL07-14 |
|
|
|
N.S.R. |
Assays Pending |
Stopped at 14 meters. Collared in footwall
rocks. |
AL07-15 |
156.2
161.2 |
158.2
168.2 |
2.0
7.0 |
0.05
0.06 |
Assays Pending |
Designed to test
main zone |
AL07-16 |
147.0
157.0 |
149.0
162.0 |
2.0
5.0 |
0.03
0.05 |
Assays Pending |
Designed to test main zone |
AL07-17
including |
145.35
152.5 |
160.0
155.67 |
14.65
3.17 |
0.05
0.11 |
Assays Pending |
Designed to test main zone |
AL07-18 |
|
|
|
N.S.R |
Assays Pending |
Test east contact 1km north |
AL07-19 |
|
|
|
N.S.R |
Assays Pending |
Test east contact 1km north |
AL07-20 |
|
|
|
N.S.R |
Assays Pending |
Test east contact 1km north |
AL07-21 |
|
|
|
N.S.R |
Assays Pending |
Test west contact 1km north |
AL07-22 |
|
|
|
N.S.R |
Assays Pending |
Test north contact 1km north |
AL07-23 |
52.9
70.9 |
56.0
72.5 |
3.10
1.60 |
0.04
0.07 |
Assays Pending |
Designed to test main zone |
AL07-24 |
78.8 |
80.1 |
1.3 |
0.08 |
Assays Pending |
Designed to test main zone |
AL07-25 |
|
|
|
N.S.R. |
Assays Pending |
Designed to test main zone |
AL07-26 |
123.2
125.9
136.5 |
124.4
126.0
136.7 |
1.2
1.1
0.2 |
0.04
0.03
0.12 |
Assays Pending |
Designed to test main zone |
AL07-27 |
169.85 |
173.85 |
4.0 |
0.05 |
Assays Pending |
Designed to test main zone |
AL07-29
including |
149.5
154.5
164.5 |
174.5
156.5
170.5 |
25.0
2.0
6.0 |
0.05
0.10
0.11 |
Assays Pending |
Designed to test main
zone |
*N.S.R. = No significant Results
Based on drill results to date, the main mineralized zone
consists of two moderate to steeply dipping, sub-parallel sheets that locally
coalesce. The main zone along with numerous minor sub-parallel lenses and sheets
contain significant uranium/molybdenum grades, show good hole to hole
correlation, and can be delineated over a minimum strike length of 340 meters.
Uranium intersections range between 1.0 and 25.0 meters in true thickness, grade
between 0.02% U3O8 and 0.11% U3O8 and can be traced from surface to a vertical
depth of 230 meters. Initial drill testing of the Anna Lake target appears to
have encountered the mineralization in a down-dip orientation. The orientation
of the drilling program was revised following the completion of drill hole
AL07-08 in order to intersect the mineralization at an optimum angle. True
widths of mineralized sections are unknown up to holes AL07-03. Subsequent to
this, true widths are estimated from 80-95% of the core length of intersections.
Currently, all holes are being drilled due west to test the north-south trending
zone. Of the Anna Lake holes reported in this release, 19 were designed to cut
the main mineralized zone. Seventeen of these holes hit significant
mineralization for an 89% hit ratio.
The Anna Lake uranium mineralized zones occur within a poorly
exposed area with a veneer of glacial drift and boulders. A 1.3 km long and 500
meter wide induced polarization/resistivity anomaly, which reflects a belt of
north-south trending supracrustal rocks consisting of metasediments/metavolcanic
units, was delineated from ground geophysical surveys this year. The
IP/resistivity anomaly is characterized by a very distinctive and well defined
zone of high chargeability and low resistivity. Sulphide content within the belt
averages approximately 1% to 5% and occurs in the form of pyrite, non-magnetic
pyrrhotite and lesser chalcopyrite. A large structural component to the Anna
Lake deposit is also evident from ground and airborne magnetic data. Potassic
alteration manifesting itself as biotite overprinting can be observed in varying
degrees throughout the core samples. Uranium mineralization occurs predominantly
within sulphidic, biotite/garnet schist along a possible structural contact with footwall quartz sericite
schist and porphyroblastic hematized granite. The exact controls on uranium
mineralization are not clearly understood. The zone remains open in all
directions with many high priority geophysical, geochemical and radon gas
targets remaining untested along the above mentioned IP anomaly and elsewhere on
the grid area. The host rock units within the Anna Lake area are believed to be
a part of the Aillik belt of supracrustal rocks associated with the Michelin,
Kitts, Gear, Inda, Nash and other uranium deposits hosted in the Central Mineral
Belt.
Mr. George Leary, President of Bayswater states, "Although it
is very early into the drill program, the cumulative widths and grades
demonstrated along with the near surface nature and continuity of the
mineralization, indicate that the Anna Lake deposit may be amenable to open pit
mining. Excellent potential exists for expanding the deposit near surface and
for discovery of higher grade zones at depth."
The deposit is entirely open along strike and to depth. The
potential, as demonstrated on other deposits in the district, of a higher grade
system at depth has yet to be evaluated. Additional drilling is planned to
continue until mid-November and resume again in the early spring of 2008 from a
base camp to be established on site at Anna Lake. A drill hole location map with
drill hole sections will be available on the Bayswater website at www.bayswateruranium.com.
Additional results have also been received from the Dandy,
Stipec River A, Stipec River E and Kanairiktok Bay uranium showings identified
during the 2006 prospecting program. Results from drilling on the Stipec A (6
holes), Stipec E (3 holes) and Kanairiktok Bay (3 holes) showings returned no
significant values of interest. Further geological work will be required to
fully evaluate these surface showings. Drilling on the Dandy Uranium prospect
has returned numerous low grade intersections of uranium. Table 2 summarizes the
results from the Dandy drilling.
Table 2 � Analytical Results
Dandy Prospect
DDH # |
From |
To |
Interval (m) |
% U3O8 |
Comments |
DS07-01-02 |
|
|
|
N.S.R |
|
DS07-03 |
61.0 |
63.0 |
2.0 |
0.024 |
|
DS07-04 |
179.95 |
182.95 |
3.0 |
0.02 |
|
DS07-05 |
109.85
117.0
172.0
197.82
260.5 |
113.0
123.0
179.95
204.72
261.48 |
3.15
6.0
7.95
6.9
0.98 |
0.03
0.02
0.012
0.02
0.034 |
|
DS07-06 |
|
|
|
N.S.R |
|
DS07-07 |
14.05 |
20.06 |
6.01 |
0.02 |
|
DS07-08-09 |
|
|
|
N.S.R |
|
DS07-10 |
32.7 |
35.7 |
3.0 |
0.03 |
Drilled main surface showing |
DS07-11 |
52.0
123.4 |
56.5
132.0 |
4.5
8.6 |
0.025
0.02 |
Undercut of DS07-10 @-65 |
DS07-12 |
19.85 |
27.85 |
8.0 |
0.03 |
Drilled main showing 25 m SW of DS07-10 |
DS07-13 |
32.0 |
37.0 |
5.0 |
0.04 |
Undercut of DS07-12 @-65. Some assays
pending. |
*N.S.R= No Significant Results
Drill holes DS07-01 through to DS07-09 were collared in various
locations in an attempt to intersect surficial zones of uranium mineralization.
Holes DS07-10 to DS07-13 were designed to test the main Dandy uraniferous dike
swarm that hosts abundant uranophane mineralization on surface. Mineralization
at the Dandy prospect occurs within pegmatite dikes cutting dominantly
quartzofeldspathic gneiss. The best intersection returned to date assayed 0.04%
U308 over 5.0 meters from DS07-13. Surface uranium mineralization in the Dandy
area is extensive over a 1.5 kilometer by 600 meter area. Surface samples
returned U3O8 grades up to 0.18%. Further evaluation of this prospect will
continue in 2008.
Currently, two rigs continue to drill on the main Anna Lake
target. Detailed follow-up grid controlled work including soil sampling, induced
polarization/resistivity and radon cup surveys have been completed over the Anna
Lake prospect for 2007. Further ground magnetics surveys are ongoing. The radon
cup survey targeted the Anna Lake grid along with selected reconnaissance lines
over the Ghost Lake A, Ghost Lake B and a newly discovered uranium bearing
sandstone boulder train identified in the Stipec River area as previously
announced. Limited grid controlled surveys have also been completed over portions of the Stipec River prospects. In addition, airborne electromagnetic
and radiometric surveys have been completed during the 2007 field season and
results of this along with all prospecting work will be forthcoming in
subsequent news releases as analytical and other data is reviewed and assessed.
Sample handling consists of shipping one half of split drill
core samples to Activation Laboratories Ltd. sample preparation facility in
Goose Bay, Labrador where the samples are crushed, pulverized and split. Sample
pulps are then forwarded to Ancaster, Ontario for analyses. Uranium analysis is
performed using the delayed neutron counting (DNC) method. A multi-element
inductively coupled plasma mass spectrometry (ICP-42) is performed as well on
all samples. Where uranium values exceed the upper limit of 1%, samples are
re-assayed using X-ray fluorescence (XRF). A rigorous quality control/assurance
program was instituted for the sampling and analytical work. Control samples,
consisting of three separate standards were inserted in the sample stream
approximately every 25 to 30 samples. To date, this program has shown that the
analyses are reliable. The Company intends to implement a more rigorous QA/QC
program during its 2008 drilling program.
The Company�s exploration activities are conducted under the
supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company,
and Victor Tanaka, B.Sc. P.Geo. (B.C.), Chief Operating Officer of the Company.
Both are qualified persons under NI 43-101. George Leary is the qualified person
responsible for the technical information in this news release.
About the Labrador Central Mineral Belt
The Central Mineral Belt of Labrador, Canada, located approximately 135 kilometers north of Goose Bay, has a long history of uranium
and base metals exploration. Uranium was first discovered in the belt in the
1950's. With further exploration in the 1960's and 1970's and rising uranium
prices, exploration in the region increased significantly and several uranium
deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow
and Moran Lake deposits by Brinco. Today, exploration activity in the region
is highlighted by resource drilling at the Michelin and Jacques Lake deposits by
Aurora Energy Resources Inc. (TSX: AXU) and at the
Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX-V: CXX).
Collectively, approximately 100 million pounds of NI 43-101 compliant uranium
resources have been reported in the Central Mineral Belt by Aurora and
Crosshair, a figure that is expected to increase significantly in the coming
years through increases to existing resources, as well as new uranium
discoveries. Bayswater Uranium is the largest landholder in the Central Mineral
Belt with interests in 4,626 sq km of strategic landholdings; Aurora controls
about 800 sq km and Crosshair approximately 640 sq km. Bayswater is aggressively
exploring several uranium targets within its landholdings with the objective of
discovering new uranium resources.
About Bayswater Uranium Corporation - The Super
JuniorTM Uranium Company
Bayswater Uranium Corporation is a rapidly-growing
international uranium exploration and development company. As the only uranium
company to have major landholdings in each of Canada's most important producing
and exploration regions � the Athabasca Basin, the Central Mineral Belt, and the
Thelon Basin � Bayswater is a leader in uranium exploration in Canada, the
world�s largest producer of uranium. The Company also owns several advanced
uranium properties in the United States that are being fast tracked to
production. Bayswater combines a balanced portfolio of exploration and
development projects with the uranium expertise of its technical and managerial
teams. The result is a Super JuniorTM Uranium Company with the share
liquidity and market capitalization to provide value to both the retail and
institutional investor. Bayswater is listed on the TSX Venture Exchange under
the symbol "BAY". The Company�s website is www.bayswateruranium.com. On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of the contents
herein.
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Bayswater Uranium Corp.
|
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EXPLORATION STAGE |
CODE : BAY.V |
ISIN : CA0731731067 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Bayswater is a uranium exploration company based in Canada. Bayswater holds various exploration projects in Canada and in Mali. Its main exploration properties are AVOCA in Ireland, NORTH THELON, SOUTH THELON, ALZADA, JUNIPER PROPERTY, MOUNTAIN WEST, BRUDELL LAKE, COLLINS BAY EXTENSION, COIN CANYON, VIKING (BAYSWATER), CENTRAL MINERAL BELT (BAYSWATER), TEJANA MESA, ANNA LAKE, RENO CREEK PROJECT, WISKER VALLEY and BOITEAU LAKE in Canada, NIGER in Niger and SAMIT in Mali. Bayswater is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 6.8 millions as of today (US$ 5.0 millions, € 4.6 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.47, and its lowest recent point on December 19, 2022 at CA$ 0.02. Bayswater has 59 520 000 shares outstanding. |
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