reports that airborne surveys, mapping and prospecting
have confirmed the discovery of a large felsic volcanic breccia complex
hosting extensive uranium mineralization at the Wisker Valley Uranium Project in
Newfoundland. The "Amanda Zone", previously discovered by the prospectors
who optioned their claims to Bayswater, is one of several uranium targets
associated with the breccia complex. Recent work by Bayswater crews on the
Amanda Zone has extended and traced the mineralized zone over a 1.5 km x 250 m
area. Best results from previous sampling to date have returned uranium assays
in numerous grab samples ranging from 0.1% to 0.89% U3O8. Assays are pending
from an extensive sampling program, including trenching, on the Amanda Zone and
from widespread samples collected on other targets located within the area of
the breccia complex and throughout the property. Drilling is planned for the
first part of 2008 on the Amanda Zone.
The Wisker Valley Uranium Project, located on the Baie Verte
Peninsula of Newfoundland, consists of 1611 claims, either under option to
acquire a 100% interest or owned 100% by the Company. The property covers an
area of 40,275 hectares of highly prospective and radioactive Silurian volcanics
previously unexplored for uranium.
During November, 2007, Bayswater completed a 4800 line
kilometer airborne radiometric and magnetic survey with flight line spacing�s of
100 meters at Wisker Valley. The airborne data is currently being processed and
final map products are being prepared by NovaTem Inc. A preliminary
assessment indicates that the survey has been very effective in signaturing the
Amanda Zone and delineating additional moderate to highly radioactive targets
located throughout the property for ground follow-up. A total of 44 anomalous
radiometric targets have been identified�14 of which are considered to be high
priority. The Company plans to bring these targets to the drill stage and
carry out drill testing on new uranium zones during 2008.
Of particular interest is the close spatial relationship of
high radioactivity to circular features detected from the magnetic data. These
features are currently interpreted to be ring dyke structures associated with
collapsed calderas. The large volcanic hosted uranium mineralized systems
associated with Streltsovka caldera complex in Russia and the McDermitt caldera
in Nevada are considered potential analogies for the Wisker Valley
mineralization.
The Wisker Valley uranium mineralization appears structurally
controlled and is hosted within Silurian volcanic units consisting of commonly
hematitic volcanic breccias, rhyolites and tuffs. These units have been intruded
by later Devonian granites prevalent in the area. Regional Government lake
sediment geochemistry shows elevated multi-element geochemistry within the
claims and supports the presence of uranium mineralization.
Prospecting and geological mapping on the Amanda Zone and its
immediate vicinity has identified a large pyroclastic volcanic center, reflected
by an ovoid-shaped magnetic low up to 5 km or more across, that is indicated to
host significant uranium mineralization. To date, the Amanda Zone has been
outlined over an area measuring 1.5 km by 250 m on the southwestern flank of
this possible volcanic center and located within but on the margin of the
magnetic low. A significant radiometric anomaly correlates directly with known
uranium mineralization�characterized by a circular 1.4 km x 850 meter wide
radiometric high. Five additional distinct high priority radiometric targets and
two moderate priority radiometric anomalies also lie within and generally around
the margin of this large magnetic low which is thought to be the center of a
large volcanic edifice. Several channel cuts from backhoe trenches recently
completed in the Amanda Zone have been sampled and abundant grab rock samples
have been collected from the Amanda Zone and other radiometric anomalies as
described for which assays are all pending. The target area of these
anomalies, including the Amanda Zone, represents a potentially large and previously undiscovered uranium mineralized system.
In addition to the numerous uranium targets outlined on the
Wisker Valley property, a high grade epithermal style gold system (the "Road
Showing") has been identified in a structurally controlled zone likely
associated with volcanism on the property. The Road Showing is exposed in
cleaned outcrop of a gravel pit. It consists of a series of closely spaced
quartz veins containing significant gold grades across widths of up to 10
metres. Assay results from 32 grab samples taken from outcrop and float
around the showing graded greater than 10 g/t gold with the best sample assaying
104 g/t gold. The Company plans on carrying out an induced polarization
survey over the mineralized zone with drill testing early next year in
conjunction with its uranium targets as part of its overall evaluation of the
Wisker Valley project.
An aggressive exploration program has been on-going over the
past couple of months on the Wisker Valley Uranium Project, including backhoe
trenching on the Amanda Zone. As a result of inclement weather, continued
prospecting and geological mapping have been suspended until spring 2008.
Line-cutting, soil geochemical and ground geophysical work are all expected to
be completed on an eighty kilometer grid by the end of 2007. Bids have been
received for a drill program expected to commence in the first quarter of 2008.
Initial drilling will focus on the Amanda Zone and Road Showing.
The Company�s exploration activities are conducted under the
supervision of George M. Leary, M.Sc. P. Eng. (BC), president of the Company,
and Vic Tanaka, B.Sc. P.Geo. (B.C.), COO of the Company. Both are qualified
persons under NI 43-101. George M. Leary, president of the Company, is the
qualified person responsible for the technical information in this news
release.