http://www.businesswire.com/news/home/20091102005227/en
Highlights
* 54 of 69 rock samples collected during 2008/2009 return assays greater than
0.10% U3O8
* 40 outcrop samples return average grade of 0.27 % U3O8
* Best sample assayed 1.48 % U3O8
* High priority drill targets delineated for 2010 field season
* Two large coincident geochemical, geophysical and bedrock uranium targets
delineated
VANCOUVER--(Business Wire)--
Bayswater Uranium Corporation (TSX-V: BAY), (OTC: BYSWF) is pleased to announce
the results of the 2009 exploration program on its Boiteau Lake Uranium Property
located within the Central Mineral Belt of Labrador. An aggressive program of
grid establishment, soil geochemistry, geological mapping, prospecting and
ground geophysical surveying was carried out during the summer of 2009 along a
3.5 km portion of a larger mineralized trend and associated structural corridor
discovered during 2008 as first announced in a news release dated November 20,
2008.
The 2009 ground exploration program has confirmed the presence of a large and
significant uranium mineralized system characterized by numerous bedrock uranium
showings along an extensive structural corridor on the Boiteau Lake Property.
During the field program, four new bedrock mineralized zones were located within
the gridded portion of a 12 kilometer long favourable structural corridor
cutting through the Company`s claims.54 of 69 samples collected during the
2008/2009 programs have assayed above 0.10 % U3O8
with the best sample returning a value of 1.48 % U3O8 . Table 1 summarizes
all uranium assays from the sampling program to date.
Sample # Type % U3O8 Sample # Type % U3O8 Sample # Type % U3O8
2009 Sampling Program
50203 Float 0.081 50217 Float 0.254 50232 Outcrop 0.330
50204 Float 0.126 50218 Outcrop 0.096 50233 Float 0.665
50205 Float 0.078 50219 Float 0.330 50234 Outcrop 0.088
50206 Float 0.290 50220 Outcrop 0.122 50235 Float 0.112
50207 Float 0.135 50221 Outcrop 0.139 50236 Outcrop 0.254
50208 Float 0.166 50222 Float 1.100 50237 Outcrop 0.197
50209 Float 0.156 50223 Float 0.032 50238 Outcrop 0.216
50210 Float 0.175 50224 Outcrop 0.004 50239 Float 1.480
50211 Outcrop 0.521 50226 Float 0.061 50240 Outcrop 0.046
50212 Outcrop 0.312 50227 Float 0.124 50241 Outcrop 0.045
50213 Outcrop 0.237 50228 Float 0.712 50276 Outcrop 0.024
50214 Float 0.660 50229 Outcrop 0.729 50277 Outcrop 0.120
50215 Float 0.011 50230 Outcrop 0.674 50326 Float 0.096
50216 Float 0.320 50231 Outcrop 0.480 50327 Outcrop 0.083
2008 Sampling Program
49656 Outcrop 0.723 49726 Outcrop 0.374 50132 Boulder 0.07
49657 Outcrop 0.615 50028 Outcrop 0.355 50711 Outcrop 0.133
49658 Outcrop 0.262 50029 Outcrop 0.11 50712 Outcrop 0.407
49659 Outcrop 0.263 50030 Outcrop 0.235 50713 Outcrop 0.14
49660 Outcrop 0.409 50031 Outcrop 0.16 50714 Outcrop 0.386
49661 Outcrop 0.387 50128 Outcrop 0.22 50715 Outcrop 0.357
49662 Outcrop 0.142 50129 Boulder 0.092 50716 Boulder 0.28
49663 Outcrop 0.241 50130 Boulder 0.163 50717 Outcrop 0.049
49725 Boulder 0.332 50131 Boulder 0.061 50718 Boulder 0.334
Table 1: All assays from the 2008/2009 Boiteau Lake Sampling Program
The Boiteau Lake Uranium Trend occurs along a well defined, major northeast
trending structural feature as defined by airborne magnetic (TMI) data, landsat
imagery, airphoto lineations and ground investigation. The trend represents an
entirely new discovery of uranium mineralization within the Central Mineral Belt
that has never been drill tested. Uranium is generally related to zones of
intense fracturing, alteration and carbonate veining within rocks of the
mid-paleoproterozoic Joe`s Pond Formation. The Joe`s Pond Formation consists of
a variety of lithologies including mafic volcanics, sandstones, conglomerates,
chert, argillites, schist, gneiss and pegmatites.
The 2009 exploration efforts were concentrated along a 3.5 kilometer portion of
a much larger 12 kilometer structure that passes through the center of the
Bayswater claims. The results of detailed ground work over this portion of the
structure were successful in outlining two significant zones of mineralization.
Other lower priority zones were also identified. The uranium mineralization
noted in both zones is interpreted to be related to a structural contact that
may represent a fault zone. The contact zone is well defined geophysically by a
linear magnetic low flanking a magnetic high and also by a zone of low
resistivity with an associated high chargeability anomaly that likely reflects
sulphide content in the uranium mineralized host unit. Fine grained mafic
volcanics and argillites hosting the mineralization are highly fractured,
altered, carbonitized and contain minor amounts of sulphides. The following
summarizes both priority areas and a compilation map of the grid area is
available on the Company`s website.
Central Zone - Rocks of the Central Zone are relatively poorly exposed and
stripping was required for the purpose of sampling the main uranium occurrence.
The main zone has currently been traced over a 100 meter strike length with
widths ranging between 2 and 15 meters. Representative sampling during 2008 and
2009 have returned assays from 15 outcrop samples ranging between 0.11% U3O8 to
0.73% U3O8 , with an average grade of 0.36% U3O8. A ground uranium geochemical
soil anomaly, in part coincident with the main mineralized zone, has been
delineated for over 900 meters. The soil anomaly is also coincident with an
induced polarization/resistivity anomaly and ground magnetic features that
provide supporting evidence of a potentially continuous mineralized zone,
possibly related to the main bedrock occurrence, all of which are localized
along the structural contact zone.
Northern Zone - Additional exploration over a bedrock occurrence located during
the 2008 field season has led to the discovery of three additional showings
along the same trend. Outcrop exposure in this area is again limited by bogs,
ponds and vegetation. The Northern Zone is currently defined over a one
kilometer strike length by a series of bedrock uranium showings with coincident,
induced polarization/resistivity, soil geochemical and magnetic anomalies with
similar characteristics to the Central Zone. A total of 10 samples, including 2
one meter channel samples, have been collected from this zone. Seven of the ten
samples collected returned assays greater than 0.10% U3O8 with the best result
grading 0.374% U3O8 . Assays from the 2 one meter channel samples (50236 and
50237) returned values of 0.254% U3O8
and 0.197% U3O8 respectively. Two boulders of very similar lithology were
sampled a short distance to the east and returned values up to 1.48% U3O8.
Uranium mineralization along the Boiteau Lake Trend has now been identified for
nearly five kilometers. Additional bedrock uranium mineralization has been
identified 1.2 kilometers to the north of the Northern Zone and one kilometer to
the south of the Central Zone but only limited work has been performed outside
the gridded area to date. Mineralization noted in all occurrences is indicated
to be related to the same regional structural feature. Bayswater is currently
evaluating its plans for Boiteau Lake for the 2010 field season.
The Company would like to recognize and thank the Newfoundland and Labrador
Department of Natural Resources for Junior Exploration Assistance funding
towards its exploration program at Boiteau Lake.
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
Fronteer Development Group Inc. (TSX: FRG) and at the Moran Lake deposit by
Crosshair Exploration & Mining Corp. (TSX: CXX). Collectively, over 145 million
pounds of NI 43-101 compliant uranium resources have been reported in the
Central Mineral Belt by various companies, a figure that is expected to increase
significantly in the coming years through increases to existing resources, as
well as from new uranium discoveries. Bayswater Uranium is the largest
landholder in the Central Mineral Belt with interests in about 532,000 acres in
the heart of the belt. At the end of the 2008 field season, Bayswater discovered
several new uranium targets, including a 5 km uranium trend at Boiteau Lake,
with sample values up to 0.72% U3O8. Further information on the Central Mineral
Belt is available at http://www.bayswateruranium.com/projects/cmb.html.
About Bayswater Uranium Corporation - The Super Junior Uranium Company
TM
Bayswater Uranium Corporation is an international uranium exploration and
development company. The Company owns several advanced uranium properties in the
United States with significant historical resources that may be amenable to ISR
and/or conventional mining. As well, Bayswater is 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 combines a balanced portfolio of advanced and
exploration projects with the uranium expertise of its technical and managerial
teams. To capitalize on current market conditions and strong growth of the
nuclear industry, the Company is pursuing acquisition opportunities of
advanced-stage uranium projects with near-term production potential. Bayswater's
vision is to build a major international uranium company. Shares of the Company
are listed on the TSX Venture Exchange under the symbol "BAY". For further
information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
Statements in this news release other than purely historical information,
including statements relating to the Company`s future plans and objectives or
expected results, constitute forward-looking statements.Forward-looking
statements are based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in the Company`s business, including risks inherent
in mineral exploration, development and mining.There can be no assurance that
such forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements.Accordingly, readers should not place undue reliance on such
statements.The Company does not undertake to update any forward-looking
statements that are incorporated by reference herein, except in accordance with
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Bayswater Uranium Corporation
John Gomez, Manager, Investor Relations, (604) 687-2153
Copyright Business Wire 2009
