Bayswater's 2008 Drilling Program Significantly Expands Anna Lake Uranium Deposit, Central Mineral Belt Uranium Project, Labrado
17 Février 2009 - 1:45PM
Marketwired
Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) is
pleased to report on the final results of the 2008, Phase 3 drill
program, from its Anna Lake uranium deposit. The Anna Lake deposit
is located on the Company's 100% owned property in the Central
Mineral Belt of Labrador. Thirty-three holes totaling 15,687 meters
were completed in and around the deposit during 2008. The drilling
program was designed using 100 meter step-outs both along strike
and down-dip with local 50 meter infill. Of these holes, twenty-six
were drilled directly on the main Anna Lake Zone with all but one
hole encountering anomalous uranium mineralization. The
wide-spaced, step-out drilling has increased the overall strike
length of the Anna Lake deposit to approximately 700 meters.
Continuous uranium mineralization has been encountered for up to
660 metres in the plane of mineralization or up to 550 metres
vertical depth. Highlights from the 2008 drill program include
intersections grading 0.102% U3O8 over 5.86 metres (AL08-42) and 19
meters grading 0.035% U3O8 (AL08-45). Molybdenum and rhenium
credits continue to accompany uranium and may significantly
increase the total combined mineral value of the deposit.
During the 2008 drill program, twenty-six holes were collared on
the Anna Lake deposit in an attempt to expand the known areas of
mineralization identified during the 2007 drilling campaign. Only
one hole failed to intersect anomalous uranium. Six holes were
collared past the north end of the deposit and one on the west side
in an attempt to extend its strike length. These holes failed to
encounter significant uranium mineralization. The northern limits
of the Anna Lake Deposit appear to be offset by late stage
faulting. The orientation, attitude and degree of offset along
these structures is currently not fully understood. Limited
drilling has yet to identify the probable continuation of the zone
to the north.
Assay results of significant uranium mineralization encountered
during the 2008 drilling program are provided in Table 1 below.
Assays from the first ten holes were previously released on August
6, 2008.
Table 1 - Analytical Results - Uranium, Molybdenum and Rhenium
Anna Lake Deposit
-***-
--------------------------------------------------------
Hole ID From To Interval U3O8 Mo Re
(m) (m) (m) (%) (%) (g/t)
--------------------------------------------------------
AL08-41 331.74 334.33 2.59 0.04 0.022 0.234
--------------------------------------------------------
343.90 353.85 9.95 0.022 0.020 0.183
--------------------------------------------------------
including 344.9 350.0 5.1 0.03 0.021 0.224
--------------------------------------------------------
AL08-42 461.4 484.0 22.6 0.03 0.010 0.065
--------------------------------------------------------
including 478.14 484.0 5.86 0.102 0.038 0.251
--------------------------------------------------------
including 480.1 482.0 1.9 0.224 0.087 0.322
--------------------------------------------------------
AL08-43 437 439 2.0 0.025 0.007 0.403
--------------------------------------------------------
AL08-44 271.8 272.3 0.5 0.035 0.004 0.062
--------------------------------------------------------
274.25 275.00 0.75 0.026 0.012 0.175
--------------------------------------------------------
AL08-45 381.8 400.8 19.0 0.035 0.010 0.095
--------------------------------------------------------
including 389.7 393.5 3.8 0.097 0.029 0.333
--------------------------------------------------------
including 397.8 400.8 3.0 0.066 0.015 0.071
--------------------------------------------------------
AL08-47 453 454 1.0 0.117 0.050 0.728
--------------------------------------------------------
AL08-48 500 503.26 3.26 0.019 0.009 0.099
--------------------------------------------------------
AL08-49 338.08 341.12 3.04 0.017 0.003 0.049
--------------------------------------------------------
AL08-50 597 599 2.0 0.026 0.012 0.149
--------------------------------------------------------
AL08-51 372.56 374.07 1.51 0.040 0.021 0.194
--------------------------------------------------------
AL08-52 356.93 361.47 4.54 0.018 0.003 0.099
--------------------------------------------------------
including 360.93 361.47 0.54 0.120 0.014 0.697
--------------------------------------------------------
AL08-53 538 546 8.0 0.032 0.006 0.108
--------------------------------------------------------
including 543 546 3.0 0.072 0.013 0.245
--------------------------------------------------------
AL08-54 400.00 411.75 11.75 0.021 0.004 0.071
--------------------------------------------------------
including 400 404 4.0 0.036 0.005 0.134
--------------------------------------------------------
including 407 408 1.0 0.057 0.016 0.121
--------------------------------------------------------
AL08-55 465.59 472.46 6.87 0.036 0.008 0.123
--------------------------------------------------------
including 466.55 469.46 2.91 0.050 0.012 0.163
--------------------------------------------------------
AL08-56 588.26 592.36 4.1 0.050 0.041 0.231
--------------------------------------------------------
AL08-57 562.5 597.0 19.75 0.032 0.004 0.176
--------------------------------------------------------
including 563.57 571.25 7.68 0.057 0.012 0.429
--------------------------------------------------------
including 593.0 597.0 4.0 0.030 0.017 0.169
--------------------------------------------------------
AL08-58 526.00 536.07 10.07 0.020 0.004 0.040
--------------------------------------------------------
including 529 530 1.0 0.052 0.005 0.021
--------------------------------------------------------
including 535.00 536.07 2.07 0.052 0.013 0.136
--------------------------------------------------------
AL08-60 475.12 481.15 6.03 0.031 0.009 0.152
--------------------------------------------------------
AL08-61 537.34 541.50 4.16 0.028 0.004 0.278
--------------------------------------------------------
including 537.34 538.40 1.06 0.074 0.001 0.987
--------------------------------------------------------
AL08-63B 654.57 663.39 8.82 0.029 0.011 0.062
--------------------------------------------------------
including 661.94 663.39 1.45 0.110 0.032 0.233
--------------------------------------------------------
AL08-65 291.75 292.8 1.05 0.032 0.013 0.413
--------------------------------------------------------
AL08-68 409.61 415.00 5.39 0.032 0.009 0.169
--------------------------------------------------------
including 409.61 412.19 2.58 0.059 0.018 0.341
--------------------------------------------------------
AL08-70 438.05 441.43 3.38 0.082 0.014 0.260
--------------------------------------------------------
including 439.48 440.22 0.74 0.200 0.016 0.515
--------------------------------------------------------
AL08-72 245.84 249.75 3.91 0.038 0.007 0.254
--------------------------------------------------------
AL08-73 513.25 518.50 5.25 0.026 0.003 0.055
--------------------------------------------------------
including 516.68 518.50 1.82 0.065 0.009 0.125
--------------------------------------------------------
-****-
To date, a total of 25,469.51 meters of drilling in seventy-four
holes have been completed in the area of the Anna Lake deposit.
Drill hole centers generally average 50 meters in the upper
portions of the deposit to over 100 meters in the deeper portions.
Drilling during 2008 was designed to test strike extensions of the
main zone to the north and south as well as down-dip. Some limited
additional wide spaced infill pattern drilling was also completed.
The program was successful in delineating the deposit both
laterally and down-dip. The Anna Lake deposit, as currently defined
by drilling, has a strike length of approximately 700 meters and
continuous down-dip extension of up to 660 meters in the plane of
the mineralization and to vertical depths of up to 550 meters.
Drilling during 2008 continued to outline the continuity and
overall grade of the Anna Lake deposit. Results from the Phase 1
and Phase 2 drilling program at Anna Lake during 2007 showed
similar but better overall grade and widths than encountered in
2008. This is mainly due to the fact that a greater number of holes
were drilled on the shallow portions of the deposit in shorter
step-outs. Highlights from the prior drilling returned values of 40
meters grading 0.07% U3O8 (AL07-01), 25 meters grading 0.05% U3O8
(AL07-29) and 18.55 meters averaging 0.05% U3O8 (AL07-36). 3D
modeling of the deposit shows a complex series of open folds
plunging between 50 and 70 degrees to the east. These observations
have also been noted from minimal outcrop in the Anna Lake area.
The variance in grades and widths noted to occur within the deposit
are most likely a function of the location in the fold sequence
that the drill hole pierces. Mineralized intersections from holes
that pierce fold noses are most likely thicker than those that
pierce the narrower fold limbs.
Based on extensive exploration performed in the Anna Lake area,
the potential to increase the size, width and grade of the deposit
along with the potential for new discoveries remains high. The
deposit remains open along strike and at depth. The Company is in
the process of evaluating the engagement of an independent
consulting company to perform a resource estimate on the Anna Lake
Deposit during 2009.
An updated drill hole location map and grade/thickness
longitudinal section of the deposit is currently available on
Bayswater's website at www.bayswateruranium.com.
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. 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 quality
control/assurance program was instituted for the sampling and
analytical work. Control samples, consisting of three separate
standards and commercial blanks, 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'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 1950s. With further exploration in
the 1960s and 1970s 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, 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 587,000 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
www.bayswateruranium.com/s/CMB.asp.
About Bayswater Uranium Corporation - The Super Junior? Uranium
Company
Bayswater Uranium Corporation is an 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 where drilling has identified deposits that
may be amenable to ISR and/or conventional mining. Bayswater
combines a balanced portfolio of development and exploration
projects with the uranium expertise of its technical and managerial
teams. 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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents
herein.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information contact: John Gomez Manager, Investor
Relations Telephone: (604) 687-2153
(TSXV:CXX)
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