![](../style/all/img/drapeau/grand/Canada.gif) | | Published : July 12th, 2007 | Starts Drilling for Uranium in Central Mineral Belt, Labrador |
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BAYSWATER URANIUM CORPORATION
NEWS RELEASE
Bayswater Starts Drilling for Uranium in Central
Mineral Belt, Labrador
Vancouver, BC, July 12, 2007 ─ Bayswater Uranium
Corporation (TSX-V: BAY) reports
that two drill rigs have started drilling at the Company�s 1.1 million acre
property in the Central Mineral Belt of Labrador. This first phase program
comprises approximately 10,000 metres of drilling to test up to 10 uranium
targets discovered in 2006�including the Stipec River trend of prospects and the
Anna Lake, Kanairiktok Bay, Dandy, and Stomach Lake prospects. This phase of
drilling is primarily reconnaissance in nature�designed to test various targets
as a first pass within our landholdings. Currently one drill is active on
the Stipec River Zone A prospect and the second has commenced drilling on Anna
Lake. The average length of the drill holes in this phase of drilling is expected to be about 150 to 200 metres�which means we will drill a minimum of
about 50 test holes in this phase of drilling on our various targets.
Other uranium prospects and radiometric anomalous targets are
being further explored and evaluated for drill testing, including a recent
discovery by Bayswater prospectors of a new uranium showing within the Company�s
land holdings northeast of Anna Lake, in this round of drilling. Based on
results of our first phase of drilling and ongoing evaluation of numerous
airborne radiometric targets requiring further work, an additional 10,000 metres
of drilling is tentatively planned as a second phase, bringing our total to
20,000 metres of drilling this year in the Central Mineral Belt, one of the
larger exploration drill programs in the region.
In addition, an exploration program of prospecting, rock and
soil sampling, mapping and ground geophysical surveys is being undertaken to
evaluate numerous uranium targets of interest and to follow-up results of a
recently completed 5,700 line km airborne electromagnetic (EM) geophysical
survey. The EM survey identified a 12 kilometre long southwesterly trending
conductive zone coincident with the Stipec River trend of uranium prospects
(Zone A, B, C, D and E). Numerous surface grab samples in 2006 from various
prospects along this trend commonly assayed 0.04% to 0.4% U3O8. Drilling is
underway to test this target. The EM survey also identified a number of other
favourable conductive targets that are being further assessed and evaluated.
The Anna Lake prospect is characterized by an extensive
radioactive boulder train with 11 grab samples, taken from over 2000 radioactive
gossanous garnet-biotite schist boulders, that assayed 0.132% to 3.05% U3O8
(samples were taken by both Brinco in the 1970�s and Bayswater in 2006).
Boulders are typically angular to sub-rounded and indicate a proximal bedrock
source area. The boulder train occurs along the southeast margin of a NE-SW
trending linear, narrow magnetic high in association with a radiometric anomaly.
Limited drilling by Brinco in the 1970�s at one potential source area of the
boulders returned 0.118% U3O8 over 1.5 metres and 0.10 % U3O8 over 2.0 metres
respectively in two separate, closely spaced drill holes. Mineralized boulders
are typically gossanous and show evidence of appreciable original sulphide
content, including pyrite. An induced polarization survey is currently underway
by Bayswater to evaluate the distribution of potential sulphidic zones in the
Anna Lake target area. Initial results from this survey have been very
encouraging with several anomalous chargeable zones identified. One highly
chargeable anomaly traced for over 700 metres and open along strike occurs
adjacent to the above holes drilled by Brinco. This target is currently being
drill tested by Bayswater.
Both the Stipec River trend of prospects, located about half
way between the Michelin deposit to the east and the Moran Lake deposit to the
west, and the Anna Lake prospect, located about 10 km west of the Melody Hill
prospect of Aurora, are located along the northern margin of the historic
uranium district in the Central Mineral Belt of Labrador. Data sets from
both the airborne EM survey, completed, and ground geophysical surveys,
currently underway, are being reviewed, processed and evaluated in order to
assist in selecting drill targets and prospecting follow-up targets.
With about 1.1 million acres of largely contiguous landholdings
along and adjacent to Labrador�s historic Central Mineral Belt uranium district�representing the largest land position in the region� the Labrador Central Mineral Belt Uranium Project is one of Bayswater�s key projects. The Company�s large landholdings have
potential for Olympic Dam and Rossing type uranium deposits. In 2007, Bayswater plans to spend approximately $7 million in Labrador.
The Company is also pleased to report that it has been approved
for Junior Exploration Assistance under the Mineral Incentive Program in the
Province of Newfoundland & Labrador in respect to a government contribution
towards the cost of drilling on the Anna Lake prospect.
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 kilometres 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 nearly 100 million
pounds of NI 43-101 compliant uranium resources has 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�the largest landholder in the
Central Mineral Belt�has interests in 4486 sq km of strategic land holdings;
whereas, Aurora controls about 800 sq km and Crosshair approximately 640 sq km.
Bayswater is aggressively pursing uranium targets within its land holdings with
the objective of discovery of new uranium resources.
About Bayswater Uranium Corporation - The Super
JuniorTM Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium
exploration. Bayswater combines the uranium expertise of its technical and
managerial teams with a large, highly prospective and diverse property base. 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. For further information visit 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$ 6.2 millions as of today (US$ 4.6 millions, € 4.2 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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