Post by Catdaddy on Dec 1, 2007 17:17:19 GMT -5
Exploration Results Provide "Blue Sky" for Bayswater¡¯s Uranium Discovery at Anna Lake
Highlights
Geophysical data indicates a minimum potential strike length of 1.4 km for Anna Lake uranium deposit¡ªopen in all directions in an overburden covered area
Anna Lake deposit is geophysically signatured by induced polarization and magnetic features in association with a probable transported soil anomaly down the glacial ice direction to the east and a directly associated radon gas anomaly
Ground magnetic surveys indicate possible repetition of similar geological units that hosts the Anna Lake uranium deposit along a 10 kilometre structural trend
Good correlation between uranium bearing metasediments/metavolcanics and radon gas anomalies
Extensive linear soil geochemical anomalies of 2.0 to over 5.0 kilometres in length provide excellent targets for drill testing for new uranium zones
Vancouver, BC, November 27, 2007 ©¤ Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) is pleased to report on further exploration results from its uranium discovery at Anna Lake located in the Central Mineral Belt of Labrador. The Anna Lake project area, located 37 kilometers southwest of the coastal community of Postville and 15 kilometers northwest of Aurora Energy¡¯s (TSX: AXU) Michelin Deposit, hosts a newly discovered, near surface uranium deposit containing significant molybdenum credits. Field work has been completed for the 2007 season. Drilling will continue next year on the main Anna Lake uranium deposit; and, numerous high priority step-out targets have been identified for drill testing within the Anna Lake grid area.
During the summer/fall months of this year, line-cutting, ground geophysical work, including total field magnetometry and induced polarization/resistivity surveys, soil geochemistry, radon gas surveys and prospecting were completed on the Anna Lake grid. Results from the data collected have successfully signatured the Anna Lake discovery area and have outlined several additional key areas on which to focus exploration efforts for the 2008 field season. The ground work has lead to a better understanding of the overall geology and controls on uranium mineralization in an area of very limited bedrock exposure; and has provided numerous additional targets for follow-up drilling. Further soil geochemical results from the grid area are pending, as well as assays from 12 drill holes on the Anna Lake discovery.
In 2006, airborne geophysical surveys outlined several strong uranium radiometric anomalies and magnetic trends in the Anna Lake area. The anomalies occur within a structurally controlled belt of rocks over a ten kilometer strike length located within 100% owned Bayswater claims. During the 1960¡¯s, Brinco Mining Ltd. had identified high grade uraniferous boulder trains with values grading up to 2.425% U3O8 from the Anna Lake area. The Brinco work helped focus Bayswater¡¯s 2007 ground exploration efforts. Due to the lack of exposure in the area, ground surveys were implemented in an attempt to gain a better understanding of underlying geology and possible controls on mineralization. The following summarizes work performed to date.
Ground Geophysics
Ground induced polarization/resistivity and magnetometer surveys were commissioned over the 129 line kilometer grid that has been cut to date. A total of 33 kilometers of induced polarization/resistivity and 129 kilometers of total field magnetics have been completed. The surveys focused in and around the area of the boulder trains and delineated a north-south trending, 1.4 km long by 600 meter wide zone of low resistivity, high chargeability and low magnetics. Diamond drilling has identified the underlying rock units as a belt of uranium bearing metasediments/metavolcanics in contact with magnetite bearing fractured and brecciated granites to the west. Sulphide content within this zone ranges from 1% to 5% and occurs in the form of non-magnetic pyrrhotite, pyrite, and minor chalcopyrite. Drilling to date has shown that the main Anna Lake uranium deposit generally occurs within close spatial proximity to the western contact of this zone. Potential exists for additional zones to occur within this belt of rocks. The contrast in geophysical signatures between these units and the surrounding granitic rocks make the IP/resistivity method an ideal mapping tool for identification of the uranium bearing subsurface geology.
The Anna Lake mineralized zone appears to extend under a granite thrust front along its southern edge and is faulted off to the north by a late stage structural event. Geophysically, the zone appears displaced approximately one kilometer along an east-northeast trending, right lateral fault. In this area, similar geophysical signatures as those of the main Anna Lake discovery can be found. Uraniferous boulders have been located in the area and correlate directly with the IP/resistivity anomalies. This target has not been tested to date and further detailed work is warranted. Ground magnetometer work has been very useful in identifying these structural offsets of the main Anna Lake zone, as well as with providing a regional understanding of the geology. Based on the geophysical work to date, excellent potential for repetition of similar geology that hosts the Anna Lake uranium deposit along a 10 kilometer trend exists within the Bayswater claims. The Company intends to extend the ground induced polarization survey over the entire grid and to carry out a ground radiometric survey of the grid area in 2008.
Soil Geochemistry
As part of the ground follow-up at Anna Lake in 2007, uranium analytical results from a total of 4714 "B"- horizon conventional soil samples were collected at 25 meter intervals over the entire grid area. Final multi-element analyses are pending for all samples collected. Results over the Anna Lake deposit area show a strong intermittent probable transported uranium soil anomaly with values equal to or greater than 25 ppm over an area of 2 km by 1 km elongated down ice to the east of the Anna Lake discovery area. This anomaly closely correlates with a glacially transported uranium bearing boulder train that is sourced from the Anna Lake discovery area. Also, results from this survey have been very encouraging as numerous uranium soil anomalies, with anomalous values equal to or greater than 25 ppm, have been identified throughout the grid area with the best soil collected analyzing 544 ppm U.
A total of 11 high priority anomalous areas, many of which are linear in character, have been outlined from the incomplete geochemical data base to date. Three of the anomalies occur in previously unexplored areas and show good line to line correlation over significant distances of 5.3, 3.5 and 2.0 kilometers, respectively. The most significant of these is located approximately three kilometers northeast of the main Anna Lake zone. Line to line correlation shows a linear trend of anomalous uranium contents in soils for a distance of over 5.3 kilometers. This anomaly is not believed to be associated with glaciation or stream drainage, but rather leakage from a structural source, as it shows a direct relationship to linear structural magnetic features. The majority of these anomalous trends remain completely untested by drilling and will be one focus of the Company¡¯s efforts during 2008. A number of additional anomalies show correlation with current streams and are considered to be transported anomalies.
Radon Gas Surveying
An orientation radon gas survey was also carried out by RadonEx Ltd. from Montreal over a selected portion of the grid covering the Anna Lake discovery area. A total of 361 sample points were taken as part of the orientation survey. Results from the data show high radon flux readings correlate directly with the area of the known uranium mineralization of the Anna Lake deposit. A detailed interpretation of the data is currently on-going although initial results show radon anomalies up to 8 times background over the zone. Two additional anomalies within the portion of the grid area surveyed have also been identified and remain untested. These anomalies show direct correlation with uranium in soils. Bayswater intends to complete this survey over the entire grid during 2008.
Prospecting
Prospecting of the Anna Lake area has led to the discovery of one new bedrock uranium showing termed the Anna Lake North Zone. This zone is hosted within magnetite bearing granite/granodiorite and gneissic units. Several bedrock samples ran greater than 0.1%, with the best sample grading 0.31% U3O8. The surface showing also correlates directly with a zone of high soils. Two drill holes have tested this area with assays pending. Given the poor outcrop exposure within the boulder field, prospecting is somewhat ineffective however the identification of uraniferous boulders in the field is important, as they have been found to have been transported for very limited distances. Further prospecting of potential drill targets within the grid area is warranted.
Exploration Summary
In summary, Bayswater is very encouraged from the grid geophysical, geochemical and prospecting results to date at Anna Lake. Given the results outlined from drilling, as reported in a previous news release dated October 29, 2007, and abundant untested zones within close proximity to the known mineralization at the Anna Lake discovery and other targets outlined from ground work throughout the grid area, potential for expansion of the Anna Lake deposit and discovery of new uranium mineralized zones remains extremely high. The results of the 2007 ground work will be the basis for continued exploration during the 2008 field season. Newly identified targets will all be drill tested during 2008.
Drilling Plans 2008
Drilling has been completed for the 2007 field season. In total, 67 drill holes were collared on Bayswater ground held within the Central Mineral Belt for a total of 15,250 meters of core recovery. A total of 42 drill holes were completed on the Anna Lake project. Assay results from 12 holes are pending. Drilling is expected to commence in late May or early June 2008, once ground conditions warrant access to the area. Drilling will commence co-jointly with the establishment of a base camp at the Anna Lake site. The focus from drilling in 2008 at Anna Lake will be on
expanding the Anna Lake known mineralized zone along strike and at depth and to bring the deposit resource into compliance with NI 43-101;
to continue to explore for additional targets within the grid area; and
to drill priority targets within the Anna Lake grid area for potential new uranium zones.
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 the Anna Lake discovery and several additional uranium targets within its landholdings.
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 ¨C the Athabasca Basin, the Central Mineral Belt, and the Thelon Basin ¨C 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
Highlights
Geophysical data indicates a minimum potential strike length of 1.4 km for Anna Lake uranium deposit¡ªopen in all directions in an overburden covered area
Anna Lake deposit is geophysically signatured by induced polarization and magnetic features in association with a probable transported soil anomaly down the glacial ice direction to the east and a directly associated radon gas anomaly
Ground magnetic surveys indicate possible repetition of similar geological units that hosts the Anna Lake uranium deposit along a 10 kilometre structural trend
Good correlation between uranium bearing metasediments/metavolcanics and radon gas anomalies
Extensive linear soil geochemical anomalies of 2.0 to over 5.0 kilometres in length provide excellent targets for drill testing for new uranium zones
Vancouver, BC, November 27, 2007 ©¤ Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) is pleased to report on further exploration results from its uranium discovery at Anna Lake located in the Central Mineral Belt of Labrador. The Anna Lake project area, located 37 kilometers southwest of the coastal community of Postville and 15 kilometers northwest of Aurora Energy¡¯s (TSX: AXU) Michelin Deposit, hosts a newly discovered, near surface uranium deposit containing significant molybdenum credits. Field work has been completed for the 2007 season. Drilling will continue next year on the main Anna Lake uranium deposit; and, numerous high priority step-out targets have been identified for drill testing within the Anna Lake grid area.
During the summer/fall months of this year, line-cutting, ground geophysical work, including total field magnetometry and induced polarization/resistivity surveys, soil geochemistry, radon gas surveys and prospecting were completed on the Anna Lake grid. Results from the data collected have successfully signatured the Anna Lake discovery area and have outlined several additional key areas on which to focus exploration efforts for the 2008 field season. The ground work has lead to a better understanding of the overall geology and controls on uranium mineralization in an area of very limited bedrock exposure; and has provided numerous additional targets for follow-up drilling. Further soil geochemical results from the grid area are pending, as well as assays from 12 drill holes on the Anna Lake discovery.
In 2006, airborne geophysical surveys outlined several strong uranium radiometric anomalies and magnetic trends in the Anna Lake area. The anomalies occur within a structurally controlled belt of rocks over a ten kilometer strike length located within 100% owned Bayswater claims. During the 1960¡¯s, Brinco Mining Ltd. had identified high grade uraniferous boulder trains with values grading up to 2.425% U3O8 from the Anna Lake area. The Brinco work helped focus Bayswater¡¯s 2007 ground exploration efforts. Due to the lack of exposure in the area, ground surveys were implemented in an attempt to gain a better understanding of underlying geology and possible controls on mineralization. The following summarizes work performed to date.
Ground Geophysics
Ground induced polarization/resistivity and magnetometer surveys were commissioned over the 129 line kilometer grid that has been cut to date. A total of 33 kilometers of induced polarization/resistivity and 129 kilometers of total field magnetics have been completed. The surveys focused in and around the area of the boulder trains and delineated a north-south trending, 1.4 km long by 600 meter wide zone of low resistivity, high chargeability and low magnetics. Diamond drilling has identified the underlying rock units as a belt of uranium bearing metasediments/metavolcanics in contact with magnetite bearing fractured and brecciated granites to the west. Sulphide content within this zone ranges from 1% to 5% and occurs in the form of non-magnetic pyrrhotite, pyrite, and minor chalcopyrite. Drilling to date has shown that the main Anna Lake uranium deposit generally occurs within close spatial proximity to the western contact of this zone. Potential exists for additional zones to occur within this belt of rocks. The contrast in geophysical signatures between these units and the surrounding granitic rocks make the IP/resistivity method an ideal mapping tool for identification of the uranium bearing subsurface geology.
The Anna Lake mineralized zone appears to extend under a granite thrust front along its southern edge and is faulted off to the north by a late stage structural event. Geophysically, the zone appears displaced approximately one kilometer along an east-northeast trending, right lateral fault. In this area, similar geophysical signatures as those of the main Anna Lake discovery can be found. Uraniferous boulders have been located in the area and correlate directly with the IP/resistivity anomalies. This target has not been tested to date and further detailed work is warranted. Ground magnetometer work has been very useful in identifying these structural offsets of the main Anna Lake zone, as well as with providing a regional understanding of the geology. Based on the geophysical work to date, excellent potential for repetition of similar geology that hosts the Anna Lake uranium deposit along a 10 kilometer trend exists within the Bayswater claims. The Company intends to extend the ground induced polarization survey over the entire grid and to carry out a ground radiometric survey of the grid area in 2008.
Soil Geochemistry
As part of the ground follow-up at Anna Lake in 2007, uranium analytical results from a total of 4714 "B"- horizon conventional soil samples were collected at 25 meter intervals over the entire grid area. Final multi-element analyses are pending for all samples collected. Results over the Anna Lake deposit area show a strong intermittent probable transported uranium soil anomaly with values equal to or greater than 25 ppm over an area of 2 km by 1 km elongated down ice to the east of the Anna Lake discovery area. This anomaly closely correlates with a glacially transported uranium bearing boulder train that is sourced from the Anna Lake discovery area. Also, results from this survey have been very encouraging as numerous uranium soil anomalies, with anomalous values equal to or greater than 25 ppm, have been identified throughout the grid area with the best soil collected analyzing 544 ppm U.
A total of 11 high priority anomalous areas, many of which are linear in character, have been outlined from the incomplete geochemical data base to date. Three of the anomalies occur in previously unexplored areas and show good line to line correlation over significant distances of 5.3, 3.5 and 2.0 kilometers, respectively. The most significant of these is located approximately three kilometers northeast of the main Anna Lake zone. Line to line correlation shows a linear trend of anomalous uranium contents in soils for a distance of over 5.3 kilometers. This anomaly is not believed to be associated with glaciation or stream drainage, but rather leakage from a structural source, as it shows a direct relationship to linear structural magnetic features. The majority of these anomalous trends remain completely untested by drilling and will be one focus of the Company¡¯s efforts during 2008. A number of additional anomalies show correlation with current streams and are considered to be transported anomalies.
Radon Gas Surveying
An orientation radon gas survey was also carried out by RadonEx Ltd. from Montreal over a selected portion of the grid covering the Anna Lake discovery area. A total of 361 sample points were taken as part of the orientation survey. Results from the data show high radon flux readings correlate directly with the area of the known uranium mineralization of the Anna Lake deposit. A detailed interpretation of the data is currently on-going although initial results show radon anomalies up to 8 times background over the zone. Two additional anomalies within the portion of the grid area surveyed have also been identified and remain untested. These anomalies show direct correlation with uranium in soils. Bayswater intends to complete this survey over the entire grid during 2008.
Prospecting
Prospecting of the Anna Lake area has led to the discovery of one new bedrock uranium showing termed the Anna Lake North Zone. This zone is hosted within magnetite bearing granite/granodiorite and gneissic units. Several bedrock samples ran greater than 0.1%, with the best sample grading 0.31% U3O8. The surface showing also correlates directly with a zone of high soils. Two drill holes have tested this area with assays pending. Given the poor outcrop exposure within the boulder field, prospecting is somewhat ineffective however the identification of uraniferous boulders in the field is important, as they have been found to have been transported for very limited distances. Further prospecting of potential drill targets within the grid area is warranted.
Exploration Summary
In summary, Bayswater is very encouraged from the grid geophysical, geochemical and prospecting results to date at Anna Lake. Given the results outlined from drilling, as reported in a previous news release dated October 29, 2007, and abundant untested zones within close proximity to the known mineralization at the Anna Lake discovery and other targets outlined from ground work throughout the grid area, potential for expansion of the Anna Lake deposit and discovery of new uranium mineralized zones remains extremely high. The results of the 2007 ground work will be the basis for continued exploration during the 2008 field season. Newly identified targets will all be drill tested during 2008.
Drilling Plans 2008
Drilling has been completed for the 2007 field season. In total, 67 drill holes were collared on Bayswater ground held within the Central Mineral Belt for a total of 15,250 meters of core recovery. A total of 42 drill holes were completed on the Anna Lake project. Assay results from 12 holes are pending. Drilling is expected to commence in late May or early June 2008, once ground conditions warrant access to the area. Drilling will commence co-jointly with the establishment of a base camp at the Anna Lake site. The focus from drilling in 2008 at Anna Lake will be on
expanding the Anna Lake known mineralized zone along strike and at depth and to bring the deposit resource into compliance with NI 43-101;
to continue to explore for additional targets within the grid area; and
to drill priority targets within the Anna Lake grid area for potential new uranium zones.
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 the Anna Lake discovery and several additional uranium targets within its landholdings.
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 ¨C the Athabasca Basin, the Central Mineral Belt, and the Thelon Basin ¨C 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
