Bayswater plans North Thelon drilling in summer
Bayswater Uranium Corp (C:BAY)
Shares Issued 90,610,084
Last Close 4/10/2007 $2.00
Wednesday April 11 2007 - News Release
Mr. George Leary reports
BAYSWATER'S NORTH THELON BASIN PROPERTIES YIELD POSITIVE URANIUM VALUES
Bayswater Uranium Corp. is releasing an update on its North Thelon project located northwest of Baker Lake in Nunavut, Canada. Bayswater's landholdings in this project area comprising 3,455 square kilometres (853,761 acres) of mineral claims and permits. Two of the properties (permit areas 1 and 2) comprise 10 prospecting permits that are part of the Canada uranium joint venture in which Strongbow Exploration Inc. holds a 50-per-cent interest, and the remaining five properties (Amer Lake East, Amer Lake West, Itza Lake, Kiggavik Central and Kiggavik Southwest) are owned 100 per cent by Bayswater.
The properties were acquired due to the documented presence of moderate and high-grade uranium mineralization associated with the margin of the Thelon basin, interpreted to be an analogue of the Athabasca basin located in Saskatchewan, approximately 350 kilometres to the south. The Athabasca basin hosts the world's highest-grade unconformity-related uranium deposits.
The Kiggavik Central and Southwest blocks cover major structures that are known to be strongly altered and to cross-cut late-stage uraniferous granites. This geological setting is analogous to the Kiggavik, Andrew Lake and END deposits located just a few kilometres northeast of Bayswater's properties. These near-surface deposits, owned by Areva Resources Canada Inc., host historical resources of 119.3 million pounds of U3O8 at a grade of 0.53 per cent U3O8.
The remaining claim blocks and permit areas are situated approximately 50 kilometres to the north, and cover uranium-rich sedimentary rocks of the early Proterozoic Amer belt near the unconformity with the overlying sandstones of the Thelon formation. The two uranium deposit model types being sought after in these properties are Athabasca-style unconformity-type mineralization and sediment-hosted uranium mineralization similar to that found in deposits that are past and present producers in the Franceville basin in Gabon, the Katanga system in Congo and Zambia, and the Tim Mersoi basin in Niger.
A total of 21,994 line kilometres of fixed-wing magnetic and radiometric geophysical surveying were flown during the summer of 2006 at 200-metre line spacing over the seven properties. A large number of high-priority radiometric anomalies were defined by this survey, and a brief prospecting and soil sampling program was carried out in the fall of 2006 to evaluate a limited number of these anomalies. The majority of the radiometric anomalies defined by the 2006 surveys have not yet been ground truthed. A review of all data available for the North Thelon properties has been completed. Significant results from each of these properties are summarized below.
For further information on the North Thelon uranium project refer to previous news releases reported in Stockwatch on Aug. 8, Sept. 1 and Sept. 21, and March 7, 2007.
Permit area 1
Major regional faults cross-cut the unconformity between the Thelon sandstone and Amer group metasediments and Archean gneisses.
Abundant linear conductive zones documented in assessment data are interpreted to represent favourable graphitic horizons within the Amer group metasediments.
Several angular boulders of hematized and brecciated Thelon sandstone and conglomerate discovered during the 2006 prospecting program yielded assays between 313 and 415 parts per million uranium.
A number of uraniferous boulder trains have been reported by previous workers in the southeastern portion of the property.
Significant airborne radiometric anomalies require follow-up ground truthing.
Permit area 2
The favourable structural and stratigraphic setting for uranium mineralization noted in permit area 1 is also present here.
One rusty boulder of hematized granite discovered during 2006 yielded assay of 619 parts per million uranium.
Significant airborne radiometric anomalies require follow-up ground truthing.
Amer Lake East
Uranium values in Amer Group sediments ranging from 200 to 6,420 parts per million occur along a zone approximately five kilometres long in the southern part of the property.
Thrust contact between favourable Amer Group metasediments and basal quartzite is characterized by a cluster of soil samples anomalously enriched in uranium and base metals.
Significant airborne radiometric anomalies require follow-up ground truthing.
Amer Lake West
A 2006 grab sample of a previously discovered showing yielded a grade of 3,042 parts per million uranium (0.35 per cent U3O8).
Cluster of historic uranium occurrences are located within the property with reported values of 0.177 per cent U3O8 and 8.48 per cent U3O8 for two of the occurrences.
Significant airborne radiometric anomalies require follow-up ground truthing.
Itza Lake
Significant boulder train with reported assay values ranging from 0.1 per cent to 0.96 per cent U3O8 extending off the northwest side of the property for some 20 kilometres indicating a source area within the Itza Lake property.
Two thousand five hundred parts per million uranium value in a rock sample in or closely associated with an EM conductive zone in the southeastern portion of the property.
Amer mylonite zone is projected to cross-cut favourable Amer Lake metasediments.
Significant airborne radiometric anomalies require follow-up ground truthing.
Kiggavik Central
Major east-west-trending clay altered and hematized fault zones including western extension of North Sissons fault zone which hosts the Andrew Lake deposit.
Significant airborne radiometric anomalies require follow-up ground truthing.
Kiggavik Southwest
Major structures indicated by the 2006 magnetic survey.
Significant airborne radiometric anomalies require follow-up ground truthing.
Scheduled to commence in early summer, the objective of the 2007 exploration program at the North Thelon project will be to carry out detailed mapping, prospecting, geochemical and geophysical surveys in order to establish drill targets. It is anticipated that drilling will take place in late summer 2007 or 2008.
Bayswater's exploration activities are conducted under the supervision of Gordon Davidson, PGeol, vice-president of exploration, a qualified person under National Instrument 43-101. George M. Leary, MSc, PEng (BC), president of the company, is the qualified person responsible for the technical information in this news release.
© 2007 Canjex Publishing Ltd. |
