BAYSWATER URANIUM CORPORATION
510 Burrard Street,
Suite 510
Vancouver, B.C. V6C 3A8
Tel: (604) 687-2153
www.bayswateruranium.com
NEWS RELEASE
Bayswater Provides Review of Land Position and
Significant Results From 2008 Exploration Program,
Central Mineral Belt, Labrador
Vancouver,
BC, June 24, 2009 ─ Bayswater Uranium Corporation (TSX-V:
BAY)
(OTC:
BYSWF)
would
like to provide shareholders with an update on its
current land position and review of 2008 exploration
results for the Labrador Central Mineral Belt
Uranium Project.
The
Company continues to hold the largest land position
in the district, with a 100% interest in 504,157
acres of prospective ground and an additional 50%
interest in 28,664 acres of joint venture land with
Ucore Uranium Inc. (TSX-V:
UCU).
Over the past year, Bayswater has significantly
reduced its land package from over 1.2 million acres
to hold only the most prospective claims.
Within this land package, exploration
expenditures have been sufficient to retain the
highest priority target areas for a minimum of three
years and up to nine years as with the case of its
Anna Lake claims.
Anna
Lake
Deposit Update
Highlighting the 2008 program was the significant
expansion of the Anna Lake Uranium Deposit as a
result of an aggressive wide spaced drilling program
(see press release dated
Feb. 17, 2009).
An overview of the Anna Lake Deposit can be
found on the Company’s website at
www.bayswateruranium.com.
A
petrographical report of 22 core samples from the
Anna Lake Deposit has been completed by Dr. Derek
Wilton from the Department of Earth Sciences at
Memorial University of Newfoundland.
The work has provided a better understanding
of the uranium mineralization at
Anna Lake.
The following summarizes some of the key
findings from Dr. Wilton’s report:
Ø
The
host rocks appear to be correlative with the Post
Hill Group; host of the Kitts Uranium Deposit.
Ø
Uraninite is the main uranium-bearing phase present
at
Anna Lake.
In areas of uranium mobilization, very minor
coffinite is locally developed.
Ø
Aside
from silicate hosts (biotite and hornblende),
uraninite is intergrown with pyrrhotite,
molybdenite, and zircon.
Ø
Nickel
and cobalt arsenides have been identified in some
samples. The arsenides, while not intergrown with
uranium-bearing phases at
Anna Lake,
have been reported from uranium deposits in the
Athabasca
Basin and
Great Bear Lake districts.
Ø
Biotite-bearing units are paragneiss/paraschist (i.e.,
derived from sedimentary protolithologies.) The
amphibolites may represent mafic volcaniclastic
lithologies.
Ø
The
metamorphic rocks contain garnets which, in some
samples, are pre-kinematic and in others, are
syn-kinematic. Uraninite is
present as minute inclusions in pre-kinematic
garnets, suggesting that a distinct uranium phase
was present in the host rocks prior to, at least
later, metamorphic events.
Ø
Very
preliminary, and insufficient, U-Pb data suggest
that zircons in the meta-sedimentary host rocks
might have been derived as detritus from the
weathering of Archean granites of the Nain Province;
further supporting the correlation of the host rocks
with the Post Hill Group. The U-Pb data also suggest
that the host rocks were affected by the Grenvillian
Orogeny. More work is required to fully confirm
these preliminary conclusions.
Additional petrographical studies along with
specific gravity determinations will be implemented
by the Company during 2009.
New
Discoveries in 2008
Additional highlights from the Company’s 2008
regional exploration program include the discovery
of two new high priority areas found to contain
significant uranium showings.
Both discoveries were made late in the 2008 field
season and have received only cursory exploration
efforts to date. The Boiteau
Lake Uranium Trend and the Minisinakwa Lake Showing
represent some of the most significant uranium
mineralization encountered on the Company’s land
holdings since it began exploring the area in 2006.
Results of sampling on both zones have been
made public in press releases dated November 20,
2008 and September 30, 2008 respectively.
Continued ground exploration in the
Anna Lake
vicinity including geological mapping, geophysical,
geochemical and radon flux surveys also provided
encouraging results.
The
Company is pleased to announce that it has received
a JEA Grant from the Newfoundland and Labrador
Department of Natural Resources for exploration in
the Boiteau Lake area. A
detailed ground exploration program consisting of
ground soil geochemistry, geophysics, mapping and
prospecting is anticipated to begin in early July,
2009. A decision on work to be
performed on the Minisinakwa Showing is currently
under review. A summary of the
2008 discovery areas has been provided below:
Boiteau
Lake
Uranium Trend
The
Boiteau Lake Uranium Trend is hosted within mid
paleoproterozoic rock units of the Joe’s Pond
Formation and contains a variety of lithologies
including mafic volcanics, sandstones,
conglomerates, chert, argillites, schist, gneiss and
pegmatites. The Joe’s Pond
Formation partially hosts the
Moran Lake
Deposit and numerous uranium prospects held by
Crosshair
Exploration & Mining Corp.
(TSX:
CXX).
Four new bedrock uranium showings have been
discovered along a five kilometer structural
corridor as interpreted from airborne magnetics,
landsat imagery, air photo interpretation and ground
investigation. This mineralized
trend represents a portion of a larger structural
feature that can be traced across the Company’s
property for over 12 kilometers and is thought to
hold excellent potential for uranium deposits.
Results from the initial prospecting program
in the area have returned very encouraging results.
Based on 28 rock samples collected,
23 returned values greater that 0.10%
U3O8
with
the best outcrop sample assaying 0.723%
U3O8.
Uranium mineralization in all showings
either occurs in carbonate altered shears and
veinlets or in fractured and gossanous metapelitic
sediments dominantly hosted within the mafic
volcanic units. Several of the
showings appear to occur along splays off the main
structure and all are associated with discrete
magnetic highs.
One
additional bedrock showing located near the southern
portion of the Boiteau Lake Trend has also been
identified. This showing is
hosted within the late paleoproterozoic Bruce River
Belt of sediments and lies along strike and is
hosted in the same lithology as the newly discovered
Apollo Zone held by Crosshair. Limited sampling from
outcropping conglomeratic units at this new showing
assayed up to 0.786%
U3O8.
Minisinakwa Lake Uranium Showing
The
Minisinakwa Lake Showing is hosted within late
paleoproterozoic, mylonitized felsic volcanic rocks
of the Bruce River Group. High grade uranium
mineralization is commonly associated with magnetite
banding within the volcanics.
The showing is characterized by a series of large,
very angular and frost heaved flagstone boulders
strung out in an east northeast orientation for a
traceable distance of over 650 meters.
The boulders disappear under the lake on the
eastern side of the boulder train.
All mineralized boulders are located within a
linear depression that correlates directly with a
linear magnetic high anomaly readily noted in
airborne and ground survey data.
This magnetic feature can be traced continuously for
at least 3.5 kilometers. During
2008, 29 samples were collected from the area by
prospectors and geologists.
Highlights from the sampling returned assay values
of up to 3.48%
U3O8.
Of the 29 samples collected,
5 returned assays greater than 1%
U3O8
with 26 greater than 0.10%.
U3O8.
Ground follow-up work
performed on the Minisinakwa Lake Showing during
2008 included a 32 line kilometer GPS based ground
magnetometer survey and a seven hole reconnaissance
drill program. The magnetometer
survey was implemented in an attempt to better
define the magnetic anomaly noted from airborne
surveys. The magnetic anomaly was initially
interpreted to be related to the uranium
mineralization. Drilling of this
anomaly in the immediate area of the mineralized
boulders however, proved unsuccessful in
intersecting the same host lithology as the
mineralized boulders. The drill
program was designed to test the magnetic anomaly in
six different localities along a 2.4 kilometer
strike length. It is currently
believed that the high grade uranium boulders have
come from a proximal source which has yet to be
identified.
Anna
Lake
Corridor
The
land holdings around the Anna Lake Deposit represent
a high priority exploration target where excellent
potential exists for new discoveries.
As a continuation to detailed ground work
performed during 2007, additional grid
establishment, soil geochemistry, ground induced
polarization/resistivity, magnetometer, radon flux
surveys and geological mapping were implemented on a
large grid covering the
Anna Lake
area. A total of 54.5 line
kilometers of grid establishment, 1686 “B” horizon
soils, 72.4 line kilometers of IP/Resistivity, 16.75
line kilometers of magnetics and 2355 radon flux
measurements were completed during the 2008 field
season. The results of this
ground exploration have provided a better geological
understanding of the area and have outlined several
targets requiring follow-up investigation.
The Anna Lake Deposit is located along the
southern edge of a 12 kilometer structural corridor
that runs through the Bayswater claims and where
repetition of the Post Hill Group mineralized
sequence has been confirmed discontinuously along
the length of the trend. As part
of the 2008 exploration program, several of the
targets were drill tested with some minor
intersections of uranium being noted.
Numerous other areas will require further
field investigation and drill testing.
Additional
Discoveries During 2006-2007 Warranting Further
Exploration Including Drilling
Additional targets
held by the Company warranting further work include
the Jean’s Pond, Dandy,
Kanairiktok
Bay,
Ghost Lake,
Stomach
Lake,
Stipec
River,
Lewis Lake
and
Michinappi
Lake prospects.
While the Company intends to focus its
exploration efforts on its advanced exploration
projects including
Anna Lake,
it plans to farm-out claim blocks covering these
target areas through joint venture, option or
purchase arrangements. For further information on
these targets, please visit the Company’s website.
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.
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
www.bayswateruranium.com/s/CMB.asp.
About Bayswater Uranium
Corporation - The Super JuniorTM Uranium
Company
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. Bayswater is
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
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
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.
