Uranium Bay Announces the Discovery of a Possible Sulphide Body Approximately 40 km North of La Grande 3, James Bayadmin
Uranium Bay Resources Inc. inform shareholders that during the course of our uranium exploration programme at the KUP/ K1 Project, in the James Bay region, exploration staff have possibly identified a buried sulphide ore body and that the Corporation has signed an agreement in order to purchase a 100 % interest in the exploration target site know as the “Blue Lake Property”.
Although it is too early to make any positive statements about the potential of the Blue Lake Property, UBR technical staff and consultants believe that there is a good possibility that a sulphide body could be located under or adjacent to a small lake.
Government regional mapping of the area indicates that the lake is underlain by granitic units of the Archaean Superior Province. Field investigation has identified a succession of what are probably high-grade meta-sediments very similar to those at Eleonore Property some 80 miles south of the area.
Material terms of the agreement are as follows (all amount are expressed in Canadian dollars).
In order to acquire the 100 % interest in the Blue Lake Property, the Corporation shall make the following payment to the seller:
– A cash payment of $ 8,250.00 at the signature of the agreement; and
– The issuance of 2,000,000 warrants giving their holder the right to acquire a new share of the Corporation at an exercise price of $ 0.12 per share, valid for 24 months from the date of the closing of the transaction.
The concession will not be subject to any Royalty payable to the seller.
The transaction is made with parties that are non-related to the Corporation.
This agreement is subject to approval by the regulatory authorities. Upon approval of the transaction, the titles of the claims will be transferred to the Corporation.
During helicopter shuttle of staff from the UBR camp at Uskawanis to the KUP/ K1 project area a lake was noted by the Technical Director that had two very unusual features. Firstly it was distinctly blue and secondly on investigation at low level it was seen that the water was crystal clear. Photographs will be available on the UBR website. This is in contrast to ALL other lakes in the area which contain dark brown water and are strongly influenced by organics.
The lake is completely topographically enclosed and has no apparent in-flow or significant outflow of water.
The current suggestion is that the water could be coloured by low doses of copper sulphate (a blue copper salt). Historically the use of copper sulphate in swimming pools was common as it acts both as a flocculant (depressing suspended solids) and a bactericide (killing most fauna and flora). If the colour and clarity of the lake are due to copper sulphate this would suggest the immediate proximity of weathering copper sulphides (such as chalcopyrite). There may be other reasons why the lake is blue and they will also be investigated.
A preliminary ground investigation was carried out. The area of the lake is a fine-grained ground moraine and no outcrop was detected in the immediate area of the lake.
However, some 200 metres south of the lake is a fairly extensive outcrop of meta-sediments (see photographs on the UBR website) that have a strike length of several hundreds of metres (approximately east to west). In addition the outcrop of this material extends several hundreds of metres south suggesting that it is a large unit. Such units can potentially host “massive” sulphide bodies.
Investigations will continue.
Mr. Bernard Tourillon, UBR’s Chairman and CEO, comments:”Although UBR main focus remain uranium exploration it has not divorced itself from other potentially exciting targets as witnessed by the Grootfontein and Gunib properties in Namibia already held by the Corporation. The addition of the Blue Lake property to the UBR portfolio of known uranium properties only enhances UBR’s potential value to shareholders.
Furthermore, this acquisition of a new project further emphasizes UBR’s driven, methodical and scientific approach to exploration in the Province of Quebec.”
Uranium Bay Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol UBR on the TSX Venture Exchange. The Company has 81,385,731 shares outstanding. The Company holds 100% of several U3O8 mineral exploration properties including the 314 km2 Uskawanis Uranium property located just south of the Opinaca reservoir, the 90 km2 Kauschiskach Uranium property located just 100 km NE of Radisson in the Quebec James Bay area of northern Quebec, and the five properties totalling 197 claims covering the Lac Georges (100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims), Maurice (19 claims) and Bloc extension 06 (16 claims) properties located in the Wakeham area, in eastern Quebec. In addition the Company holds the two Namibian concessions known as Gunib and Grootfontein and the new Blue Lake concession (50 claims).