Bayswater Commences Airborne Surveying and Mobilizes Follow-Up Prospecting Crews on its Labrador Uranium Project
Bayswater Ventures Corp. (TSX VENTURE:BVE – News; the “Company”) is pleased to announce that Fugro Airborne Surveys Corp. has commenced the previously announced radiometric and magnetic survey on its large uranium land holdings comprising 4003 sq km in the Central Mineral Belt, Labrador. Two helicopter-borne geophysical systems are being utilized to survey the Company’s entire landholdings in the belt at line spacings varying from 100 m to 200 m. The more closely spaced surveys are to be completed on the Company’s landholdings within the historic portion of the uranium district between and adjacent to the exploration properties of Crosshair Exploration & Mining Corp. and Santoy Resources Ltd. to the west and Aurora Energy Resources Inc. and Santoy Resources Ltd. to the east. The remainder of the Company’s landholdings will be surveyed at 200 metre line spacings, with a contingency allocated for additional fill-in surveying to 100 metre line spacing as results dictate. The Company anticipates to complete a total of 35,000 to 38,000 line km of surveying. The cost of this survey is equivalent to or less than that of the previously announced combined helicopter and fixed wing survey (News Release of March 6, 2006) and will generate overall higher quality data.
In addition, the Company announces that it has commenced mobilization of its prospecting crew that will initially follow-up numerous geochemical, geophysical and geological targets generated from the Company’s ongoing compilation of previous government and assessment file data. The technical crew will be supervised by Dean Fraser, the Company’s on-site Project Manager, and includes an additional highly experienced geologist, four senior prospectors and four junior prospectors. Mobilization of the crew will be completed and follow-up work will commence on July 2, 2006. Follow-up prospecting of radiometric anomalies generated from the above airborne survey will commence once initial data becomes available in a few weeks. As targets are prospected and evaluated, priority mineralized zones will be detailed to identify drill targets. Objective of the airborne and prospecting program is to identify targets for drill testing commencing this fall.
Commensurate with above start-up of the Labrador Uranium Project, the Company has received all required regulatory permits to conduct the above exploration program, including permits from the Government of Newfoundland and Labrador and from the Nunatsiavut Government with respect to lands subject to a land settlement agreement between the two governments.
The combined exploration budget of the above airborne geophysical and follow-up exploration programs is $3.4 million; which funds are available to the Company as a result of its recently completed financing that netted the Company approximately $9.7 million.
The Company is further pleased to report it has made an application to the Government of Newfoundland and Labrador for financial assistance through its junior exploration assistance program. This program is designed to encourage junior exploration companies to conduct advanced exploration in the province and carry mineral prospects to a more advanced stage.
Other highlights of the Labrador Uranium Project are as follows:
1. The Company has recently expanded its land holdings by staking 157 claims covering a number of open lakes within its claim blocks, that may be favourable for uranium mineralization as indicated by some of Aurora’s recently announced work (www.aurora-energy.ca), and an area of interest that was marginal to one of its claim blocks. This brings the Company’s total land holdings to 16,012 claims comprising 4003 square kilometres.
2. Compilation of previous airborne geophysical survey work carried out by Brinex and others in the late 1950′s to 1970′s within the Company’s landholdings has identified numerous targets of interest requiring further evaluation. These surveys were generally with very wide spaced flight lines and of lower quality data than the currently planned surveying. Targets of interest can be summarized as follows:
i. Radiometric anomalies are associated with the Jean’s Pond target (Outcrop sample assayed 1.12% U3O8) that were never followed up;
ii. A cluster of radiometric anomalies occurs southwest of the southern margin of the Island Harbour Bay Intrusive within the North Block associated with anomalous uranium in lake sediments (see News Release of January 16, 2006);
iii. A cluster of radiometric anomalies occurs within a favourable structural setting within the North Block southwest and along strike from the Company’s Anna Lake prospect (see News Release of May 17, 2006) and the Melody Hill prospect of Aurora to the northeast;
iv. A linear zone of radiometric anomalies occurs within the Company’s claims over a distance of 25 km’s along the potential southwest extension of the Michelin deposit of Aurora; and
v. A linear complex zone of EM conductors occurs on the Company’s claims immediately northeast and along strike the Crosshair “unconformity zone” for a distance of at least 20 kms. The Boiteau Lake prospect (see News Release of May 17, 2006), on the Company’s claims, occurs at the southern end of this zone and has associated EM conductors. Also, a cluster of radiometric anomalies occurs associated with this zone at is northern end. The potential interface of this conductive zone with the migmatic marginal zone of the Island Harbour Bay Intrusive to the northeast within the North Block indicates a potentially interesting target for Rossing type deposits ( see News Release of January 16, 2006).
In addition, the Company is pleased to announce that it has acquired an equity interest in Labrador explorer Silver Spruce Resources Corp. (TSX.V-SSE), through its participation in a recently completed brokered private placement. Silver Spruce is a junior exploration company holding strategic ground adjacent to the Company, Aurora, Crosshair and Santoy in the Central Mineral Belt uranium district, Labrador. The Company purchased 2,000,000 units of Silver Spruce at a price of $0.50 per unit. Each unit purchased consists of one common share and one whole share purchase warrant entitling the Company to purchase one additional common share at a price of $0.65 per share, exercisable for a period of 18 months.
About the Labrador Central Mineral Belt Uranium Project – The Labrador Uranium Project is Bayswater’s key project with over 4000 sq km of contiguous land along and adjacent the historic Labrador Central Mineral Belt uranium district highlighted by resource drilling by Aurora and Crosshair. The Company’s land holdings have potential for Olympic Dam and Rossing type uranium deposits. Numerous mineralized targets and favourable extensions to known uranium deposits and prospects occur within our land holdings. The Company is by far the largest land holder in this important uranium district.
About Bayswater Ventures Corp. – Bayswater is a junior exploration company focused on developing uranium projects in Labrador’s Central Mineral Belt, Northern Canada’s Thelon Basin and Niger, West Africa. Bayswater is also exploring the Avoca Project in Ireland for base metals. In April 2006 Bayswater signed a Letter Agreement to merge with Pathfinder Resources Ltd. (TSX VENTURE:PHR – News) and anticipates closing of the transaction in August, 2006. The combined company will be positioned as the dominant land holder in three of the most prospective and underexplored uranium exploration and development areas in the world-Central Mineral Belt, Labrador, Canada; Thelon Basin, NWT/NU, Canada; and Niger, West Africa. With the combined management team, asset base and funding available to Bayswater and Pathfinder, the Company is poised for major growth.
The Company’s exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company and a qualified person under NI 43-101. Mr. Leary is responsible for the technical information in this news release.
ON BEHALF OF THE BOARD
George M. Leary, President
Warning: The Company relies upon litigation protection for “forward-looking” statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Contact:
George M. Leary Bayswater Ventures Corp. Investor Contact (403) 265-3775
gleary@bayswaterventures.com
Source: Bayswater Ventures Corp.
