Bayswaters Kanairiktok Bay Uranium Prospect in Central Mineral Belt, Labrador Yields 6.9% U3O8admin
Bayswater Uranium Corporation is pleased to report that final assays from its 2006 program in the Central Mineral Belt, Labrador have now been received and results include a grab sample from a biotitic shear zone on the Kanairiktok Bay Prospect that assayed 6.9% U3O8 and have confirmed the discovery of two new uranium mineralized radioactive targets-namely Stomach Lake and Stipec River Zone E (see News Release dated November 8, 2006). Drill testing of these targets is planned for 2007. This brings the current number of targets for drill testing this spring and summer to a total of 10.
Uranium targets identified for drill testing from Bayswater’s 2006 Labrador exploration program include the Stomach Lake Zone A and Dandy-Kanairiktok Bay Rossing type prospects; and the Stipec River Zone A, D and E targets and the Anna Lake and Ghost Lake Zone A, B and C targets of the IOCG type prospects. All of these targets have been described in previous News Releases dated August 28, October 2 and November 8, 2006. Numerous radiometric anomalies from the 2006 airborne survey remain to be followed-up with detailed prospecting.
A detailed review of all 2006 project data is currently underway. The Company anticipates that several other targets will be identified for drill testing as a result of its planned aggressive and extensive 2007 program. Bayswater has budgeted over $5.6 million for its Labrador Uranium Project in 2007. This budget includes 20,000 metres of drilling depending on results as the 2007 program evolves.
Highlights of recent assay results from the Company’s Labrador Uranium Program are as follows:
Kanairiktok Bay Prospect: One grab sample taken from a highly radioactive zone of biotitic/amphibole shear zone within the proposed drill area of the Kanairiktok Bay prospect, as previously reported in News Release dated October 2, 2006, assayed 6.9% U3O8 using the XRF assay method. This biotitic shear zone is about 1 metre wide and can be traced intermittently for approximately 100 metres along strike. Previously reported assays from radioactive alaskitic granites immediately adjacent to this shear zone range up to 0.36% U3O8. This Rossing type target warrants detailed follow-up work and drilling.
Stomach Lake Zone A Prospect: A large area underlain by a radioactive felsic pegmatite dyke swarm at the primary source area of a 20 km long airborne radiometric anomaly and associated radioactive boulder train has returned assays from 11 grab samples ranging from 0.03% to 0.455% U3O8. These samples also commonly contained anomalous contents of the light rare earth elements. This Rossing type target warrants further detailed work and drill testing.
Other potential radioactive bedrock targets are indicated from prospecting of this very large boulder train and require further work.
Stipec River Zone E Prospect: The Stipec River Zone E prospect, identified late in the field season with limited sampling and prospecting completed in 2006, returned two grab samples assaying respectively 0.363% and 0.376% U3O8. These are highly encouraging assays from a zone of highly radioactive, sulphidic and graphitic sheared sediments located in a gossanous zone previously identified by Noranda. The mineralized zone can be traced for about 60 m and averages 2 m to 3 m in width. It is associated with a moderate-strong airborne EM conductor identified from previous Noranda work that extends the zone along strike. This target warrants drill testing.
Stipec River Zone D Prospect: Sampling from a 2 to 5 metre wide, continuously mineralized radioactive sandstone unit has returned assay values of 0.04% to 0.072% U3O8. Field mapping indicates that mineralization may occur in multiple sandstone beds and further work is warranted including drill testing.
Weekes-English Lake Area: This target is characterized by a very large ring-shaped radiometric anomaly up to 10 km in diameter with stubby anomalous linear extensions in a NE-SW direction within the south central portion of the Northwest Claim Block. Very limited prospecting was carried out on this target in 2006. One sample of radioactive granitic material from bedrock assayed 0.096% U3O8 from within this target. Further prospecting is planned during the 2007 field season on this target.
For a brief description of the IOCG and Rossing exploration deposit models that are applicable to the Company’s Labrador land holdings, please refer to the Company’s news release of January 28, 2006. Further information about the properties is also available at http://www.bayswateruranium.com/s/LabradorCentral.asp.
The Company’s exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), president of the Company, and Vic Tanaka, B.Sc. P.Geo.(B.C.), COO of the Company. Both are qualified persons under NI 43-101. George M. Leary, president of the Company, is the qualified person responsible for the technical information in this news release.
About the Labrador Central Mineral Belt
The Central Mineral Belt (CMB) of Labrador, Canada, located approximately 135 kilometres north of Goose Bay, has a long history of uranium and base metals exploration. Uranium was first discovered in the belt in the 1950s. With further exploration in the 1960s and 1970s and rising uranium prices, exploration in the CMB increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. The Moran Lake deposits were later drilled by Shell Canada Ltd. (TSX:SHC.TO – News). Currently the Michelin uranium deposit is being developed by Aurora Energy Resources Inc. (TSX:AXU.TO – News), which at the end of January, 2006 announced a NI 43-101 compliant measured and indicated resource of 22.2 million lbs U3O8 plus an additional inferred resource of 13.4 million lbs U3O8 all at an average grade of 0.113% U3O8 to a depth of approximately 600 metres. Crosshair Exploration and Mining (TSX VENTURE:CXX.V – News) is exploring the Moran Lake deposit with an initial NI 43-101 compliant inferred resource of 688,000 lbs U3O8 at a grade of 0.25% U3O8 in the Upper C Zone. Bayswater Uranium is the largest landholder in the CMB with over 4,300 sq km. Aurora controls about 800 sq km and Crosshair approximately 640 sq km.
About Bayswater’s Labrador Central Mineral Belt Uranium Project
The Labrador Uranium Project is one of Bayswater’s key projects with over 4300 sq km (over 1 million acres) of contiguous land along and adjacent to the historic Labrador Central Mineral Belt uranium district highlighted by resource drilling at the Michelin deposit by Aurora Energy Resources Inc. and on the Moran Lake deposit by Crosshair Exploration & Mining Corp.; and, by exploration drilling of major prospects by Aurora and others working in the district. The Company’s land holdings have potential for Olympic Dam and Rossing type uranium deposits. Several new mineralized zones, many of which are at the drill stage, and a large number of recently defined radiometric anomalies requiring further follow-up, occur within the Company’s land holdings. Bayswater Uranium Corp. is by far the largest landholder in this important uranium district.
About Bayswater Uranium Corporation – The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Market Wire
For further information contact:
John Gomez Manager Investor Relations
Telephone: (604) 687-2153
Source: Bayswater Uranium Corporation