News you might whantBayswater Approves Aggressive $20 Million Exploration Program for Uranium Properties in 2007
VANCOUVER, BC, Jan 15, 2007 (MARKET WIRE via COMTEX News Network) --
Bayswater Uranium Corporation (TSX-V: BAY) reports that an aggressive $20 million uranium exploration program has been budgeted for 2007. The extensive program comprises up to 30,000 metres of drilling on the Company's large uranium projects in Canada's three most important uranium regions.
In the Central Mineral Belt, Labrador, the Company is exploring for Iron Oxide Copper-Gold (IOCG)/Rossing-style uranium deposits; in the Thelon (NWT/NU) and Athabasca (SK) Basins, the targets are high-grade unconformity uranium deposits. In both the Central Mineral Belt and the Thelon Basin, Bayswater is the largest property holder in these highly prospective uranium regions; and one of the largest landholders in the highly productive Athabasca Basin.
Bayswater's goal is to discover and begin drill delineation of a uranium resource on its projects as quickly as possible to create significant shareholder value. To achieve this objective, the Company accomplished the following key milestones in 2006.
1. Acquired major landholdings, comprising 6.85 million acres, in Canada's top uranium producing and exploration regions: Athabasca Basin, Labrador, Thelon Basin and Newfoundland;2. Assembled a management team with a highly successful track record in uranium exploration and discovery, capital raising, and creation of significant shareholder value;3. Raised in excess of $20 million;4. Applied for approximately 2 million acres of concessions in Niger, the world's 4th largest uranium producer; and5. Created attractive share liquidity and market capitalization for institutional and retail investors.
Mr. Damien Reynolds, Chairman of Bayswater Uranium Corp., states, "The past year was a tremendous building period for Bayswater as we established dominant land positions in some of world's best uranium regions, attracted an enviable uranium exploration team to explore these properties, and raised a significant amount of capital to execute our business objectives. Going into 2007, we are extremely well positioned to continue to create shareholder value through exploration success, merger & acquisition opportunities, and increasing recognition of our Company in the investment community."
Following is a summary of planned exploration for 2007. In addition to the upcoming major exploration programs, Bayswater's other chief objectives in 2007 are:
1. To acquire a significant uranium resource to further increase it asset base; and 2. Pursue an AMEX stock exchange listing to increase its U.S. shareholder base.
Summary of Planned 2007 Exploration Programs and Approximate Budgets:
---------------------------------------------------------------------------Project Winter Spring Summer Fall Budget---------------------------------------------------------------------------Central Ground Drilling Drilling Drilling $5,600,000Mineral Belt Geophysical (5,000 M) (5,000 M) Prospecting Surveys Airborne Geophysical Surveys Prospecting---------------------------------------------------------------------------South Ground Airborne Airborne Ground $6,800,000Thelon Basin Geophysical Geophysical Geophysical Geophysical Surveys Surveys Surveys Surveys Ground Prospecting Geophysical Drilling Surveys Prospecting Drilling---------------------------------------------------------------------------North Ground Ground $1,300,000Thelon Basin Geophysical Geophysical Surveys Surveys Prospecting Prospecting---------------------------------------------------------------------------Athabasca Airborne Ground Ground Drilling $4,500,000Basin Geophysical Geophysical Geophysical Surveys Surveys Surveys Prospecting Drilling---------------------------------------------------------------------------Hermitage Airborne Prospecting $500,000 Geophysical Surveys---------------------------------------------------------------------------Niger Land Acquisition Airborne Prospecting $1,800,000 (8000 sq km) Geophysical Surveys--------------------------------------------------------------------------- Total $20,500,000---------------------------------------------------------------------------
Funding of the 2007 exploration program as outlined above comes from over $11,000,000 on hand and from further capital to be provided through exercise of warrants and equity financings.
Central Mineral Belt, Labrador -- 100% Interest in 1,072,028 Acres
The Central Mineral Belt (CMB) uranium district extends for more than 175 kilometres through south-central Labrador, eastern Canada. The belt features numerous uranium deposits highlighted by resource drilling at Aurora Energy Resources Inc.'s (TSX: AXU) Michelin deposit and Crosshair Exploration & Mining Corp.'s (TSX-V: CXX) Moran Lake deposit, which has made the belt a hotspot for uranium exploration in Canada.
With interests in over 1 million acres (4,338 sq km) of largely contiguous land -- the largest land package in the Central Mineral Belt -- and multiple targets discovered, the CMB property is one of Bayswater's key uranium projects. During 2006, Bayswater completed a property-wide helicopter radiometric and magnetic survey totaling 41,145 line kilometres. This survey and follow-up detailed prospecting and sampling identified 12 IOCG and Rossing-style uranium deposit targets, most of which are at the drill stage, plus a large number of radiometric anomalies that remain to be followed-up.
In 2007, Bayswater will conduct follow-up ground geophysics, further detailed prospecting and sampling and drilling of selected priority targets. In addition, prospecting and sampling of untested radiometric anomalies will also be carried out. 10,000 meters of drilling is planned to commence on selected uranium targets this spring; whereas, additional drilling is planned to follow in the summer and fall subject to results of the Company's first phase of drilling and prospecting of radiometric anomalies. The exploration budget for the Central Mineral Belt is approximately $5,600,000.
Thelon Basin, Nunavut and Northwest Territories -- 50% to 100% Interest in 3,663,819 Acres
The Thelon Basin represents an under-explored, major sandstone basin that shares many geological characteristics with the Athabasca Basin, approximately 350 km to the south in Saskatchewan. Similarities between the Athabasca and Thelon Basins include the age and character of favorable host and basement rocks, major structural features, and, importantly, known occurrences of unconformity-style uranium mineralization. The most advanced uranium deposits in the Thelon Basin area are Areva's Kiggavik, Andrew Lake and END deposits (the Kiggavik Trend), host to approximately 131 million pounds of contained U3O8.
Bayswater is by far the largest landholder in the Thelon Basin with interests in over 3.6 million acres. The Company's properties are located in the North and South Thelon Basin areas, which collectively represents approximately one-third of the available exploration land in the Basin. Other companies exploring in the Thelon Basin include Cameco Corporation, Ur-Energy Inc., and Western Uranium Corp.
Last summer, Bayswater completed airborne geophysical surveys on a portion of its North and South Thelon area projects. In the North Thelon, a radiometric and magnetic survey comprising 21,336 line kilometers over seven separate land parcels identified 18 high priority radiometric anomalies. The radiometric anomalies are all located in favorable geologic settings for unconformity-type uranium deposits, the highest-grade uranium deposits in the world. Preliminary prospecting of these targets late in the 2006 season identified anomalous radioactivity in favourable geologic settings on several of these targets. In the South Thelon, a Fugro MEGATEM airborne survey comprising 9,022 line kilometres delineated a number of conductive targets and associated basement structure. Conductors associated with fault structures are key features associated with high-grade unconformity-type uranium deposits such as McArthur River and Cigar Lake in the Athabasca Basin.
The 2007 exploration program in the South Thelon Basin will include follow-up ground prospecting and geophysical surveys. Airborne geophysical surveys will also be conducted in areas not previously surveyed. Based on exploration results, selected targets will be drill tested. In the North Thelon, ground prospecting and geophysical surveys will follow-up priority targets identified by airborne surveys. The exploration budget for the Thelon Basin is approximately $8,100,000.
Athabasca Basin, Saskatchewan -- 100% Interest in over 1,700,000 Acres
The Athabasca Basin hosts the highest-grade unconformity-type uranium
deposits in the world, and accounts for approximately 32% of the world's uranium supply. Most of the uranium deposits in the Athabasca Basin have been discovered around the margin of the Basin, where depth to the basement unconformity -- host level of most uranium deposits -- is relatively shallow (less than 700 metres). With today's technology, geophysical surveys are able to penetrate deeper into the earth, to identify uranium targets at levels not previously probed.
In mid 2006, Bayswater entered into an agreement to acquire a 100% interest in 1,508,056 acres in the Athabasca Basin. Comprised of three claim blocks, the properties cover major fault structures and geological settings that are favourable environments for high-grade, unconformity deposits. The Company has recently staked additional contiguous ground, covering favourable basement structures in shallower portions of the basin, bringing its land position to over 1,700,000 acres. Target depth to the unconformity is from 400 metres to over 1,000 metres.
In 2007, deep-penetrating airborne geophysical surveys and follow-up ground geophysical and geological surveys are planned to identify drill targets. An initial drilling program is planned to test priority targets. The exploration budget for the Athabasca Basin properties is approximately $4,300,000.
Hermitage Uranium Belt, Newfoundland -- 50% to 100% Interest in 420,860 Acres
The Hermitage Uranium Belt is a 100 km by 10 km structural arch in southwestern Newfoundland that hosts a number of uranium prospects. Several types of uranium occurrences have been discovered in the belt, of which stratiform sedimentary and volcanic settings are most important due to their large-scale potential.
In recognition of the Hermitage Belt's potential to host multiple, large-scale, near-surface uranium deposits, Bayswater increased its land position in the belt in 2006. The Company now has interests in approximately 420,000 acres, which represents about half of the belt. In 2006, airborne geophysical surveys, to measure radiometric, magnetic and electromagnetic responses, were flown over a portion of Bayswater's ground. The 4,000 line kilometre airborne survey identified a large number of low intensity radiometric anomalies. Follow-up work of these anomalies did not locate mineralized zones of interest; however, a number of high priority target areas remain to be explored.
In 2007, additional radiometric and magnetic surveys are planned over ground not yet surveyed, as well as follow-up ground prospecting of high-priority targets delineated by the initial and 2007 survey. Drilling of any uranium zones of interest will be undertaken. Bayswater's airborne survey and prospecting budget for the Hermitage Uranium Belt is approximately $500,000.
Niger, West Africa -- Application for Approximately 2,000,000 Acres.
Bayswater, and through an option agreement with Longview Capital Partners Inc. (TSX-V: LV), has applied to acquire concessions totaling approximately 2,000,000 acres in favourable geologic settings for the occurrence of major uranium deposits. All of the properties are road accessible and located between 60 and 400 km from Cogema's world-class Arlit and Cominak uranium mines, which collectively have produced over 100,000 tonnes of U3O8 to date. Bayswater's properties have similar stratigraphic and structural settings to the Arlit and Akouta uranium mine area.
The Arlit and Cominak deposits provide excellent geologic models for uranium exploration in Niger. These deposits are characteristic of the sandstone-type model, hosted in continental to marine deltaic sandstones along the western margin of older basement rocks forming part of the Air Massif mountains of the West African Shield.
Bayswater plans a detailed compilation of all previous work on the concessions followed by a high-resolution airborne radiometric and magnetic survey and follow-up prospecting. The 2007 budget for Niger is about $1,750,000. Recently, the Company was notified that the Niger government review of its mining act has been completed and at the beginning of this year the Company was further notified that it would be granted its concessions shortly.
About Bayswater Uranium Corporation -- The Super Junior Uranium Company(TM)
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 Uranium Company(TM) 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