Bayswater Completes Phase 3 Drilling at Elkhorn Project, Wyoming
-
312 Holes Completed with Preliminary Results Available for 160 holes
-
Best Hole 28 meters at 0.129% eU3O8
Vancouver, BC, May 20, 2008 ─ Bayswater Uranium Corporation (TSX-V: BAY), (OTC: BYSWF) is pleased to announce the completion of the Phase 3 drilling program at the Elkhorn Project in Wyoming and the preliminary results from the program. The Company drilled 312 holes including 11,073.5 meters (36,321 feet) around the historic Busfield Mine, and the Company’s NI 43-101 indicated resource. Drill holes were located on 35 meter spaced lines (100 ft), with 35 meters between holes (100 ft) on average, to expand the Busfield resource. Drilling tested the 1200 meters (4000 foot) long area between the Busfield mine and the Vickers mine which is located to the northwest. Drilling also tested the historic Quad, Clover, and Track 41 resource areas. The Busfield and Vickers mines produced approximately 69,000 pounds of uranium from near-surface, sandstone hosted deposits that were operated in 1956-57. The Company’s subsidiary, NCA Nuclear Inc. completed Phase I and II drilling programs with 70 holes at the Busfield resource area in 2006, which defined a NI 43-101 compliant indicated uranium resource of 250,000 tonnes at 0.08 % for 397,000 lbs eU3O8.
A summary of all drilling completed during the Phase 3 program is shown below. Drilling at Quad, Track 41, and Clover was suspended due to wet weather, and will be completed later in the year.
| Type | Holes |
Meters |
Feet |
|
| Busfield/Vickers Area: | Air/Rotary: | 200 |
7,113.4 |
23,332 |
| Core: | 25 |
654.6 |
2,147 |
|
| Subtotal: | 225 |
7,768.0 |
25,479 |
|
| Quad: | Air/Rotary: | 61 |
1,939.0 |
6,360 |
| Core: | 1 |
15.2 |
50 |
|
| Track 41: | Air/Rotary: | 2 |
224.1 |
735 |
| Clover: | Air/Rotary: | 20 |
1,017.4 |
3,3337 |
| Core: | 3 |
109.8 |
360 |
|
| Subtotal: | 87 |
3,305.5 |
10,842 |
|
| Grand Total: | 312 |
11,073.5 |
36,321 |
Preliminary eU3O8 radiometric results have been received for 160 of the 312 holes, to date. Drilling results have identified widespread mineralization, and the following results have been selected, to demonstrate some of the best results obtained during the Phase 3 drill program. The remaining 152 holes are being processed, and include all 29 core holes. Remaining results are expected in the coming month. Once all results are received, drill logs and radiometric data will be evaluated to identify additional areas for resource expansion, and exploration in the adjacent areas. Additional drilling will be considered, during Q3, and a revised NI 43-101 resource estimate will be prepared. The following significant intercepts have been received, based on a minimum 1.8 meter (6 feet) width and 0.02% eU3O8 low grade cutoff:
Hole I.D. |
From (ft) |
To (ft.) |
Width |
Wt. Avg. Grade |
|
Feet |
Meters |
eU3O8 % |
|||
BSF-058 |
27 |
38 |
11 |
3.4 |
0.162 |
Includes h.g. zone: |
29 |
32 |
3 |
0.9 |
0.472 |
BSF-060 |
42 |
50 |
8 |
2.4 |
0.082 |
BSF-065 |
11 |
28 |
17 |
5.2 |
0.047 |
BSF-066 |
21 |
36 |
15 |
4.6 |
0.056 |
BSF-068 |
27 |
32 |
5 |
1.5 |
0.062 |
BSF-069 |
0 |
92 |
92 |
28.0 |
0.129 |
includes h.g. zone: |
34 |
40 |
6 |
1.8 |
0.317 |
BSF-071 |
10 |
42 |
32 |
9.8 |
0.051 |
BSF-072 |
22 |
45 |
23 |
7.0 |
0.044 |
|
49 |
87 |
38 |
11.6 |
0.034 |
BSF-075 |
17 |
28 |
11 |
3.4 |
0.034 |
BSF-076 |
13 |
21 |
8 |
2.4 |
0.040 |
BSF-077 |
9 |
22 |
13 |
4.0 |
0.027 |
BSF-082 |
5 |
22 |
17 |
5.2 |
0.048 |
BSF-084 |
5 |
13 |
8 |
2.4 |
0.041 |
BSF-085 |
11 |
18 |
7 |
2.1 |
0.048 |
BSF-087 |
0 |
37 |
37 |
11.3 |
0.182 |
|
41 |
89 |
48 |
14.6 |
0.054 |
BSF-098 |
6 |
30 |
24 |
7.3 |
0.053 |
BSF-099 |
11 |
30 |
19 |
5.8 |
0.031 |
BSF-101 |
11 |
33 |
22 |
6.7 |
0.027 |
BSF-102 |
3 |
14 |
11 |
3.4 |
0.087 |
BSF-103 |
8 |
16 |
8 |
2.4 |
0.052 |
BSF-105 |
5 |
11 |
6 |
1.8 |
0.125 |
BSF-106 |
13 |
19 |
6 |
1.8 |
0.054 |
BSF-108 |
13 |
27 |
14 |
4.3 |
0.030 |
BSF-118 |
22 |
28 |
6 |
1.8 |
0.110 |
BSF-121 |
8 |
27 |
19 |
5.8 |
0.043 |
BSF-125 |
0 |
35 |
35 |
10.7 |
0.084 |
BSF-154 |
39 |
45 |
6 |
1.8 |
0.048 |
BSF-164 |
14 |
20 |
6 |
1.8 |
0.079 |
BSF-165 |
0 |
9 |
9 |
2.7 |
0.149 |
BSF-176 |
6 |
13 |
7 |
2.1 |
0.073 |
BSF-179 |
0 |
13 |
13 |
4.0 |
0.068 |
Elkhorn Project: The Elkhorn project is located in the northeastern Powder River Basin and contains over 16,700 acres of land held under Federal, State and Fee agreements. Three uranium mines are in production in this region, including the Smith Ranch-Highland uranium project and the Crow Butte mine, owned by Cameco (TSX: CCO), and the Christensen Ranch mine, owned by Cogema, all which employ “in-situ recovery” processes to recover uranium mineralization. Operating mines are exploiting uranium mineralization that occurs in concentrations that range from approximately 0.1 – 0.3% U3O8.
QA/QC: All drill holes were logged using down-hole gamma radiation sensing equipment to determine the equivalent uranium content of the rocks, reported as U3O8 (eU3O8). Intercepts were calculated, using a minimum width of 1.8 meters (6 feet) and a low grade cut-off of 0.02% eU3O8. Radiometric data was collected on 0.0025 meter intervals (0.1 feet) and converted to equivalent uranium content. No geochemical uranium results are available at this time, however split core samples have been prepared from the 29 core holes that were drilled, and the geochemical results from the core samples will be reported and compared with the radiometric data to determine the equilibrium factor of the radiometric data. All work was conducted through Bayswater’s subsidiary, NCA Nuclear Inc., under the direction of Keith Laskowski, M.Sc., VP Exploration—USA for the Company, who is the qualified person under NI 43-101 responsible for the technical information in this news release. Pinyon Environmental Services of Denver Colorado has been retained to obtain all drilling permits, and to manage all environmental and drilling operations. Drilling was conducted by Arrow Drilling of Arvada Colorado, using two air/rotary drills and one core drill. COLOG of Denver Colorado is providing down-hole radiometric logging services.About Bayswater Uranium Corporation – The Super Junior™ Uranium Company
Bayswater Uranium Corporation is a rapidly-growing international uranium exploration and development company. As 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 is a leader in uranium exploration in Canada, the world’s largest producer of uranium. The Company also owns several advanced uranium properties in the United States that are being fast tracked to feasibility and production. Bayswater combines a balanced portfolio of exploration and development projects with the uranium expertise of its technical and managerial teams. The result is a Super Junior™ Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. To capitalize on the strong growth of the nuclear industry and to continue to add shareholder value, Bayswater plans to focus on the development of its resource properties and to evaluate early stage projects for further discoveries. Other acquisition opportunities will continue to be assessed all with a corporate vision of building a major international uranium company. Bayswater is listed on the TSX Venture Exchange under the symbol “BAY”.On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
| George M. Leary |
| President and CEO |
For further information contact:
| John Gomez Manager, Investor Relations |
| Telephone: (604) 687-2153 |
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
