Through its mergers with Kilgore Minerals and Northern Canadian Uranium (NCA) in 2007, Bayswater acquired the Elkhorn property in northeastern Wyoming. The Elkhorn Property extends from the former Homestake Hauber uranium mine northeasterly for more than 20 miles along a known trend of roll fronts and drilled uranium resources. Bayswater completed a 489-hole drill program in 2008 that confirmed widespread uranium mineralization in several areas and continued to define mineralization at the Busfield and Vickers deposits as well as at the historical Quad and Clover areas.

Location & History

The Elkhorn project now consists of approximately 25,000 acres of land held under Federal, State, and Fee agreements located on the northwestern flanks of the Black Hills uplift and northeastern Powder River Basin. The Elkhorn Project area includes the former Homestake Hauber Mine, which produced nearly 3 million pounds of uranium during the 1960s and 1970s. Bayswater’s holdings are located in and around the Hauber mine and along known roll fronts in its vicinity. 

The Powder River Basin is an established uranium mining region that is host to two producing mines, including the Smith Ranch-Highland uranium project and the Crow Butte mine, owned by Cameco Corporation; and one mine in the process of restarting, the Christensen Ranch mine, owned by Areva. Several other ISR mines are in the permitting stage (Moore Ranch—Uranium One and Nichols Ranch—Uranerz). These operating mines are exploiting uranium mineralization that occurs in concentrations that range from approximately 0.1% to 0.3% U3O8 and employ the low cost “in-situ recovery” (ISR) method of uranium ore extraction.

The property is being developed in conjunction with the Company's Alzada property in Montana due to their close proximity to each other, demonstrated in the map to the right.

The Properties

The properties have several known mineralized zones that have a combined historical resource estimate of 592,308 pounds eU3O8 in 0.3 million tons grading 0.11% eU3O8 (non NI 43-101 compliant, is not being treated as mineral resources and not to be relied upon). These zones include the areas surrounding the former Busfield and Vickers mines that produced approximately 69,000 pounds of uranium from near-surface, sandstone hosted deposits that were operated in 1956-57.

Exploration

The Company's subsidiary, NCA Nuclear Inc., completed Phase 1 and 2 drill programs at Elkhorn's Busfield resource area in 2006, which defined an NI 43-101 compliant Indicated uranium resource of 250,000 tons at 0.08% for 397,000 lbs eU3O8 and an inferred uranium resource of 3,000 tons eU3O8 at 0.08% eU3O8 for 5,000 lbs eU3O8 as documented in a report by Jan C. Rasmussen and Bart Stryhas of SRK Consulting dated April 18, 2007 as filed on Sedar.

A Phase 3, 312-hole drill program commenced in March 2008 that focused on expanding the Busfield resource, which remained open in three directions; the historic Vickers mine, a 4,000 ft (1200 m) long trend of near-surface, sandstone-hosted uranium mineralization; and at the Quad, Clover and Tract 41 resource areas. The results identified significant uranium mineralization that included 28 metres grading 0.129% eU3O8 . For a complete summary of these results, please see the releases dated May 20, 2008 and August 11, 2008.

A Phase 4 drill program was completed at Elkhorn in the fall of 2008 with the purpose of further defining the Busfield resource area, as well as testing potential expansion at the historical Vickers resource area. Results from the 177-hole, Phase 4 drill program continued to encounter mineralization at Busfield including 5.3 metres grading 0.04% eU3O8. The program also consisted of definition holes drilled at the Quad and Clover historical resource areas and several confirmation holes at Tract 41. For a complete summary of these results, please see the release dated March 3, 2009.

Database

Bayswater recently acquired access to a large database for the northern Black Hills region. The database contains original borehole geophysical and lithologic logs for nearly 5000 drill holes, plus hydrologic, water quality, metallurgical, and ISR amenability tests conducted during the 1970s and the 1980s, as well as hundreds of maps and cross sections. Bayswater is in the process of compiling the database. Preliminary findings indicate that Bayswater holds historical resources in at least six additional locations beyond those in the Busfield, Quad, Clover and Vickers area and Tract 41, as described above.

These resources are hosted in both the Lower Cretaceous Fall River Sandstone and the Lakota Sandstone of the Inyan Kara Group. None of the deposits have been fully delineated and all of them exhibit several excellent targets for drill testing to potentially expand mineralized zones and to define resources. Historical resources have been provided for some of these zones within the database. As the Company’s evaluation of this database continues the results of our findings will be announced.

Subsequent Activity

See the news releases cited below dated December 1, 2009 and January 11, 2010.

Recent News Releases from Elkhorn

April 28, 2011	Hauber Project Uranium Venture Shows Positive In-Situ Recovery (ISR) Amenability Results
January 11, 2010	NI43-101 Technical Report on the Elkhorn Uranium Project
December 1, 2009	Bayswater to Acquire Major Interest in Hauber Uranium Project, Wyoming
March 3, 2009	Bayswater Announces Results from Phase 4 Drilling at Elkhorn Project, Wyoming
November 11, 2008	Bayswater Provides Project and Operations Update
August 11, 2008	Bayswater Expands Drilling Program at Elkhorn Project, Wyoming
August 7, 2008	Bayswater's Drilling Further Expands Elkhorn Uranium Project, Wyoming

 

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Last updated March 2, 2011

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