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The Company has to date acquired twenty-two uranium properties in the United States. These properties are comprised of 468 claims and twelve State mineral leases encompassing approximately 19,482 acres of highly prospective uranium lands. All of the properties have been acquired by locating lode mineral claims and leasing. Ten of the properties have been the subject of extensive exploration drilling by major companies, mostly former established uranium producing companies. Close-spaced grid type drilling has been conducted on at least six of the properties and there is historic uranium production from two of the properties. Bayswater plans to conduct drilling on its properties to confirm estimated historical uranium resources (non NI 43-101 compliant) of 12 million pounds and expand resources. The Company's objective is place its properties into production. National Instrument 43-101 report on Montana and Wyoming properties, please click here to view (PDF 5.6MB) Juniper, California
The Juniper property consists of 87 claims in Tuolomne County in central California, approximately 40 miles northwest of Sonora. Uranium mineralization occurs in a series of roll fronts within a paleo stream channel that is believed to be at least 5 miles long. Bayswater holds 100% interest in this project which was initially explored by Utah Mining and Construction (later Utah International) and Pathfinder Mines (now Cogema). Available records indicate that 365 exploratory holes were drilled leading up to 1980. A historic resource of 4,018,000 pounds of contained U3O8 was estimated by this work (non 43-101 compliant). Alzada, Montana
Overview The Alzada project is consists of several claim blocks in southeast Montana obtained through Bayswater's merger with Kilgore. This property has undergone varying levels of exploration in the past and has near term production potential. Historical data has been collected and analysed by the Company and drilling is planned to confirm and expand upon historical resource estimates. Location & History The Alzada property consists of several claim blocks located in Carter County, Montana, that have a combined historical resource estimate of 7,060,000 pounds of U3O8 (non NI 43-101 compliant). Carter County is situated in the Powder River Basin, a prolific uranium-producing geologic setting that spans northeastern Wyoming and southeastern Montana. The land package consists of the Mindy Group (40 claims), the Acadia Group (36 claims), the Ella Group (44 claims), the Owl Group (20 claims), and the Tess Group (23 claims). The area was intensely explored by up to 29 major mining and energy companies during the 1970's and into the early 1980's. Kerr McGee, one of the largest uranium producers during this era, was particularly active in the area and drilled hundreds of widespread reconnaissance holes. A number of uranium bearing roll front targets were developed and closed spaced drilling was carried out on some of them. The Mindy Group (Snow Project) This property covers a roll front which closed spaced drilling indicates is approximately 4.5 miles long. The sandstone hosted uranium mineralization is believed to occur in the Cretaceous Inyan Kara Group at a depth of about 1,700 feet. The roll front is defined by at least 226 holes drilled by Kerr McGee. The Acadia Group (Cochrane Project) This property covers another Kerr McGee target, a close-spaced drill hole defined roll front that is approximately 2.5 miles long. At least 254 holes were drilled, mostly on 100 foot spacing fences at 500 foot intervals. It is believed that the mineralization occurs at approximately 1,600 feet. The Ella Group The Ella Group covers a roll front target identified first by Uranium Resources. The project was later worked on by Amoco and Exxon. Some 150 holes were drilled targeting mineralization at around 1,800 feet. In October 2005, the Company acquired an extensive uranium exploration database covering portions of southeastern Montana and northeastern Wyoming. The package includes rotary and diamond drill core data from 529 holes with a total footage of approximately 1,000,000 feet. The work was completed over a period of 10 years (1970-1980) by Montana Nuclear, American Nuclear, Exxon, Amoco and Uranium Resources Inc (URI). The majority of the work was carried out on the Company's 100% owned Ella Group in Carter County, Montana. The Company is in the process of organizing and cataloguing the data package. Also, it will be contacting a number of geological engineering firms with particular expertise in the evaluation of sandstone hosed uranium deposits to the end of commissioning further evaluation of the Ella Group claims. The Owl Group (Rabner Project) and Tess Group (Viergets Project) These projects cover additional roll front targets with significant but fewer close-spaced drill holes than the aforementioned properties. Exploration In October 2005, Bayswater acquired an extensive uranium exploration database covering portions of southeastern Montana and northeastern Wyoming. The package includes rotary and diamond drill core data from 529 holes with a total footage of approximately 1,000,000 feet. The work was completed over a period of ten years (1970 to 1980) by Montana Nuclear, American Nuclear, Exxon, Amoco, and Uranium Resources Inc. The majority of the work was carried out on Bayswater's 100% owned Ella Group. Bayswater intends to conduct drill the Alzada property to confirm and expand resources. Mountain West, Nevada
Overview The Mountain West Project is a stream channel deposit located north of Elko, Nevada, that was extensively explored between 1967 and 1983. The property has near term production potential and the Company plans to conduct drilling to bring historical resources into NI 43-101 compliance and increase resources. Location & History The Alzada property consists of 96 lode claims on 1,900 acres located in Elko County, 5 miles east of the smalle village of Mountain City. The area was explored between 1967 and 1983 by Pathfinder Mines (owned by Cogema) and its Predecessor Utah Construction and Mining Co. This exploration program consisted of the drilling of 359 holes to depths of up to 270 feet. This work outlined a historical resource (non NI 43-101 compliant) comprising approximately 1.1 million pounds U3O8 with an average grade of 0.153% U3O8. Geology & Mineralization Uranium mineralization occurs in an unconsolidated Tertiary stream channel underlain by granitic basement rocks. Exploration In July 2007, Bayswater acquired an extensive database documenting the exploration that took place on the property from 1967 to 1983. Analysis of this database has lead management to believe that the identified resources are significant and that there is excellent potential to develop the property's resources. Further drilling is planned to confirm historical resources and further evaluate the potential of the deposit. Elkhorn, Wyoming
Overview Through its merger with Northern Canadian Uranium (NCA), Bayswater acquired the Elkhorn property in Wyoming, strategically located near the Company's Wood and New claims obtained through the Kilgore acquisition completed in the summer of 2007. Bayswater carried out a 312-hole, phase 3 drill program in early 2008 that confirmed widespread uranium mineralization (see press releases dated May 20, 2008 and August 11, 2008). A phase 4 drill program has commenced at Elkhorn to further define and expand uranium mineralization in preparation for completing a revised NI 43-101 resource calculation.
The Elkhorn project consists of 16,700 acres of land held under Federal, State, and Fee agreements located on the western flanks of the Black Hills uplift and eastern Powder River Basin. The Powder River Basin is an established uranium mining region that is host to three producing mines, including the Smith Ranch-Highland uranium project and the Crow Butte mine, owned by Cameco Corporation; and the Christensen Ranch mine, owned by Cogema. These operating mines are exploiting uranium mineralization that occurs in concentrations that range from approximately 0.1-0.3% U3O8 and employ the favourable "in-situ recovery" method of uranium ore extraction. The property has several known mineralized zones that have a combined historical resource estimate of 652,230 pounds U3O8 (non NI 43-101 compliant). 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 tonnes at 0.08% for 397,000 lbs eU3O8. A phase 3, 312-hole drill program commenced in March 2008 that focused on expanding the Busfield resource, which remains 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. Preliminary results have identified significant uranium mineralization that includes 28 metres grading 0.129% U3O8. A phase 4 drill program is now underway at Elkhorn that will consist of about 16,300 feet (4968 m) in 127 resource drill holes and 6500 feet (1981 m) in 37 exploration holes. The main objective will be to define and expand uranium mineralization in the Busfield and Vickers mine areas, and at the Quad and Clover regions in preparation for completing an updated NI 43-101 resource estimate. A phase 4 drilling program is underway to better define and expand uranium mineralization and prepare an updated NI 43-101 resource estimate. |
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