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Bayswater: Drilling Planned at Collins Bay Extension Project in the Athabasca Basin
Bayswater: Drilling Planned at Collins Bay Extension Project in the Athabasca Basin
About this update from Cameco Corporation
[{"type":"text","content":"\nBayswater: Drilling Planned at Collins Bay Extension Project in the Athabasca Basin\n\n\n Jan. 26, 2010 (Filing Services Canada) -- Bayswater Uranium Corp. (BYU - TSX Venture, BYSWFD - OTCBB), is pleased to announce that a drilling program is planned at the Company's Collins Bay Extension uranium project located in the Athabasca basin of Saskatchewan. The project is adjacent to the current-producing underground Eagle Point uranium mine and the past-producing open pit mines of Collins Bay and Rabbit Lake operated by Cameco Corporation (TSX: CCO) and its predecessors.  A minimum of six core holes are planned and will include drilling to test structurally-controlled uranium mineralization intersected in historical (1984) Minatco drill holes MWLD8 to MWLD13. The best of these holes intersected 0.152 per cent U3O8 over four metres (over three pounds per ton U3O8) along an offset structure on the northern part of Fife Island, in an area designated as the Vic Zone.  The drill target is at shallow depth (110 metres) and will test areas adjacent and below the intersected mineralization.  Additional drill holes are planned for the on-strike extension of the structural splay.The drilling program will be under the operatorship of CanAlaska Uranium Ltd. (TSX.V: CVV) that may earn a 51% participating interest in the project by undertaking a minimum of $4 million in exploration expenditures within 5 years and issuing a total of 500,000 CanAlaska shares to Bayswater over this period. In September, 2009, CanAlaska's field crews mapped and sampled uranium mineralization in the Fife Island area located north of the Eagle Point mine, and along the same geological trend, in preparation for the winter drill program.          The Collins Bay Extension contains a significant number of exploration targets within the Fife and Snowbird Island areas. Further information on the project is available on the Company's website at http://www.bayswateruranium.com/projects/collinsbayextension.html. About Bayswater Uranium Corporation - The Super Junior Uranium Company TM Bayswater Uranium Corporation is an international uranium exploration and development company. The Company owns several advanced uranium properties in the United States with significant historical resources that may ...