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Bayswater Grants Option on Collins Bay Extension Project in Athabasca Basin
Bayswater Grants Option on Collins Bay Extension Project in Athabasca Basin
About this update from Cameco Corporation
[{"type":"text","content":"\nBayswater Grants Option on Collins Bay Extension Project in Athabasca Basin\n\n\n Jul. 15, 2009 (Filing Services Canada) -- Bayswater Uranium Corp. (BAY - TSX Venture, BYSWF - OTCBB_Pink_Sheets), is pleased to announce that it has executed an Option Agreement \"Option\" with CanAlaska Uranium Ltd. (TSX.V: CVV) \"CanAlaska\" to explore Bayswater's Collins Bay Extension uranium project \"Project\" in the Athabasca Basin. The Project is situated directly adjacent to and following the North-East strike extension of Cameco Corp.'s (TSX: CCO) past-producing uranium mines at Rabbit Lake and Collins Bay, and current producing uranium mine at Eagle Point in the Eastern Athabasca Basin of Saskatchewan. The Collins Bay Extension contains a significant number of exploration targets within the Snowbird and Fife Island areas. Under the terms of the Option, CanAlaska shall act as the exploration operator and may earn a 51% participating interest in the Project by undertaking a minimum of Cdn$4 million in exploration expenditures within 5 years and issuing a total of CanAlaska 500,000 shares to Bayswater over this period. CanAlaska may increase its participating interest in the Project to a 70% level by successfully undertaking a further Cdn$2 million in exploration expenditures over a period of 3 years. Collins Bay Extension ProjectCanAlaska's prime focus in the current exploration season is to re-visit and drill test the structurally-controlled uranium mineralization intersected in historical (1984) Minatco drill holes MWLD8 to MWLD13. The best of these holes intersected 0.152% U3O8 over 4 metres (over 3 pounds per ton U3O8), along an offset structure on the northern part of Fife Island, in an area designated as the \"VIC\" zone.The geological trends mapped in the Eagle Point-Collins Bay uranium mines and surrounding areas extend to the north and east onto the Collins Bay Extension property. Historical exploration dating from the late 1960's was controlled by large corporations, such as by Gulf Minerals, E&B Explorations, Minatco Ltd (now part of AREVA), SMDC and Cameco. These exploration efforts involved extensive use of then-current geophysical survey techniques and made multiple uranium discoveries, evidenced by uranium mineralization in drill holes in four separate areas. Ten areas of the property produced geological and structural targ...