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Drilling Underway and Extended to Test New Target at Collins Bay Extension Project in Athabasca Basin
Drilling Underway and Extended to Test New Target at Collins Bay Extension Project in Athabasca B...
About this update from Cameco Corporation
[{"type":"text","content":"\nDrilling Underway and Extended to Test New Target at Collins Bay Extension Project in Athabasca Basin\n\n\n Mar. 1, 2010 (Filing Services Canada) -- Bayswater Uranium Corp. (BYU - TSX Venture, BYSWF - OTCBB_Pink_Sheets), is pleased to report that drilling is now underway on the Fife Island target on the Collins Bay Extension Project (\"the Project\"), and that additional drilling is planned for a second, large and well-defined conductivity/gravity anomaly target located 8 kilometres due east of Cameco Corporation's (TSX: CCO) Collins Bay-Eagle Point Mine.  Project operator, CanAlaska Uranium Ltd. (TSX.V: CVV) (\"CanAlaska\")  have increased personnel to manage the program which will drill test shallow targets at Fife Island with an initial 5 - 7 holes; and a  minimum of 3 holes at the new target.  Collins Bay Extension ProjectThe Collins Bay Extension Project is immediately adjacent to the current producing underground Eagle Point mine and the past producing open pit mines of Collins Bay and Rabbit Lake, mined by Cameco Corporation and its predecessors.Extensive exploration, including land and lake bottom geochemical sampling, airborne VTEM and magnetic surveys and limited drilling has previously been carried out by Bayswater on the Project.  As a result, numerous targets remain to be drill tested in favourable geological, geochemical and geophysical settings associated with basement conductive zones and structures favourable for high grade unconformity type mineralization.In July 2009, Bayswater optioned the Collins Bay Extension property to CanAlaska.  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 $4.0 million in exploration expenditures within 5 years and issuing a total of 500,000 shares to the Company over this period.  CanAlaska may increase its participating interest in the Project to a 70% level by successfully undertaking a further $2.0 million in exploration expenditures over a period of 3 years.Fife Island TargetIn September 2009, CanAlaska's field crews mapped and sampled mineralization in the Fife Island area north of the Eagle Point mine and along the its geological trend in preparation for the winter drill program. CanAlaska is...