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Bayswater Provides Resource Estimate for the Anna Lake Deposit, Central Mineral Belt, Labrador
Bayswater Provides Resource Estimate for the Anna Lake Deposit, Central Mineral Belt, Labrador
About this update from Forge Resources Corp.
[{"type":"text","content":"\nBayswater Provides Resource Estimate for the Anna Lake Deposit, Central Mineral Belt, Labrador\n\n\n Oct. 15, 2009 (Filing Services Canada) -- Bayswater Uranium Corp. (BAY - TSX Venture, BYSWF - OTCBB_Pink_Sheets), Bayswater is pleased to announce the results of an independent National Institute (NI) 43-101 Mineral Resource Estimate for its 100% owned Anna Lake Deposit located in the Central Mineral Belt of Labrador. The study was performed by Mr. Gary Giroux, (P.Eng.) of Giroux Consultants Limited based out of Vancouver, British Columbia. The Anna Lake estimate indicates an inferred resource of 4.91 million pounds of uranium oxide using a 0.030% U3O8 cutoff (5.06 million tonnes averaging 0.044 % U3O8). Also contained within this resource are 1.56 million pounds of molybdenum and 1.00 million grams of rhenium (see Table 1 for grade-tonnage details). \"This initial resource estimate represents another exciting stage in the development of our Company,\" states Mr. George Leary, President and CEO of Bayswater Uranium Corporation. \"The inferred resource at Anna Lake represents a baseline or starting point from which to build upon. The Deposit currently remains open for expansion and delineation in all directions and is still in the very early stages of development with respect to its size, overall grade and tonnage potential. Infill, delineation and exploration drilling will be required at Anna Lake to build on the known resource and to move the Deposit into the measured and indicated categories\".To date, no economic studies have been performed on the Anna Lake Deposit. The Company intends to initiate a scoping study to evaluate the economic potential of the Anna Lake Deposit given its close proximity to the Michelin/Jacques Lake deposits. Both of the latter deposits are currently being advanced towards development by Fronteer Development/Aurora Energy. As part of this study, potential open pit design and underground mining assessments will be considered for the near surface and deeper uranium mineralization contained within the deposit.Table 1: Inferred Resource - Anna Lake Mineralized Portion of Block ----------------------------------------------------------------------U3O8 Tonnes > Grade > Contained Million Cutoff Cutoff Cutfoff Million lbs gms (%) (Tonnes) -------------------- -------------- Re U3O8 Mo Re U3O8 MO (%) (%) (g...