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Bayswater Provides Review of Land Position and Significant Results From 2008 Exploration Program, Central Mineral Belt, Labrador
Bayswater Provides Review of Land Position and Significant Results From 2008 Exploration Program,...
About this update from Forge Resources Corp.
[{"type":"text","content":"\nBayswater Provides Review of Land Position and Significant Results From 2008 Exploration Program, Central Mineral Belt, Labrador\n\n\n Jun. 24, 2009 (Filing Services Canada) -- Bayswater Uranium Corp. (BAY - TSX Venture, BYSWF - OTCBB_Pink_Sheets), would like to provide shareholders with an update on its current land position and review of 2008 exploration results for the Labrador Central Mineral Belt Uranium Project. The Company continues to hold the largest land position in the district, with a 100% interest in 504,157 acres of prospective ground and an additional 50% interest in 28,664 acres of joint venture land with Ucore Uranium Inc. (TSX-V: UCU). Over the past year, Bayswater has significantly reduced its land package from over 1.2 million acres to hold only the most prospective claims. Within this land package, exploration expenditures have been sufficient to retain the highest priority target areas for a minimum of three years and up to nine years as with the case of its Anna Lake claims. Anna Lake Deposit UpdateHighlighting the 2008 program was the significant expansion of the Anna Lake Uranium Deposit as a result of an aggressive wide spaced drilling program (see press release dated Feb. 17, 2009). An overview of the Anna Lake Deposit can be found on the Company's website at www.bayswateruranium.com. A petrographical report of 22 core samples from the Anna Lake Deposit has been completed by Dr. Derek Wilton from the Department of Earth Sciences at Memorial University of Newfoundland. The work has provided a better understanding of the uranium mineralization at Anna Lake. The following summarizes some of the key findings from Dr. Wilton's report:> The host rocks appear to be correlative with the Post Hill Group; host of the Kitts Uranium Deposit.> Uraninite is the main uranium-bearing phase present at Anna Lake. In areas of uranium mobilization, very minor coffinite is locally developed. > Aside from silicate hosts (biotite and hornblende), uraninite is intergrown with pyrrhotite, molybdenite, and zircon. > Nickel and cobalt arsenides have been identified in some samples. The arsenides, while not intergrown with uranium-bearing phases at Anna Lake, have been reported from uranium deposits in the Athabasca Basin and Great Bear Lake districts.> Biotite-bearing units are paragneiss/paraschist (i.e., derived from sedimen...