Bayswater Uranium Corporation (TSX-V: BAY), (OTC: BYSWF) reports it has received results from drilling at the Kilgore Gold Project (“Kilgore”) in Clark county, Idaho, by Otis Gold Corp (TSX-V: OOO),(“Otis”) who have the option to earn up to a 75% interest in Kilgore. The drill results comprise both high-grade, underground and bulk-tonnage, open-pittable intercepts from the first seven assayed core holes of Otis’s continuing 2009, 12 core hole, 3,100 metre drill program at Kilgore. Highlights of the seven drill holes, listed in Table 1 below, include high-grade intercepts of 9.5 metres (m) of 11.6 grams per tonne gold (g/t Au) in hole 09 OKC-199 and 10.2 m of 9.8 g/t Au in 09 OKC-204, and bulk-tonnage intercepts of 84.8 m of 1.37 g/t Au in 09 OKC-197 and 95.6 m of 1.46 g/t Au in 09 OKC-204. All seven holes contain numerous intervals of anomalous gold mineralization, with many of the bulk-tonnage intercepts between 50-metres and 120-metres thick (see Table 2 below for further details).
Table 1. Kilgore Gold Project 2009 Drill Program Highlights
|Hole Number||From (m)||To (m)||Thickness (m)||Au g/t|
The results from these new holes confirm the presence of: (1) high-grade intercepts in high-angle, north- to northeast-trending quartz vein/stockwork breccia zones cutting an extensive and relatively flat-lying 45-metre-thick argillized structural zone where diking occurs, generally from 45-metres to 100-metres deep throughout the Mine Ridge area (9.5 m of 11.6 g/t Au in 09 OKC-199 and 10.2 m of 9.8 g/t Au in 09 OKC-204); (2) deeper, high-grade material at and along the Tertiary volcanic host rock/underlying Cretaceous Aspen sedimentary host rock contact near and at the base of the deposit, where diking occurs (2.8 metres of 9.15 g/t Au and 18.2 m of 3.37 g/t Au in 09 OKC-197); and (3) widespread, bulk-tonnage intercepts throughout the Mine Ridge area, that contain most of the high-grade intercepts (84.8 m of 1.37 g/t Au in 09 OKC-197 and 95.6 m of 1.46 g/t Au in 09 OKC-204). Visible gold was found in high-grade veins associated with dikes in three of the holes, 09 0KC-197, 199, and 204. Most of the new intervals contain mineralized thicknesses and average grades which are noticeably greater than those constituting the majority of the intervals comprising the historic Kilgore NI 43-101 compliant resource (Otis March 2, 2009 News Release). As a result, Otis believes that a strong possibility exists to increase the overall size, grade, and economic viability of the Kilgore bulk-tonnage deposit.
All holes were drilled in the Mine Ridge area, the core of the existing Kilgore deposit, to test for zones of high-grade mineralization contained within the Kilgore NI 43-101 compliant bulk-tonnage resource (Otis March 2, 2009 News Release). This area was only partially drill-tested by Bear Creek, Pegasus Gold, Placer Dome U.S., and Echo Bay Mines between 1983 and 1996, while exploring the property for a bulk-tonnage gold deposit (see Otis News Release dated June 10, 2008).
Locations of the seven holes, which total 1,737 metres of drilling, and their corresponding assay intercepts, are shown in a drill-hole location map and two geologic sections available on the Otis Gold Corp. website at http://www.otisgold.com/projects/kilgore/. The north-trending section through the Mine Ridge area shows a roughly 70-metre thick or greater section of mineralization that remains open in numerous directions. The west-trending section located normal to the southern end of the north-trending section reveals mineralization roughly 60 metres below the surface that is up to nearly 120-metres thick, 170-metres wide, and remains open in various directions. Further expansion drilling is planned in these areas during 2010.
Table 2 below provides further detailed results of the seven holes:
Table 2. Kilgore Gold Project 2009 Drill Program Intercepts
|Hole Number||From (m)||To (m)||Thickness (m)||Au g/t|
Analysis and Otis QA/QC Program
All assay work was performed by ALS Chemex Labs, Vancouver, B.C., which has ISO 9001:2000 certification and operates in compliance with ISO 17025. A 50-gram pulp of all samples was assayed for gold by Fire Assay/AA finish methods. Certified reference materials, duplicates, and blanks were inserted into the sample stream for quality control. Check assays on pulps were carried out on approximately 7% of the samples by Inspectorate Labs, Reno, Nevada, with all check assay values found to be within acceptable limits.
True widths are estimated to be between 80% and 100% of the drilled interval, based on their estimated dip and continuity of mineralization between drill holes. The HQ3-size core drilling is being performed by Cabo Drilling (America), Blaine, Washington, employing a Boyles Hydra 56 – Pac Track core rig outfitted with a triple-tube core recovery system and face-discharge bits.
John R. Carden, Ph.D., Lic. Geo., Otis’s Qualified Person, as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this News Release.
In June 2008, Bayswater and Otis entered into an option/ joint venture agreement whereby Otis can earn up to a 75% interest in the Kilgore Gold Project, and two additional gold properties, Hai and gold Bug, also located in Idaho. For the terms of the agreement refer to Bayswater’s June 10, 2008 news release.
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 be amenable to ISR and/or conventional mining. As well, Bayswater is the only uranium company to have major landholdings in each of Canada's most important producing and exploration regions - the Athabasca Basin, the Central Mineral Belt, and the Thelon Basin. Bayswater combines a balanced portfolio of advanced and exploration projects with the uranium expertise of its technical and managerial teams. To capitalize on current market conditions and strong growth of the nuclear industry, the Company is pursuing acquisition opportunities of advanced-stage uranium projects with near-term production potential. Bayswater's vision is to build a major international uranium company. Shares of the Company are listed on the TSX Venture Exchange under the symbol “BAY”. For further information visit www.bayswateruranium.com.
|On behalf of the Board of:|
BAYSWATER URANIUM CORPORATION
|George M. Leary|
Statements in this news release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in mineral exploration, development and mining. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
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John Gomez, 604-687-2153
Manager, Investor Relations