Strateco Finds New Drill Targets on Pacific Bay's Otish Uranium Property, Quebec
July 08 2010 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that Strateco Resources Inc.
("Strateco") has recently completed a High Resolution Aeromagnetic
& XDF/VLF - EM Survey that has outlined 13 new uranium targets
on Pacific Bay's claims under option to Strateco in the Otish
Mountains Uranium District, Quebec. The top priority target is
located to the west of the Matoush Uranium Deposit, where no
drilling has occurred to date, and is slated for drilling during
the summer of 2010.
"The discovery of this new drill target is particularly
encouraging as it is on a part of the property that has received
less attention to date," said Pacific Bay CEO David H. Brett. "Like
the Rabbit-Ears area to the east, the new area has the potential to
host parallel Matoush-style uranium structures."
Strateco has an option to acquire up to 60% interest in a large
package of Pacific Bay mineral claims adjoining Strateco's claim
that hosts the Matoush Uranium ore body. Strateco's 2010 work
commitment is $750,000, which must include 2,500 meters of
drilling. Early this year, Strateco announced an $8.9 million 2010
exploration program for its Matoush area properties. Some 60,000
meters of drilling will explore existing targets on Strateco's
claims as well as possible new targets outlined on the Pacific Bay
optioned claims.
Initial interpretation of the geophysical data concludes that
the numerous NNE trending VLF and magnetic anomalies observed
correlate well with data signatures observed over the Matoush
Uranium deposit owned by Strateco. Combined with radiometric data
from Pacific Bay's 2007 airborne survey, the new findings
substantiate a compelling drill target. A map of the new drill
target area will be posted to the Company's website shortly.
The technical information contained in this news release has
been reviewed, edited and approved by E. Trent Pezzot, P.Geo., a
consultant to the Company and a Qualified Person under policy NI
43-101.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Pacific Bay Minerals Ltd. Investor Relations (604)
682-2421 or Toll Free: 1-800-670-6570 (Canada) Toll Free:
1-800-665-5101 (USA) (604) 682-7576 (FAX)
www.pacificbayminerals.com
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