Strateco Discovers Matoush-Style Fault Structure on Pacific Bay Claims
November 09 2010 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that drilling by partner
Strateco Resources Inc. ("Strateco") (TSX: RSC) on the Company's
Otish Mountains uranium property in Quebec has encountered a fault
structure, named the Alfred Fault, which is very similar to the
Matoush Fault that hosts Strateco's neighbouring Matoush Uranium
Deposit. This discovery is the first time a Matoush-Style fault has
been found outside the Matoush Fault system.
Strateco reported the following information in a news release
today:
"...three holes drilled in early October to test a similar
north-south striking structure located 4.0 km west of the Matoush
fault on the Pacific Bay-Matoush property (where Strateco has an
option on a 60% interest) proved conclusive. A Matoush-type fault
named the Alfred fault, with identical alteration to the Matoush
fault, was intersected over 365 metres. The geophysical anomaly
indicates that the Alfred fault extends northward and southward.
This is one of the most important discoveries on the Matoush
project outside the Matoush fault corridor. These holes, which
intersected low uranium grades, show that other Matoush-type
structures (faults) exist elsewhere on the Matoush project."
Dr. Bernie Free, Ph.D., senior consultant to Pacific Bay and
noted expert regarding the Matoush Deposit, stated: "The Strateco
drilling results show: 1) the coincident strike direction of the
newly discovered Alfred Fault, 2) the interception of a spatially
associated basic dike and 3) an alteration halo marked by strong
fuchsite development. These three factors complete the analogy with
the original Matoush geologic setting. These results can be
considered a breakthrough as it represents the first time that a
typical Matoush setting has been discovered outside the Matoush
fault itself."
"The discovery of the Alfred Fault is a giant step forward in
the quest for a parallel Matoush-Style uranium deposit," said
Pacific Bay CEO David H. Brett. "Strateco's mission to dramatically
expand their uranium resources around the Matoush deposit has
achieved a significant milestone."
A total of 1,989 meters of drilling was carried out during the
program. Pacific Bay has granted to Strateco and extension of time
to complete the balance of the 2,500 meter requirement for the
current year of the option agreement. The balance of the drilling
is planned to start after freeze-up during the 2010/2011
exploration season. Strateco is current in all other aspects of the
agreement, including a recent payment to Pacific Bay of $125,000
and 50,000 shares of Strateco.
The technical information in this news release was reviewed and
approved by Doug Blanchflower, P.Geo., a Qualified Person as
defined by National Instrument 43-101.
Pacific Bay Minerals Ltd.
David H Brett, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this 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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