Pacific Bay Minerals Ltd.: Strateco to Start 5,500 Metre Drill Program at Alfred Fault Zone on Pacific Bay Uranium Claims, Quebe
January 13 2011 - 7:13PM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that partner Strateco
Resources Inc. ("Strateco") (TSX: RSC) plans to commence their
diamond drilling program on the Company's Otish Mountains uranium
property in Quebec within 3 to 4 weeks. This work will target the
highly prospective Matoush-style Alfred Fault zone that was
discovered by Strateco in October, 2010, 4 km west of the Matoush
uranium deposit. The Alfred Fault drilling is part of a $1.1
million, 5,500-metre drilling program planned for 2011 on Pacific
Bay's Otish Mountains Uranium property, where Strateco is earning a
60% interest.
A Strateco news release issued today reported the following: "In
early October 2010, three holes were drilled to test a north-south
striking structure similar to the Matoush fault, located on the
Pacific Bay-Matoush property 4.0 km west of the Matoush fault. The
holes intersected a Matoush-type fault called the Alfred fault,
with identical alterations to the Matoush fault, over a distance of
365 metres. The geophysical anomaly indicates that the Alfred fault
extends northward and southward. This was one of the most important
discoveries on the Matoush project outside the Matoush fault
corridor. The holes, which intersected low uranium grades,
demonstrated that other Matoush-type structures (faults) exist
elsewhere on the Matoush project."
Strateco also noted that the "Rabbit Ears" area, 9KM northeast
of the Matoush Deposit, which has been the target of past drilling,
remains of significant exploration interest.
The Alfred Fault is believed by Pacific Bay and Strateco to be a
significant discovery because it is the first "Matoush-Style" fault
zone found outside the Matoush Fault itself, which hosts the
Matoush Deposit. According to Strateco's website, 43-101 compliant
indicated resources of the Matoush deposit have been estimated to
total 436,000 tonnes grading 0.78% U3O8 containing 7.46 million
pounds U3O8 and inferred mineral resources are estimated at 1.16
million tonnes grading 0.50% U3O8 containing 12.78 million pounds
U3O8. Key indicators present in the Alfred Fault Zone include: 1)
the presence of low but anomalous uranium levels, 2) a mafic dyke,
and 3) similar hydrothermal alteration, such as fuchsite, all
within the prospective ACF-4-C geologic unit that hosts most of the
Matoush uranium deposit.
"We believe the uranium discovery potential at the Alfred Fault
is excellent," said Pacific Bay CEO David H. Brett. "Strateco will
draw on their intimate knowledge of the Matoush Fault for their
Alfred Fault drilling program, which greatly enhances our chances
of success."
Upon completion of the proposed $1.1 million 2011 exploration
program, and payment of an additional $175,000 and 70,000
additional shares of Strateco (all by October 29th, 2011), Strateco
will have earned a 60% interest in the property. The parties will
at that time form a joint venture and participate in ongoing
programs on a pro-rata basis according to their respective
interests.
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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