Pacific Bay Minerals Ltd.: New Uranium Discovery Made at Regalo Property, Argentina
May 03 2011 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that the Company has
discovered a large, mineralized zone with significant uranium
values at its 100% owned Regalo property in Chubut Province,
Argentina. Assay results show uranium values ranging between 0.002
and 0.14% U (1,382 ppm or 2.8 pounds per ton) in rock geochemical
samples from an area measuring over 1 square kilometre. Within this
area widespread scintillometer readings of 1,500 to 2,500 counts
per second have been recorded from rocks belonging to the
favourable Los Adobes Formation. A full table of assay results is
outlined below. A follow-up trenching, mapping and sampling program
is planned for May.
This new uranium discovery was made during a March, 2011,
helicopter-supported reconnaissance of 23 high-priority airborne
uranium anomalies outlined in a 2008 survey over the entire
400-square kilometre property. The results from the program
identified a number of anomalous zones in an area that is
approximately 20km north-east the government owned, 15 million
pound Cerro Solo uranium deposit. It is interesting to note that
the uranium mineralization at this new discovery is hosted in
sandstones of the Bardas Coloradas Member of the Los Adobes
Formation, not the Arroyo Del Pajaritos Member that hosts the Cerro
Solo and other uranium deposits in the area. Thus, this discovery
opens up a whole new exploration model and new potential for the
property.
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Uranium
Sample Number Uranium (ppm) Uranium (%) (lbs/sdt)
------------------------------------------------------
B3-1 387 0.039% 0.77
------------------------------------------------------
B3-2 655 0.066% 1.31
------------------------------------------------------
B3-3 341 0.034% 0.68
------------------------------------------------------
B3-4 865 0.087% 1.73
------------------------------------------------------
B3-5 531 0.053% 1.06
------------------------------------------------------
B3-6 1,382 0.138% 2.76
------------------------------------------------------
B3-7 853 0.085% 1.71
------------------------------------------------------
B3-8 724 0.072% 1.45
------------------------------------------------------
B3-9 20 0.002% 0.04
------------------------------------------------------
B3-10 941 0.094% 1.88
------------------------------------------------------
B3-11 1,227 0.123% 2.45
------------------------------------------------------
"This is an exciting discovery," said Pacific Bay CEO David H.
Brett. "These samples were collected from outcrops over a large
area. The next step is to carry out a trenching program for more
detailed sampling and mapping information"
The technical disclosures in this news release were 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, 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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