Vancouver – Marriage plans for Bayswater Uranium (BAY-V, BAYFF-O) and Kilgore Minerals (KAU-V, KLGRF-O) looks to create a more diversified explorer with a footprint in all the major uranium districts in Canada plus advanced-stage U.S. projects containing historic uranium resources.
Just several months after absorbing Pathfinder Resources and labeling itself a Super Junior uranium company, Bayswaters merger plan with Kilgore will add about 10 million lb. of U3O8 in historical resource contained in Montana, Nevada and California projects having near term production potential.
Kilgore holds five properties in southeastern Montana, namely the Mindy, Acadia, Ella, Owl and Tess groups covering portions of the northern extension of the Powder River Basin host of a number of uranium producing operations in northeastern Wyoming.
Kerr McGee, a major uranium producer in the region at the time, extensively explored the area in the 1970s and early-1980s hunting for roll-front uranium deposits. On the Cochrane project, within the Acadia group, the major identified about 3.6 million contained lb. of U3O8 in mineralized material grading 0.128% U3O8 from a drill program of at least 254 holes. Mineralization is estimated at about 500 metres depth.
The Snow property, within the Mindy Group, contains a historic estimate of about 1.4 million contained lb. of U3O8 in sandstone-hosted roll-front mineralization averaging 0.14% U3O8.
Kilgore also acquired five uranium projects in north-eastern Wyoming: the New, Wood and Oshoto groups plus two State mineral leases.
In Elko County, Nevada, Kilgore holds the Mountain West project with a historical estimate of one million contained lb. of U3O8 in a stream channel deposit grading about 0.15% U3O8.
Its Juniper project in Tuolumne County, California is also a stream channel uranium deposit that has an estimated length of 7 km and historic resource of 4 million contained lb. of U3O8 with an average grade of 0.19% U3O8.
Additionally, Kilgore holds three gold projects in Idaho.
Bayswater has extensive uranium project holdings in Saskatchewans Athabasca Basin, Labradors Central Mineral Belt, Newfoundlands Hermitage Belt and the Thelon Basin in Nunavut and Northwest Territories. It also holds uranium concessions in Niger and the Avoca lead-zinc project in Ireland.
Following satisfactory due diligence, and shareholder and regulatory approvals, Bayswater and Kilgore will enter into a plan of arrangement to merge into a new company, which will retain the name Bayswater Uranium, on a one-for-one basis. The duo anticipates completion of the formal due diligence and merger agreement by April 30th.
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