Pacific Bay Samples up to 0.59% Uranium at July Project, Extends Mineralized Zones Over 400% to 1,200 Metres
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/25/12 -- David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE: PBM) (the "Company") reports encouraging results from a prospecting, mapping and sampling program at the July uranium project in Chubut Province, Argentina. Using scintillometers, Company Geologists traced the two previously known 250 metre mineralized zones for an additional 950 metres to the west. 25 outcrop samples along the zones returned values ranging from 0.59% U3O8 to 0.004%, including 0.21%, 0.18%, 0.15%, 0.11%, and averaging 0.08% U3O8. A systematic hand trenching and sampling program is now underway that should yield over 100 samples from 25-30 trenches. The Company is earning a 90% interest in the property from state owned Petrominera Chubut, S.E.
"Exploration in the Cerro Solo uranium region remains very active, so it's timely that the July Project has advanced so quickly to a potentially drillable target in 2012," said Pacific Bay CEO David Brett. "The trenching program will give us a better idea of the dimensions and grade of the zones and help us design a drill program."
The July Project, located internal to the Company's larger, 400sq KM Regalo property and about 35 KM north East of the state owned Cerro Solo uranium deposit, is within the favourable Los Adobes geological formation with uranium mineralization identified to date occurring within the Bardas Coloradas sandstone/conglomerate member. Two sub-parallel, permeable, flat-lying sedimentary horizons that range in thickness from 1-5 meters have returned highly anomalous uranium values. Originally discovered along a power line road and traced for 250 meters east-west, the two channels were traced significantly further to the west and have now been identified over a 1,200 metre distance. The uranium enrichment is proximal to an east/west trending fault, with higher uranium values obtained closer to the fault and likely the result of hydrothermal remobilization and re-deposition along the permeable horizons. Company geologists believe that the source of the remobilized uranium could be originating from the stratigraphically lower Arroyo Pajaritos member, which is the known host of the most significant uranium deposits in the region, such as the Cerro Solo deposit, and is estimated to be about 100 metres lower than the current July mineralization.
The technical disclosures in this news release were reviewed and approved by Dr. Richard Culbert, Ph.D., P.Geo., a Qualified Person, as defined by National Instrument 43-101. Samples collected and referenced in this news release were submitted to and analysed by Alex Stewart Group located in Mendoza, Argentina.
David H. Brett, MBA, 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