The top priority target is located to the west of the Matoush Uranium Deposit, which is slated for drilling during the summer of 2010.
David Brett, president and CEO of Pacific Bay Minerals, said: “The discovery of this new drill target is particularly encouraging as it is on a part of the property that has received less attention to date. Like the Rabbit-Ears area to the east, the new area has the potential to host parallel Matoush-style uranium structures.”
Strateco has an option to acquire up to 60% interest in a large package of Pacific Bay mineral claims adjoining Strateco’s claim that hosts the Matoush Uranium ore body.
Strateco’s 2010 work commitment is $750,000, which must include 2,500mt of drilling. Early this year, Strateco announced an $8.9m 2010 exploration program for its Matoush area properties. Some 60,000mt of drilling will explore existing targets on Strateco’s claims as well as possible new targets outlined on the Pacific Bay optioned claims.
The company said that initial interpretation of the geophysical data concludes that the numerous NNE trending VLF and magnetic anomalies observed correlate well with data signatures observed over the Matoush Uranium deposit owned by Strateco. Combined with radiometric data from Pacific Bay’s 2007 airborne survey, the new findings substantiate a compelling drill target.
