Exploration at the company’s 314-square-kilometer Uskawanis uranium property used airborne radiometrics and ground investigation to identify anomalies indicative of widespread low-grade uranium mineralization. The anomalies included:

• Boulder trains – long “strings” of radiometric boulders transported from a source area by glacial ice flow;
• Large volume, alaskitic “granitic” source rocks for boulder trains; and
• Intrusive pegmatitic rocks, usually smaller uranium bearing pegmatites intruding into surrounding rock.

       Limited drilling investigation this summer on two of these anomalies (the N3 and N4) shows that both have significant volumes of economic grade mineralization and that there is the potential to consolidate substantial poundage of uranium.
       To date, the company has drilled 12 holes, totaling 1,800 metres. All the holes intersected significant uranium mineralization. Six of the twelve holes showed good lengths of mineralization over 100 ppm eU3O8, giving a 50% hit rate.
       The Uranium Bay field team believes the uranium mineralization at Uskawanis is a post granite and pegmatite formation. Using a 100 ppm eU3O8 cut off, company geologists estimate the N3 block, which is open to the east, could conceptually contain 7-10 million tonnes of material grading at 120 ppm eU3O8, with a total potential of 1.8-2.6 million pounds eU3O8.
       A similar estimate for the N4 block suggests that this area could also contain 8.75-12.5 million tonnes of material grading 100 ppm eU3O8, adding a further potential of 1.9-2.7 million pounds eU3O8 to Uranium Bay’s eventual resource estimate.
       In addition, gamma logging has confirmed the intersection of a horizontal fracture zone containing several tens of centimeters of high grade mineralization with values exceeding 0.6% eU3O8. The company plans to further investigate this high grade discovery.
       The maximum observed uranium concentration in James Bay area is 2000 ppm. The Uskawanis area shows not only one of the highest concentrations but also multiple sample sites with extremely high uranium concentrations. These sites are all adjacent, suggesting dispersion from one or several ore bodies in close proximity.
       “High grade deposits sound good, but not if there is not enough ore to be economical. The key is volume, volume, volume,” says Tourillon.
       The Uskawanis Uranium Property is located in the northern part of the province of Quebec in the James Bay Mining District, some 800 kilometers north northwest of Montreal and 178 kilometers south-southeast of the town of Radisson – where community infrastructure includes an airport, hospital, school and businesses. The Uskawanis campsite is located some 38 kilometers east of the Eastmain hydro-electric generator station and the closest road-link.
       “We accomplished our primary goal – discovering significant intersections of uranium mineralization at potential economic grades,” Tourillon announced recently. “We intend to extend the current drilling program to consolidate and prove-up resources to a reserve status.”

       Uranium Bay conducted an helicopter airborne survey last summer at its Kauschiskach Uranium Property’s The K1 deposit, located some 60 kilometers north of La Grande 3, James Bay.
       A geophysical report based on that survey identified more than 21 discrete uranium anomalies. Several have significant length and area. Numerous “hot-spot” zones” are up to 1,500 meters long. A key anomaly in the northwest part of the property is a late stage intrusive granite with uranium grades that appear to increase towards the centre of the intrusive. The uranium/ thorium is present at elevated levels in the younger granite.
        A preliminary follow-up investigation indicates the presence of at least one large zone of low grade mineralization. The company is planning a 600-1,000 meter drilling program to investigate this mineralization.

       Just a year ago, Uranium Bay Resources made a strategic decision to become one of the leaders of the uranium exploration revival in the James Bay region of Québec, one of the best jurisdictions in the world for natural resource exploration. The company’s focus on the James Bay area is based on the believed geological potential to finding bulk-type uranium mineralization.
       “The powerful trends that helped fuel U3O8 spot prices to new heights last year have not fundamentally changed,” says Tourillon. “A second wave of interest in uranium exploration is coming and it is this second wave that will bring about a renewed interest from the investment community for uranium exploration projects.”
       Uranium Bay’s business plan is both very simple and very direct: to develop the greatest number of pounds of uranium in the ground as the company can over the next two to three years.
       The company has demonstrated clearly the widespread nature of the uranium mineralization at Uskawanis and has confirmed the presence of a substantial number of good size uranium targets. The company has no ambition, however, to take their properties to production. That role, says Tourillon, would best be fulfilled by a “significant partner” with a stellar track record and uranium production expertise.
       For the near future, Uranium Bay certainly has enough to keep it occupied as it explores two potentially massive deposits in a proven mineralized district. Actually, the company is just at the start of what is typically a 5-7 year journey from confirmed discovery to full development of a uranium deposit. The company is reaching the end of the beginning phase of that journey and about to begin a crucial new phase focused on outlining and expanding a definitive mineral resource.
       Last year, the company raised C$4 million, spent most on exploration, had C$1.2-million fully reimbursed by the Québec government, and still has C$1.4-million in the bank, enough to complete its current round of exploration programs. In summary, Uranium Bay is a company with a strong technical team, advanced exploration projects and a clear path to establishing a significant resource potential – a set of facts that should easily attract the attention of the investment community.
       “Uranium Bay’s driven, methodical and scientific approach to uranium exploration confirms our leadership position in uranium exploration in Quebec,” says Uranium Bay President and CEO Bernard Tourillon. “We thought we had an elephant. Then we found the elephant boots. Now we know we have the elephant.”