Pacific Bay Minerals CEO has reported that its partner Strateco Resources has sent a notice stating that it has finished ten drill holes including the drilling of 5,511 m, which targets the Alfred Fault, a potential uranium formation situated on the claims possessed by Pacific Bay Minerals.
Strateco is earning 60% working interest in the claims, through an option with Pacific Bay. The company has not found any significant uranium intercepts in the holes. It has analyzed around 1.7 km strike length of the Alfred Fault. But, the claim formation shows a rich favourable alteration. The company has cut three holes and yielded 0.01% U3O8 over 2.7 m, 0.01% U3O8 over 0.5 m in PB-10-01. The companies are targeting the Alfred Fault, which is the main area for exploration.
The mineral claims belonging to the Pacific Bay in the Matoush area contains several regions with strong uranium prospective, which also comprises the Alfred Fault and the Rabbit Ears zones, and that both the companies are working to plan for the next exploration program, said Mr. David H. Bret.