Pacific Bay’s 400sq KM, 100% owned Regalo uranium property is located in the Patagonia Region of southern Argentina. After initially exploring Regalo for gold from 2003-2005, Pacific Bay discovered an outcrop sample assaying 205 ppm uranium on the Regalo property and initiated further activities for its uranium potential. In 2007, Pacific Bay initiated a 400,000 KM airborne radiometric and magnetic survey at Regalo. Completed in 2008, the survey identified numerous priority uranium targets.
During Q1 of 2011, a Pacific Bay team conducted a helicopter supported follow-up of the uranium anomalies outlined by the airborne survey. This work resulted in the discovery of a new zone currently estimated to cover about one square kilometer. Strong scintillometer readings (1,500-5,000 CPS) were measured across the zone, where assays returned uranium values up to %0.138. The mineralized zone is associated with a regional fault with uranium minerals found in sandstones and conglomerates of the Los Adobes Formation, likely associated with hydrothermal activity in a regional and local fault system.