Bayridge Resources Announces Completion of Waterbury East and Constellation VTEM Surveys

Rhea-AI Summary

Bayridge Resources has completed airborne VTEM surveys on its Waterbury East and Constellation uranium projects in Canada's Athabasca Basin.

Geotech conducted 133 line-km at Waterbury East and 638 line-km at Constellation.

Preliminary data will be analyzed by in3D Geoscience.

The Waterbury East survey aims to define drill targets for Q2 2024 drilling, exploring both unconformity-hosted and basement-hosted uranium deposits.

Constellation's survey focuses on identifying graphitic and hydrothermally altered zones for future exploration.

Bayridge is earning up to 80% interest in both projects through cash payments, share issuances, and exploration expenditures over four years.

Positive

• Completion of VTEM surveys at Waterbury East and Constellation.
• Potential to define new drill targets at Waterbury East.
• Historical data indicating favorable conditions for uranium deposits.
• Bayridge's plan to initiate prospecting surveys based on VTEM anomalies.
• Interpretation of data by specialized firm in3D Geoscience.
• Bayridge's strategic positioning in the Athabasca Basin, near significant uranium deposits.
• Earning up to an 80% interest in Waterbury East and Constellation through structured investments.

Negative

• Dependence on preliminary and unverified data from VTEM surveys.
• Significant cash payments and share issuances required over four years to earn 80% interest.
• Historical drilling at Waterbury East showed only anomalous mineralization, not high-grade deposits.
• Constellation property remains under-explored and un-drilled despite historical surveys.
• Uncertainty of successful drill target identification and subsequent exploration results.

Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") is pleased to announce the completion of the helicopter supported airborne VTEM surveys on its 1,337 ha Waterbury East and on its 11,142 ha Constellation uranium projects in Canada's Athabasca Basin region.

Geotech Ltd. completed 133 line-km along 100 m spaced lines at Waterbury East and a further 638 line-km along 200 m spaced lines at Constellation. The Company expects to receive preliminary data sets shortly and will forward them to in3D Geoscience Inc. for interpretation.

"Now that the surveys have been flown, we await the data so in3D Geoscience can begin their interpretation," commented President & CEO, Saf Dhillon. "Bayridge expects to further define drill targets for its upcoming drill program at Waterbury East and expects to initiate prospecting surveys to ground truth VTEM anomalies to generate targets at Constellation," he continued.

The Waterbury East project is underlain by geology favourable to hosting both unconformity-hosted and basement-hosted uranium deposits. These deposits are typically associated with graphitic metasediments and structural zones that exhibit strong EM conductor responses. Historical airborne EM surveys have defined an ENE-striking conductor across the property, with a depth to unconformity of ~200m. Most of the uranium discoveries in the Athabasca Basin are concentrated along the unconformity edge, where the sedimentary cover is the thinnest (<300m).

In 2006, CanAlaska reported encouraging results from an initial drill program, with an intersection of 17.0 m of anomalous basement-hosted uranium mineralization, containing a highight value of 324 ppm U over 0.6 m in a structurally controlled zone. Interpreted geophysical magnetic lineaments suggest additional structures occur in the basement.

The 2024 VTEM survey on Waterbury East is designed to better delineate the historically-defined ENE-trending conductor across the property in higher spatial resolution. The results from the VTEM survey will assist in defining exploration targets for 2024 Q2 drilling.

The Constellation property has favourable geology for basement-hosted unconformity-style uranium deposits. The regional geology and magnetics have defined structural lineaments trending NNW and ESE, which could represent structural conduits between the Archean granite inlier and graphitic metasediments that have been mapped on the property. These types of structural zones typically act as pathways for hydrothermal activity. Historical NE-trending conductors have also been outlined on the property, but are under-explored and un-drilled. Strong EM conductors are proven targets associated with unconformity and basement-hosted uranium mineralization in and around the Athabasca Basin.

The 2024 VTEM survey on the Constellation Property will assist in delineating the location and trend of graphitic and/or hydrothermally altered zones. The results from the VTEM survey will define future exploration targets such as:

• Discrete conductive anomalies that could represent fault-controlled graphitic zones; and
• Fault zones and/or other structures that could control the pathways for uranium mineralization.

Bayridge is earning up to an 80% interest in Waterbury East through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Waterbury East is located 25 km northeast of the Cigar Lake Mine, 15 km south of Points North and is accessible from the Cigar Lake winter road.

Bayridge is earning up to an 80% interest in Constellation through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Constellation is located 60 km southwest of the Key Lake Mine, and is accessible via helicopter or float plane, with potential winter road access from Highway 914.

R. Tim Henneberry, P.Geo. (BC) and a consultant to the Company, is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this release.

*Readers are cautioned that mineralization at NexGen's Energy Ltd.'s nearby property and the Key Lake Mine is not indicative of mineralization at the Constellation property.

About Bayridge Resources Corp.

Bayridge Resources Corp. is a green energy company advancing its portfolio of Canadian uranium and lithium projects. The 1,337 ha Waterbury East project is located 25 km northeast of the Cigar Lake Mine in the northeastern Athabasca Basin region. Geophysical surveys have identified a 7km long conductivity corridor where mid-2000's drilling highlighted faulted and altered basement rock with local uranium enrichment. Large sections of this corridor remain untested. The 11,142 ha Constellation project is located 60 km south of the present-day Athabasca Basin edge in an area of significant exploration activity for basement hosted uranium. Historic airborne radiometric, electromagnetic, and magnetic surveys identified electromagnetic conductors associated with magnetic lows. The 4,413 ha Sharp Lake project, located in the Red Lake Mining District of Northern Ontario, hosts peraluminous S-type muscovite bearing pegmatite bearing granites in contact with metasediments. Preliminary sampling has highlighted anomalous rare-element values, potentially indicative of lithium mineralization.

For more information, please contact:

Saf Dhillon, President & Chief Executive Officer
E-mail: saf@bayridgeresources.com
Tel: 604-484-3031

Forward-looking information

Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding Geotech's engagement, the scope and timing of Geotech's services and the Company's exploration plans at Constellation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change..

The CSE has not reviewed, approved, or disapproved the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210873

FAQ

What surveys did Bayridge Resources complete?

Bayridge Resources completed helicopter-supported airborne VTEM surveys at Waterbury East and Constellation in the Athabasca Basin.

What are the next steps after the VTEM surveys for Bayridge Resources?

Preliminary data from the VTEM surveys will be analyzed by in3D Geoscience to define future exploration targets.

How much area did the VTEM surveys cover?

The VTEM surveys covered 133 line-km at Waterbury East and 638 line-km at Constellation.

What is the focus of the Waterbury East project?

The Waterbury East project aims to explore both unconformity-hosted and basement-hosted uranium deposits.

What is the significance of the Constellation project's geology?

Constellation's geology is favorable for basement-hosted unconformity-style uranium deposits, with structural lineaments indicating potential pathways for hydrothermal activity.

What financial commitments are involved in Bayridge's interest in the projects?

Bayridge is earning up to an 80% interest in both projects through a series of cash payments, share issuances, and exploration expenditures over the next four years.