Bayridge Resources Commences Drilling at Waterbury East Project

Rhea-AI Summary

Bayridge Resources Corp. (CSE: BYRG) has initiated its fall 2024 drilling program at the Waterbury East uranium project in Canada's Athabasca Basin. The program includes:

• 2,100 metres of drilling
• 4 to 6 holes targeting multiple areas
• Follow-up on the best intersection from 2006/2007
• Guided by spring 2024 VTEM survey results

The project covers 1,337 ha and is located 25 km northeast of the Cigar Lake Mine. Bayridge has an option to earn up to 80% interest from CanAlaska Uranium Previous drilling in 2006/2007 reported 17.0 m of anomalous basement-hosted uranium enrichment, with a highlight value of 324 ppm U over 0.6 m. The program is expected to last 30 to 45 days with results anticipated in Q4 2024.

Positive

• Fully-funded drilling program of 2,100 metres
• Strategic location near Cigar Lake Mine in the Athabasca Basin
• Option to earn up to 80% interest in the project
• Previous drilling showed promising uranium enrichment

Negative

• Historical results not verified by Bayridge
• Depth to unconformity of ~200m may present exploration challenges

Vancouver, British Columbia--(Newsfile Corp. - October 2, 2024) - Bayridge Resources Corp. (CSE: BYRG) ("Bayridge") has commenced its fall 2024 drilling program at its 1,337 ha Waterbury East uranium project in Canada's Athabasca Basin. This phase of drilling will total 2,100 metres and consist of 4 to 6 holes, testing multiple targets.

"Our fully-funded fall 2024 program is the first drilling at Waterbury East since 2007," commented President and CEO, Saf Dhillon. "We will be following up on the best intersection from 2006/2007, guided by the spring 2024 VTEM survey, as well as testing target areas along the VTEM conductor," he continued. "We anticipate a 30 to 45 day program with results expected later in Q4," he concluded.

VTEM interpretation by in3D Geoscience suggests 2006/2007 drilling of the VTEM conductor was actually short of the conductor and also the strength of the conductor may be stronger than previously thought.

CanAlaska Uranium Ltd. ("CanAlaska") reported encouraging results from the 2006/2007 drill program, with an intersection of 17.0 m of anomalous basement-hosted uranium enrichment, containing a highlight value of 324 ppm U over 0.6 m in a structurally controlled zone in DDH-WAT005. *Readers are cautioned that Bayridge has not verified these historical results.

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).

Bayridge holds a staged option to earn up to an 80% interest in Waterbury East from CanAlaska 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.

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.

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 drilling at the Waterbury East uranium project and the expected results of the drilling. 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/225318

FAQ

What is the scope of Bayridge Resources' fall 2024 drilling program at Waterbury East?

Bayridge Resources' fall 2024 drilling program at Waterbury East includes 2,100 metres of drilling across 4 to 6 holes, targeting multiple areas guided by a spring 2024 VTEM survey.

Where is the Waterbury East project located and what is its size?

The Waterbury East project is located in Canada's Athabasca Basin, 25 km northeast of the Cigar Lake Mine. It covers an area of 1,337 hectares.

What were the results of the previous drilling at Waterbury East in 2006/2007?

Previous drilling in 2006/2007 reported 17.0 m of anomalous basement-hosted uranium enrichment, with a highlight value of 324 ppm U over 0.6 m. However, Bayridge Resources (BYRRF) has not verified these historical results.

What is Bayridge Resources' (BYRRF) option agreement for the Waterbury East project?

Bayridge Resources (BYRRF) has a staged option to earn up to an 80% interest in Waterbury East from CanAlaska Uranium through a series of cash payments, share issuances, and exploration expenditures over 4 years.