Bayridge Resources Engages Geotech for VTEM Survey at Constellation Project

Rhea-AI Summary

Bayridge Resources has engaged Geotech to conduct a VTEM survey on its Constellation uranium project in Canada's Athabasca Basin. This survey will help identify basement-hosted uranium targets across the 11,142 ha property. The project has promising geology for unconformity-style uranium deposits, with structural lineaments indicating potential hydrothermal pathways. Historical conductors on the property have been under-explored and un-drilled. The VTEM survey aims to pinpoint conductive anomalies and fault zones for future exploration. Bayridge is securing up to 80% interest in Constellation through phased payments, shares, and exploration expenses over four years. The property's proximity to Key Lake Mine and accessible via helicopter adds strategic advantage.

Positive

• Engagement of Geotech for advanced VTEM survey to identify uranium targets.
• Promising geology for unconformity-style uranium deposits on the Constellation property.
• Bayridge is securing up to 80% interest in Constellation through a structured deal.
• Proximity to the Key Lake Mine enhances strategic importance.
• Survey to define future exploration targets, potentially boosting discovery prospects.

Negative

• Historical conductors on the property are under-explored and un-drilled, indicating potential missed opportunities.
• Uncertainty about actual mineralization despite regional geological promises and proximal successes.

Vancouver, British Columbia--(Newsfile Corp. - May 14, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") is pleased to announce the engagement of Geotech Ltd. to undertake a helicopter supported VTEM survey on its 11,142 ha Constellation uranium project in Canada's Athabasca Basin region.

"This will be the first modern VTEM survey ever flown at Constellation," commented President & CEO, Saf Dhillon. "The GeoTech survey is designed to delineate and define basement-hosted uranium targets across the large property. Recent basement-hosted uranium success by NexGen Energy Ltd. well to the south of the sedimentary cover has generated considerable excitement and activity in the area, which should bode well for additional new discoveries," he continued.

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 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 and Advisor 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/209079

FAQ

What is the VTEM survey at Bayridge's Constellation project?

The VTEM survey by Geotech will identify basement-hosted uranium targets on Bayridge's 11,142 ha Constellation property in the Athabasca Basin.

Why is Bayridge conducting a VTEM survey at the Constellation project?

Bayridge aims to delineate and define uranium targets, leveraging promising geology and historical conductors in the region.

What potential does the Constellation property hold for uranium mining?

Constellation's favorable geology and structural lineaments suggest potential for unconformity-style uranium deposits.

How is Bayridge Resources funding the Constellation project?

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

Where is the Constellation property located?

The Constellation property is 60 km southwest of the Key Lake Mine in Canada's Athabasca Basin, accessible via helicopter or float plane.