Bayridge Resources Files Level 1 Exploration Permit for Constellation Project

Rhea-AI Summary

Bayridge Resources has filed a Level 1 Exploration Permit for its 11,142-hectare Constellation uranium project in the Athabasca Basin, Canada. This permit allows the company to start a fully funded ground survey program, including soil, till, and lake sediment sampling, prospecting, mapping, and scintillometer surveying. The program aims to evaluate the property's potential for basement-hosted uranium deposits, similar to recent discoveries by NexGen Energy in the area. The Constellation project features favorable geology and structural lineaments that could serve as pathways for hydrothermal activity. Bayridge is earning up to an 80% interest in the project through cash payments, share issuances, and exploration expenditures over the next four years.

Positive

• Filing of Level 1 Exploration Permit allows immediate commencement of ground surveys.
• Fully funded ground program includes comprehensive soil, till, and lake sediment sampling.
• Constellation property has geology favorable for basement-hosted uranium deposits.
• Bayridge aims to model geological structures similar to successful nearby discoveries.
• Potential structural conduits identified could facilitate hydrothermal activity.
• Bayridge can earn up to an 80% interest in the Constellation project, enhancing its asset portfolio.

Negative

• Exploration success is uncertain and depends on unproven geological models.
• High costs associated with exploration expenditures over the next four years.
• Accessibility challenges due to reliance on helicopter, float plane, and potential winter road access.

Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE:O0K) ("Bayridge" or the "Company") is pleased to announce the filing of a Level 1 Exploration Permit for its 11,142 ha Constellation uranium project in Canada's Athabasca Basin region. This permit will allow the Company to complete a series of ground surveys to both evaluate the property and ground truth anomalies anticipated to be identified by the recently completed Geotech airborne VTEM survey.

"Upon receipt of the Constellation exploration permit, the Company will immediately commence a fully funded ground program anticipated to include a combination of soil, till and/or lake sediment sampling, prospecting and mapping and scintillometer surveying, " commented President & CEO, Saf Dhillon. "The program will also focus on VTEM anomalies anticipated to be generated from the GeoTech survey. The Company is working on a geological model similar to the recent basement-hosted uranium discoveries by NexGen Energy Ltd. in the area, and believes the area is ripe for additional new discoveries," he continued.

Figure 1 Constellation Project

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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.

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 necessarily 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/211743

FAQ

What is the latest update on Bayridge Resources' Constellation project?

Bayridge Resources has filed a Level 1 Exploration Permit for the Constellation uranium project in the Athabasca Basin, allowing them to begin a fully funded ground survey program.

What will Bayridge Resources' exploration program include for the Constellation project?

The exploration program will include soil, till, and lake sediment sampling, prospecting, mapping, and scintillometer surveying.

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

The Constellation project has favorable geology for basement-hosted uranium deposits, with structural lineaments that could serve as pathways for hydrothermal activity.

How much interest can Bayridge Resources earn in the Constellation project?

Bayridge Resources can earn up to an 80% interest in the Constellation project through a series of cash payments, share issuances, and exploration expenditures over the next four years.

What are some challenges faced by the Constellation project?

Challenges include the uncertainty of exploration success, high costs of exploration, and accessibility issues reliant on helicopter, float plane, and potential winter road access.