Bayridge Resources Identifies a Number of Airborne Geophysical Targets at Constellation Project

Rhea-AI Summary

Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) has received final deliverables from Geotech for the airborne VTEM Survey at its 11,142 ha Constellation uranium project in Canada's Athabasca Basin region. The survey identified several magnetic and electromagnetic anomalies, which are being interpreted by in3D Geoscience Inc. for priority ranking.

The company is fully funded for late Q3 surface exploration and H1 2025 drilling, following a recent financing. Bayridge has also received its Level I Exploration permit for Constellation. The property shows favorable geology for basement-hosted unconformity-style uranium deposits, with structural lineaments that could act as pathways for hydrothermal activity.

Bayridge is earning up to an 80% interest in Constellation through cash payments, share issuances, and exploration expenditures over the next 4 years. The project is located 60 km southwest of the Key Lake Mine and is accessible via helicopter or float plane.

Positive

• Identification of multiple magnetic and electromagnetic anomalies at the Constellation uranium project
• Fully funded for late Q3 surface exploration and H1 2025 drilling program
• Received Level I Exploration permit for Constellation project
• Favorable geology for basement-hosted unconformity-style uranium deposits
• Earning up to 80% interest in the Constellation project

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 17, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") has received the final deliverables from Geotech for the airborne VTEM Survey recently completed at its 11,142 ha Constellation uranium project in Canada's Athabasca Basin region and is pleased to report a number of magentic and electromagnetic anomalies have been identified (Figure 1). The data package has been sent to in3D Geoscience Inc., for interpretation and priority ranking of the anomalies in advance of late Q3 surface exploration ground truthing in advance of H1 2025 drilling. Bayridge is fully funded to undertake the surface exploration and follow up drilling with the completion of its recent financing (see April 17^th, 2024 NR).

Figure 1 Constellation Project VTEM B-Field Z Component Channel 30, Time Gate 0.880 ms
(Electromagnetic anomalies are warm colors yellow through pink)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10256/216780_1d6c315ea4f67987_001full.jpg

"The Bayridge technical team is very pleased to see the positive initial results from the VTEM survey," commented President & CEO, Saf Dhillon. "We will let the experts at in3D Geoscience further define and rank the magnetic and electromagnetic anomalies for our fully permitted and fully funded Q3 exploration program as we work to make the next basement-hosted uranium discovery in the area," he continued.

The Company is also pleased to announce it has received its Level I Exploration permit for Constellation.

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.

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/216780

FAQ

What did the VTEM survey reveal at Bayridge Resources' Constellation project?

The VTEM survey identified a number of magnetic and electromagnetic anomalies at Bayridge Resources' 11,142 ha Constellation uranium project in Canada's Athabasca Basin region.

When is Bayridge Resources (BYRRF) planning to conduct surface exploration at Constellation?

Bayridge Resources is planning to conduct surface exploration at the Constellation project in late Q3 2024, followed by drilling in H1 2025.

What percentage 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 4 years.

Where is the Constellation uranium project located?

The Constellation uranium project is located in Canada's Athabasca Basin region, specifically 60 km southwest of the Key Lake Mine.