Vancouver, British Columbia--(Newsfile Corp. - September 12, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") has completed Phase I exploration at the 11,142 ha Constellation uranium project in Canada's Athabasca Basin region.
The program was successful in highlighting several areas of anomalous spectrometer cps (counts per second) anomalies (see Figure 1), several of which were associated with the VTEM conductors identified from the Geotech VTEM survey flown earlier in the summer (see 2024-Jul-17 News Release). A total of 15 spot radiometric anomalies or anomalous zones were identified, largely associated with VTEM conductors or the boundaries of magnetic highs and magnetic lows, areas believed to be prospective for uranium mineralization.
Figure 1 Constellation Project Spectrometer Anomalies (Readings in CPS or counts per second)
"The series of radiometric occurrences, largely associated with VTEM conductors and boundaries of magnetic highs and magnetic lows, suggests Constellation is indeed prospective for uranium mineralization," commented President & CEO, Saf Dhillon. "As a result of our successful ground-truthing program, we have instructed our consultants to initiate a Level 2 Exploration Permit with the aim of commencing a fully funded maiden drilling program in H1 2025," he continued.
A crew of 5 personnel thoroughly prospected all five target zones identified from the VTEM survey utilizing hand-held RS-125 and RS-230 gamma-ray spectrometers. Fifteen new radioactive zones were identified from the ground reconnaissance program, with measurements ranging between 1000 CPS and 65,000 CPS. The majority of the radioactive showings are along NE-trending contacts between metasedimentary rocks (represented by magnetic lows) and granite (represented by magnetic highs), that are also proximal to VTEM conductors. A total of 43 rock samples were collected over the 15 radioactive zones and characterized by hydrothermally altered fractures, shears, pegmatites, and veins hosted in metasedimentary and foliated granite rock-types.
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.1
Bayridge has the right to earn 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 Sharpe 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 the Company's exploration and drill campaign plans at Constellation, enhanced magnetic and electromagnetic anomalies at Constellation, undertaking drilling at Constellation without additional financing or dilution and potential uranium and lithium discovery for the Company's projects. 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.
1 The Company cautions that similar results on its Constellation Project are not implied.
