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Vancouver, British Columbia--(Newsfile Corp. - July 24, 2024) - Bayridge Resources Corp. (CSE: BYRG) ("Bayridge" has received the final deliverables from Geotech for the airborne VTEM Survey recently completed at its 1,337 ha Waterbury East uranium project in Canada's Athabasca Basin, and is pleased to report a number of magnetic 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 H2 drilling. Bayridge is fully funded to undertake the drilling program with the cash currently in the treasury.
Figure 1 East Waterbury Project VTEM B-Field Z Component Channel 30, Time Gate 0.880 ms
(Electromagnetic anomalies are warm colors yellow through pink)
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"The Bayridge technical team is very pleased to see the positive initial results from the Waterbury East VTEM survey which appears to further delineate the prospective ENE trending corridor," commented President & CEO, Saf Dhillon. "We will let the experts at in3D Geoscience further define and rank the magnetic and electromagnetic anomalies for our H2 drilling program," he continued.
The Waterbury East drilling permit is in process and the Company does not anticipate any issues and expects to receive the permit in the near term.
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).
In 2007, CanAlaska reported encouraging results from a 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 WAT005. Interpreted geophysical magnetic lineaments suggest additional structures occur in the basement. *Readers are cautioned that Bayridge has not verified these historical results.
Bayridge holds an option to earn up to an 80% interest in Waterbury East 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.