On August 27, 2024, Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) announced the commencement of Phase I exploration at the Constellation uranium project in Canada’s Athabasca Basin region. The exploration program will focus on prospecting and ground-truthing magnetic and electromagnetic anomaly areas identified during a previous Geotech heliborne VTEM program. The objective is to assess these anomalies in preparation for drilling in the first half of 2025. Bayridge is fully funded to carry out both the surface exploration and an initial drill campaign.
President & CEO, Saf Dhillon, expressed optimism about the preliminary VTEM results and the potential to generate drill targets through the Phase I program. The Constellation project possesses favorable geology for basement-hosted unconformity-style uranium deposits, with regional geology and magnetics indicating potential structural conduits conducive to hydrothermal activity. Bayridge has the opportunity to earn up to an 80% interest in the Constellation property through cash payments, share issuances, and exploration expenditures over the next four years.
In addition, Bayridge Resources Corp. provided an overview of its other projects, including the Waterbury East project near the Cigar Lake Mine, the Sharpe Lake project in the Red Lake Mining District of Northern Ontario, and additional exploration potential for lithium mineralization. The company also disclosed the resignation of Brian Thurston from its board of directors on August 22, 2024.
The company’s forward-looking statements regarding exploration plans, potential discoveries, and financial considerations are subject to risks and uncertainties that may impact actual results. Bayridge Resources Corp. emphasizes that while historical data and geology suggest promise, similar outcomes are not guaranteed. The Company maintains a commitment to transparent and timely disclosure in accordance with applicable securities laws and regulations.
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