Bayridge Resources Corp. (CSE: BYRG) has announced it received the drilling permit for its 1,337 ha Waterbury East uranium project in Canada’s Athabasca Basin. The permit includes 40 drill collar sites, exploration trails, and line cutting, valid until July 31, 2027.

Significant Milestone for Bayridge Resources

President and CEO Saf Dhillon stated, “The Waterbury East drilling permit is a significant milestone for the company.” Bayridge is fully funded to undertake a multi-hole drill program slated for late Q3 2024. in3D Geoscience is prioritizing drilling targets within magnetic and electromagnetic anomalies defined by recent surveys.

Favourable Geology at Waterbury East

The Waterbury East project is underlain by geology favorable to hosting both unconformity-hosted and basement-hosted uranium deposits. These deposits are associated with graphitic metasediments and structural zones that exhibit strong EM conductor responses. Historical airborne EM surveys have defined an ENE-striking conductor with a depth to unconformity of approximately 200 meters. Most uranium discoveries in the Athabasca Basin occur along the unconformity edge, where the sedimentary cover is thinnest (less than 300 meters).

Historic Drilling Results

In 2007, CanAlaska Uranium Ltd. reported encouraging drill results, including an intersection of 17.0 meters of anomalous basement-hosted uranium enrichment, containing 324 ppm U over 0.6 meters in a structurally controlled zone.

Option to Earn Interest

Bayridge holds a staged option to earn up to an 80% interest in Waterbury East from CanAlaska through cash payments, share issuances, and exploration expenditures over the next four years. Located 25 km northeast of the Cigar Lake Mine and 15 km south of Points North, the site is accessible from the Cigar Lake winter road.

About Bayridge Resources Corp.

Bayridge Resources Corp. is advancing its Canadian uranium and lithium projects. The 1,337 ha Waterbury East project features a 7 km conductivity corridor where drilling suggested uranium enrichment. The Constellation and Sharp Lake projects also show promising indicators of mineralization.

R. Tim Henneberry, P.Geo. (BC), a consultant to the company, reviewed and approved the technical content of this release.

Disclaimer:
The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News