Vancouver, British Columbia--(Newsfile Corp. - May 23, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") is pleased to announce the engagement of Precision GeoSurveys Inc. to undertake a helicopter-supported magnetics and radiometrics survey on its 4,413 ha Sharpe Lake rare element pegmatite project in northwestern Ontario.
Precision GeoSurveys, a leader in airborne geophysics, will utilize their Medusa 21 litre spectrometer with full-spectrum analysis along with a fixed-boom magnetometer system to collect radiometric and magnetic data to map structure, alteration, and lithology to assist in highlighting areas of suspected pegmatites within the Sharpe Lake property.
"The radiometrics survey follows the recommendations of the 43-101 report on our Sharpe Lake property," commented President & CEO, Saf Dhillon. "Precision estimates commencing the survey in the next 45 to 75 days. We plan to ground truth the results of the radiometrics survey shortly thereafter," he continued.
The original basis for exploration on the Sharpe Lake Property was derived from an Ontario Geological Survey ("OGS") sponsored study in northwestern Ontario on fertile peraluminous granites and related rare-element mineralization in pegmatites. A thorough review of the OGS lake sediment study data identified highly elevated lithium values within and peripheral to Sharpe Lake, with drainage patterns suggesting a source within the property. A two-day Bayridge prospecting program was successful in locating pegmatite dykes and bodies at Sharpe Lake, some of which were anomalous in rare-earth elements.
The OGS study focused along the English River-Uchi subprovincial boundary, amongst other areas, where numerous lithium-bearing pegmatites and rare-element occurrences were present. A number of fertile, peraluminous parent granites were identified, including the Sharpe Lake batholith. Subsequent OGS lake sediment sampling over the area has highlighted numerous lake sediment anomalies for lithium, suggesting these granites are prospective for lithium.
Bayridge is earning a 100% interest, subject to a 3% net smelter return ("NSR") royalty, in the Sharpe Lake property by issuing 800,000 common shares and making cash payments of $1,100,000 by November 27, 2025, with $100,000 already paid and 800,000 shares already issued. There are no buyback provisions with respect to the NSR royalty.
R. Tim Henneberry, P.Geo. (BC), 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 Precision GeoSurvey's engagement and the scope and timing of same, the Company's plan to ground truth the results of its radiometrics survey and the Company earning-in under the Sharpe Lake property option. 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/210183
