Bayridge Resources Corp.
has received the results of the airborne VTEM (Versatile Time Domain Electromagnetic) geophysical survey recently carried out on the Waterbury East project, located in the Athabasca Basin, Canada.
The survey revealed several significant magnetic and electromagnetic anomalies.
The data collected is being forwarded to in3D Geoscience Inc.
for detailed analysis and prioritization of the anomalies in preparation for drilling scheduled for the second half of 2024.
The Waterbury East project covers an area of 1,337 hectares, and has interesting potential for uranium deposits.
The anomalies identified could indicate zones favorable for the presence of uranium.
An in-depth drill program is required to assess the mining potential of these anomalies.
Geological context
The Waterbury East project is located in a geological region favourable for uranium deposits, including unconformity-related uranium deposits and underlying formations.
These deposits are often associated with graphitic meta-sediments and geological structures showing significant electromagnetic conductive responses.
Previous geophysical surveys have identified an east-northeast (ENE)-trending conductor on the property, with an unconformity depth of around 200 metres.
Major uranium discoveries in the Athabasca Basin are generally concentrated along the edge of the unconformity, where the sedimentary cover is thinner.
In 2007, CanAlaska reported positive results with a 17.0-metre uranium enrichment intersection in the basement.
However, these historical results have not been verified by Bayridge Resources.
Preparing for drilling
Bayridge Resources is currently preparing a drilling campaign to explore the anomalies detected.
The company is fully funded for this phase, with the necessary resources available.
The drilling permit is in the process of being obtained, and no major problems are anticipated in acquiring this permit.
Anomaly analysis by in3D Geoscience Inc.
is crucial in determining drilling priorities, enabling the most promising zones to be targeted.
Opportunities for the Project
Bayridge Resources has the option to earn up to an 80% interest in the Waterbury East project through cash payments, share issuances and exploration expenditures over a four-year period.
The site is located 25 kilometers northeast of the Cigar Lake mine and 15 kilometers south of Points North, accessible via the Cigar Lake winter road.
These features facilitate exploration and development operations.
Next steps include detailed analysis of the geophysical data and preparation of the drilling program for a full assessment of the property’s potential.
