Drilling has commenced...
Bayridge Resources Corp. (CSE: BYRG) has commenced its fall 2024 drilling program at its 1,337 ha Waterbury East uranium project in Canada's Athabasca Basin. This phase of drilling will total 2,100 metres and consist of 4 to 6 holes, testing multiple targets.
"Our fully-funded fall 2024 program is the first drilling at Waterbury East since 2007," commented President and CEO, Saf Dhillon. "We will be following up on the best intersection from 2006/2007, guided by the spring 2024 VTEM survey, as well as testing target areas along the VTEM conductor," he continued. "We anticipate a 30 to 45 day program with results expected later in Q4," he concluded.
VTEM interpretation by in3D Geoscience suggests 2006/2007 drilling of the VTEM conductor was actually short of the conductor and also the strength of the conductor may be stronger than previously thought.
CanAlaska Uranium Ltd. ("CanAlaska") reported encouraging results from the 2006/2007 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 DDH-WAT005. *Readers are cautioned that Bayridge has not verified these historical results.
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).
Bayridge holds a staged option to earn up to an 80% interest in Waterbury East from CanAlaska through a series of cash payments, share issuances and exploration expenditures over the next 4 years.