Bayridge to acquire 51% interest in Baker Lake uranium project

Bayridge Resources has signed a binding stock acquisition statement to get 51% of 1461433 B.C. (Privco), which owns 100% of the Baker Lake uranium project, an precocious exploration plus successful the Kivalliq Region of Nunavut, Canada.

As information for the acquisition, Bayridge volition contented 5,600,000 communal shares priced astatine $0.25 each, valuing the transaction astatine $1.4m.

At closing, Bayridge volition participate into a associated task (JV) statement with Privco connected modular manufacture terms.

The task lies wrong the Paleoproterozoic uranium district, which besides hosts ATHA's Angilak and Orano's Kiggavik deposits.

The Baker Lake uranium task is located 60km southbound of the municipality of Baker Lake and comprises 83 contiguous claims covering 619km².

Modern exploration activities valued astatine $7m person already been completed astatine the tract and the task demonstrates beardown geological parallels to the Angilak uranium camp.

A 2008 survey identified 30 high-priority uranium targets and humanities drilling returned aggregate important uranium intercepts.

Bayridge said 20 uranium prospects person been mapped on 75km of the Baker Basin unconformity, with respective unexplored high-priority drill targets remaining on untested electromagnetic conductors.

Bayridge volition besides person the close to name 1 manager to Privco’s committee and Privco whitethorn likewise name 1 manager to the committee of Bayridge Resources.

The institution volition clasp a archetypal close of refusal implicit the remaining 49% of Privco shares it does not ain aft the acquisition closes.

Following completion of the transaction, the owners of Privco volition clasp a 43% involvement successful Bayridge Resources.

The transaction is contingent upon customary conditions including receipt of each required consents and support by the Canadian Securities Exchange.

In August 2024, Bayridge secured a drilling licence for its Waterbury East uranium task successful the Athabasca Basin, Saskatchewan, Canada.

"Bayridge to get 51% involvement successful Baker Lake uranium task " was primitively created and published by Mining Technology, a GlobalData owned brand.

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