Bayridge Resources Signs Definitive Agreement on Baker Lake Uranium Project in Nunavut

Core Insights - Bayridge Resources Corp. has signed a Definitive Agreement to acquire a 51% interest in the Baker Lake Uranium Project located in Nunavut, Canada [1][15]. Project Overview - The Baker Lake Uranium Project is an advanced uranium project situated in the Kivalliq Region of Nunavut, within the same Paleoproterozoic uranium district as ATHA's Angilak and Orano's Kiggavik deposits [2]. - The project encompasses 83 contiguous claims covering an area of 619 km², located 60 km south of Baker Lake [5]. - The project has undergone approximately 5,500 meters of modern drilling, 23.5 km² of detailed surface grids, and 7,851 line-km of airborne geophysics, representing over $7 million in exploration value at 2025 cost equivalencies [4][5]. Geological and Exploration Highlights - The uranium at Baker Lake is hosted within Kazan Formation sandstones, with geological features comparable to other significant uranium deposits [6]. - Historical drilling has identified multiple significant uranium intercepts, including 17.3 meters of 0.30% U₃O₈ and 10.0 meters of 0.35% U₃O₈ [11]. - A 2008 TEMPEST® survey defined 30 high-priority uranium targets, with many remaining untested [7]. Acquisition Terms - The acquisition involves a binding Share Purchase Agreement to acquire 51% of the issued capital of 1461433 B.C. Ltd, which owns 100% of the Baker Lake Uranium Project [15]. - As part of the acquisition, the company will issue 5,600,000 common shares at a deemed price of $0.25 per share, totaling $1.4 million [15]. - The company will enter into a joint venture agreement with Privco, which will have a free carried interest until the completion of a Pre-Feasibility Study [15][16]. Regulatory and Approval Process - The completion of the transaction is subject to customary conditions, including regulatory approvals from the Canadian Securities Exchange (CSE) [16][17].