One modification to Ramon’s on-point suggestion: You don’t need “Bitwise” here. A simple “and” will do, and is faster (if that matters).
Dim frequency As Uint8 = &b11111100 and source
Dim ID As Uint8 = &b00000011 and source
In fact, the only place you “need” Bitwise these days are when you need ShiftLeft and ShiftRight, although multiplying/dividing by 2^places would do the same thing if you don’t need the second parameter of ShiftLeft/ShiftRight.