Greenridge Exploration Inc.
(“
Greenridge” or the “
Company”)
(CSE: GXP | FRA: HW3), is pleased to announce it has undertaken an
extensive summer exploration work program (the
“
Program”) on its Carpenter Lake Project (the
“
Carpenter Lake Project” or the
“
Project”) located on the southern margin of the
Athabasca Basin, Saskatchewan.
2024 Summer Exploration Work Program
On behalf of Greenridge, Dahrouge Geological
Consulting Ltd. (“DGC”) is conducting a
fourteen-day large-scale Program on the Company’s Carpenter Lake
Project which includes:
- Detailed geological mapping in highly prospective target
areas;
- Prospecting and rock sampling over priority target areas;
and
- Scintillometer sweeps over priority areas that are lacking
outcrop.
Figure 1: Carpenter Lake Uranium Project Regional
Map
The primary goal of the Program is to delineate
the nature of target areas, and in the process, highlight new
high-priority areas that may be further investigated in a future
drill program.
DGC has applied its established targeting
methodology to Greenridge’s geological data, incorporating
historical and recent exploration data to outline high-priority
target areas. The Program will focus on the Cable Bay Shear Zone
(“CBSZ”), a large-scale structural feature that
intersects the Project and is host to several airborne radiometric
anomalies and a series of well-defined conductors. Other priority
items for the Program include investigation of numerous uranium
anomalies found in historical lake sediment samples and
radon-in-soil anomalies.
Russel Starr, CEO of Greenridge commented, “The
start of the 2024 work program for the Carpenter Lake Project marks
an important milestone for the Company. Focusing on the Cable Bay
Shear Zone, the Company believes the previous radiometric anomalies
are highly prospective and look forward to receiving the initial
results. The goal of this program is to identify high-priority
areas for investigation in our future drilling efforts.”
Information about the Carpenter Lake
Project
The Carpenter Lake Project is situated along the
CBSZ, immediately south of the southern rim of the Athabasca Basin.
The Project extends from 1 to 35 km south of the Basin margin and
is underlain by Archean rocks of the Virgin River and Mudjatik
Domain. Athabasca Group sandstone does not occur within the Project
area. The Virgin River Domain to the west of the CBSZ is about 40
km wide east-west. The bulk of the Virgin River Domain is comprised
of felsic gneisses featuring a strong northeasterly fabric.
Overall, these rock assemblages are lithologically and
metamorphically similar to those of the Mudjatik Domain east of the
CBSZ. The Virgin Schist Group occurs as lenses and bands that
become increasingly more abundant toward the western boundary of
the domain. The group is composed of psammopelites, quartzites,
pelites, amphibolites, calc-silicates, and banded iron
formations.
The Project geology includes granite gneiss and
granite pegmatite which are the dominant lithologies at the
Carpenter Lake Project, with lesser mafic gneiss, pelitic schist
and scattered mafic dykes. The CBSZ is delineated on the Project by
three parallel electromagnetic conductor axes, suggesting the
hanging wall, footwall and middle of a conductive panel of
graphitic or sulphide-rich rocks.
On the other size of the Virgin River Domain
(“VRD”), and sub-parallel to the CBSZ, is the
Snowbird tectonic Zone, another large-scale structural domain. 40
kilometres to the northwest of the Project, on the VRD, lies Cameco
Corporations Centennial Zone, a high-grade mineralized body where
diamond drilling has intersected grades up to 25.6% U3O8 over 0.5m
(DDH VR-018W2) and 8.78% U3O8 over 33.9m(VR-031W3)1.
Previous exploration includes numerous uranium
anomalies in historical lake sediment samples, reinforced further
by airborne radiometric anomalies both along and west of the CBSZ.
The corridor of well-defined conductors along the CBSZ further
highlights the potential for uranium mineralization along the
regional structure, in particular where there is evidence for
cross-cutting structures. The presence of conductive graphitic
pelites as defined by airborne and ground electromagnetic surveys
is confirmed by historic diamond drilling immediately north of the
Project.
Figure 2: Carpenter Lake Project Geochemistry
Extension of Marketing
Agreement
The Company is also pleased to announce, further
to its news release on June 7, 2024, that it has increased the
advertising budget under its engagement of marketing services with
MIC Marketing Information & Content Publishing GmbH
(“MIC”) (address: Gerhart-Hauptmann-Str. 49b 51379
Leverkusen, Germany; email: contact@micpublishing.de). MIC was
retained by the Company on June 7, 2024 to provide marketing
services for a term of 6 months, commencing June 18, 2024 (the
“Third MIC Agreement”), with an
option to increase the advertising budget up to €500,000 during the
term. Pursuant to the terms of the Third MIC Agreement, the Company
has decided to execute its option to increase the advertising
budget for the existing term to €400,000 by compensating MIC an
additional €250,000.
MIC was first engaged by the Company on January
9, 2024 to provide marketing services for the Company for a
six-month period, starting January 18, 2024 (the “First MIC
Agreement”). Under terms of the First MIC Agreement, the
Company compensated MIC €150,000, with an option to increase the
advertising budget up to €250,000 during the term. On March 19,
2024, the Company decided to increase the advertising budget to
€250,000 and pay an additional €100,000 to MIC. On April 12, 2024,
the Company retained MIC for a second time to provide marketing
services for the Company for a six-month period, starting April 18,
2024 (the “Second MIC Agreement”). Pursuant to the
terms of the Second MIC Agreement, the Company compensated MIC
€250,000. Since January 9, 2024 and including the budget increase
referred to in this news release, the Company will have paid a
total of €900,000 to MIC for Marketing Services.
MIC is an independent company which will, as
appropriate, provide project management and consulting for an
online marketing campaign, coordinate marketing actions, maintain
and optimize AdWords campaigns, adapt AdWords bidding strategies,
optimize AdWords ads and create and optimize landing pages (the
“Marketing Services”). The
promotional activity will occur in Europe by email, Facebook, and
Google.
The Company will not issue any securities to MIC
as compensation for the Marketing Services. As of the date hereof,
to the Company’s knowledge, MIC (including its directors and
officers) does not own any securities of the Company and has an
arm’s length relationship with the Company.
National Instrument 43-101
Disclosure
The technical information contained in this news
release has been reviewed and approved by Neil McCallum B.Sc.,
P.Geo., of Dahrouge Geological Consulting Ltd., who is an
independent “Qualified Person” as defined in National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
* Mineralization on any other properties
referred to herein is not necessarily indicative of mineralization
on the Carpenter Lake Project.
References
1 - Saskatchewan Mineral Resources Assessment
File: 74G12-0052, UEM Inc., 2005 and VR-031W3, Cameco Corp.,
2010.
About Greenridge Exploration
Inc.
Greenridge Exploration Inc. (CSE: GXP | FRA:
HW3) is a mineral exploration company dedicated to creating
shareholder value through the acquisition, exploration, and
development of critical mineral projects in North America. The
Carpenter Lake Uranium Project is located in the Athabasca Basin
consisting of 7 mineral claims covering 13,387 hectares across the
Cable Bay Shear Zone and the Company is advancing the Project to
test multiple high priority targets. The Company’s Nut Lake Uranium
Project located in the Thelon Basin includes historical drilling
which intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over
1ft from 8ft depth. Additionally, the Company’s Weyman Copper
Project in southeast British Columbia sits on the south portion of
the famous Quesnel Terrance. The Company is led by an experienced
management team and board of directors with significant expertise
in capital raising and advancing mining projects.
On Behalf of the Board of Directors
Russell StarrChief Executive Officer, DirectorTelephone: +1
(778) 897-3388 Email: info@greenridge-exploration.com
Disclaimer for Forward-Looking Information
This news release contains certain
forward-looking statements within the meaning of applicable
securities laws. All statements that are not historical facts,
including without limitation, statements regarding future
estimates, plans, programs, forecasts, projections, objectives,
assumptions, expectations or beliefs of future performance,
including statements regarding the project acquisition bringing a
low-risk opportunity, the Company, building a strong battery metals
portfolio with low-risk opportunities that positively impact the
Company and its shareholders and the Company providing an initial
work plan are "forward-looking statements". Forward-looking
statements in this news release include, but are not limited to,
the Project and its mineralization potential; the Company’s
objectives, goals, or future plans with respect to the Project; the
commencement of the Program in the future; the anticipated results
of the Program; further exploration work on the Project in the
future; statements with respect to the provision of the Marketing
Services by MIC under the MIC Agreement. These forward-looking
statements reflect the expectations or beliefs of management of the
Company based on information currently available to it.
Forward-looking statements are subject to a number of risks and
uncertainties, including those detailed from time to time in
filings made by the Company with securities regulatory authorities,
which may cause actual outcomes to differ materially from those
discussed in the forward-looking statements. These factors should
be considered carefully, and readers are cautioned not to place
undue reliance on such forward-looking statements. The
forward-looking statements and information contained in this news
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether because of new information,
future events or otherwise, unless so required by applicable
securities laws.
The Canadian Securities Exchange (CSE) does not
accept responsibility for the adequacy or accuracy of this
release.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/dced05dc-b28b-4dda-bfd5-83716ac6412ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/cdd5c502-f608-4fe6-9b06-4fa96df5c2d5