Greenridge Exploration Inc. (“Greenridge” or the
“Company”) (CSE: GXP | FRA: HW3), is pleased to
announce it has completed an updated technical review of the Nut
Lake Uranium Project (the “
Nut Lake Property” or
the “
Project”) located in the Thelon Basin in
Nunavut. The Project covers approximately 5,853 hectares near the
Northern Tip of the Yathkyed Basin, a sub-basin of the Thelon Basin
(please see Figure 1).
Figure 1 - Nut Lake Property Claim Map
Technical Review Update
Dahrouge Geological Consulting Ltd.
(“DGC”), on behalf of the Company, completed a
secondary assessment of the historical data compiled for the Nut
Lake Property, building on the previous technical review detailed
in the Company’s news release dated April 4, 2024. The second pass
performed by DGC was focused on compiling and investigating
historical data for the Project, including digitizing drillhole
information, georeferencing maps, and pulling data from historical
reports on or near the Nut Lake Property. The highlights of this
secondary assessment are listed below:
Tundra Showing
Historical Rock Sampling
- Fifteen (15)
total samples with six (6) cut from trenches and nine (9)
high-grade float samples2.
- Trench assayed
up to 42% U3O8 in small, 6 cm wide, saw cut grab sample with four
(4) samples containing >7% U3O8.
- Float samples
assayed up to 28% U3O8.
Historical Drilling
- Thirty-five (35)
drillholes completed on this showing, totaling 394 meters of
drilling1&3.
- 1.54% U3O8 over
3.5 ft including 8.84% U3O8 over 0.5 ft (DDH: W-10).
- 1.13% U3O8 over
6.0 ft including 4.89% U3O8 over 1 ft (DDH: W-24).
- 1.35% U3O8 over
2.5 ft including 3.33% U3O8 over 1 ft, and including 4.72% over 0.5
ft (DDH: W-8).
- 1.08% U3O8 over
2.5 ft including 3.83% U3O8 over 0.5 ft (DDH: W-12B).
Figure 2 - Historical work map of the Tundra
Showing on the Nut Lake Property
Heartbreak Showing1
- The Heartbreak
showing uncovered two pitchblende fractures in an area where a
swarm of biotite trachyte occurs, 200 meters to the east-southeast
of the Tundra showing.
- The most
noteworthy samples were from the Heartbreak showing which returned
samples across a 3.0” and 3.5” fracture that assayed 2.11% U3O8 and
4.36% U3O8, respectively1.
- Fracture
descriptions and assay results indicate significant mineralization
potential.
- Frost heave on
the surface suggests a potential strike length for the
fractures.
Figure 3 - Historical work map of the Heartbreak
Showing on the Nut Lake Property
Lakeshore Showing
Historical Rock
Sampling1&4
- 79LLR005 - 0.32%
U₃O₈, 7.01% Ni, 23.46 oz/ton Ag.
- 79LLR006 - 0.15%
U₃O₈, 1.02% Ni, 53.16 oz/ton Ag.
- L-6 – 0.08%
U₃O₈.
- 6349 – 0.07%
U₃O₈, 36.3 oz/ton Ag, 3.81% Ni.
- 6348 – 0.06%
U₃O₈, 58.3 oz/ton Ag, 3.06% Ni.
- 6263 – 209.8
oz/ton Ag - fracture within mafic gneiss containing native
silver.
- 6350 – 186.2
oz/ton Ag - fracture within mafic gneiss containing native
silver.
- 6352 – 15.48
oz/ton Ag, 2.84% Pb.
- 6270 – 4.21%
Pb.
Historical Drilling
- Four (4)
drillholes completed on this showing, totaling 62 meters of
drilling4:
- 0.015% U3O8 over
2 ft (DDH: Lake #3).
Figure 4 - Historical work map of the Lakeshore
Showing on the Nut Lake Property
431 Dike Swarm Showing
Historical Rock Sampling
- Outcrop samples
assayed up to 0.29% U3O8 (D175) with five (5) samples >0.02%
U3O82.
- Trenches assayed
up to 1.18% U3O8 (D172) with five (5) samples >0.1% U3O8 and
nineteen (19) samples >0.02% U3O8.
Historical Drilling
- Forty-one (41)
drillholes completed on this showing, totaling 2,735 meters of
drilling1&3:
- 0.667% U₃O₈ over
3ft including 1.627% U₃O₈ over 1ft (DDH: PO-25).
- 0.485% U₃O₈ over
4ft including 1.7% U₃O₈ over 1ft (DDH: WC-5).
- 0.177% U₃O₈ over
3ft, including 0.425% U₃O₈ over 1ft (DDH: PO-18).
Figure 5 - Historical work map of the 431 Dike
Swarm Showing on the Nut Lake Property
448 Anomaly Showing4
Historical Rock Sampling
- Outcrop samples
assayed up to 0.10% U3O8.
- Samples from
trenches assayed up to 10.39% U3O8 with nine (9) samples >1%
U2O8 and twenty-four (24) samples >0.10% U3O8:
- Trench L3 grab
sampled with 5.51% Cu and 0.45% U3O8.
Historical Drilling
- Thirty-two (32)
drillholes completed on this showing, totaling 320 meters of
drilling:
- 0.318% U₃O₈ over
0.75ft (DDH: Pitch 16).
- 0.433% U₃O₈ over
0.25ft and 0.082% U₃O₈ over 2ft (DDH: Pitch 5).
- 0.102% U₃O₈ over
1.41ft including 0.170% U₃O₈ over 0.66ft (DDH: Pitch 19).
Figure 6 - Historical work map of the 448 Anomaly
Showing on the Nut Lake Property
SE Regional Anomalies
Historical Rock Sampling
- Outcrop samples
assayed up to 0.55% U3O8 with two (2) samples >0.1% U3O8 and
thirteen (13) samples >0.02% U3O81&2.
Historical Drilling
- Twelve (12)
drillholes completed in this region, totaling approximately 1,081
meters of drilling1&3:
- 0.026% U3O8 over
36ft including 0.054% U3O8 over 1.5ft (DDH: PO-46).
- 0.025% U3O8 over
15ft (DDH: PO-45).
- 0.025% U3O8 over
14.1ft (DDH: PO-44).
Figure 7 - Historical work map of the SE Regional
Anomalies on the Nut Lake Property
About The Nut Lake Property
The Project is located approximately 55km north
of the Angilak Uranium Deposit5 or 180Km southwest of Baker Lake,
Nunavut in the Yathkyed Basin (a sub-basin of the prolific Thelon
Basin) in Nunavut Territory, Canada. The Project consists of three
contiguous mineral licences encompassing a total land area of
approximately 4,036 hectares (~40km²).
In 1979, Pan Ocean Oil Ltd. performed an
exploration program consisting of ground geophysics, geological
mapping, prospecting and Winkie drilling as follow up to previous
sampling with elevated uranium in dyke swarms, fractures and
contacts between syenites and trachytes. The geology of the Project
area consists of basal sedimentary rocks of the South Channel
Formation, composed of white quartzites and pink to grey arkose and
arkosic rocks. The sedimentary sequences of the lower Dubawnt Group
are unconformably or disconformably overlain by volcanic rocks of
the Christopher Island Formation.
The Project hosts high grade vein hosted grab
samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0%
Ni.¹
During the 1979 field season, geological mapping
at a scale of 1:1,000 was completed on a major portion of the
Project. This was concurrent with prospecting on, and in the
immediate area of the Project. Results from prospecting were the
discovery of two (41 m wide) syenite dikes and a frost heaved area
of felsic gneiss with up to 3,000 cps on fracture surfaces. Two
significant Uranium bearing showings were discovered, the “Lake
Showing” and the “Heartbreak Showing”. The most noteworthy was the
Heartbreak showing which revealed 3.0” and 3.5” samples across a
fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively. The
results were followed up with a radon gal survey, a VLF-EM survey
and an overburden sampling program. The radon survey results showed
that the response is irregular with several good highs and the
VLF-EM survey showed a series of northwesterly trending anomalies.
It was concluded that further drilling of the Lake Showing is
recommended.
The Project and surrounding proximal area have
seen approximately 805ft of Winkie Drilling and 6,920ft of diamond
drilling completed on it. Multiple holes intersected significant
uranium mineralization, with the most noteworthy being at the
“Tundra Showing” where Hole Winkie AX W-24 intersected 9ft of 0.69%
U3O8 including 4.90% U3O8 over 1ft from 8ft depth.¹ Additional
noteworthy holes were hole P049 which returned approximately 0.20%
U3O8 over a one-foot interval and hole 068 which was drilled to
intersect fracture mineralization and successfully encountered
approximately 0.59% over 1 foot (Pan Ocean Oil Ltd., 1979
Assessment Report #81075).
The combination of historically defined
anomalies and modern exploration techniques provides prime
ingredients for the potential of discovering a high-grade uranium
system within the Project area. The Nut Lake Property has the
potential to host unconformity vein and breccia type, sygenentic
and sandstone-hosted phosphatic type mineralization.
Qualified Person
The technical information contained in this news
release has been reviewed by Neil McCallum B.Sc., P.Geo., of
Dahrouge Geological Consulting Ltd., who is a “Qualified Person” as
defined in NI 43-101 - Standards of Disclosure for Mineral
Projects.
A qualified person has not done sufficient work
to verify the results. The Company believes that the
historical information is relevant to an appraisal of the merits of
the Project and forms a reliable basis upon which to develop future
exploration programs. The Company will need to conduct further
exploration which will include drill testing and sampling to verify
historical data, and there is no guarantee that the results
obtained will reflect the historical results.
References
1Source: 1979
Assessment report (number 81075) by Pan Ocean Oil
Ltd.2Source: 1978 Assessment
report (number 61692) by Pan Ocean Oil
Ltd.3Source: 1978 Assessment
report (number 61815) by Pan Ocean Oil
Ltd.4Source: 1980 Assessment
report (number 81190) by Pan Ocean Oil Ltd.Assessment reports can
be found here: https://nunavutgeoscience.ca/gateway/browseA.php
5Source:
Reported by ValOre Metals Corp. in a Technical Report entitled
“Technical Report and Resource Update For The Angilak Property,
Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne,
M.Sc., P.Geo. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM
Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource
Consulting Inc., dated March 1, 2013. Note: The historical mineral
resource estimate was calculated in accordance with NI 43-101 and
CIM standards at the time of publication and predates the current
CIM Definition Standards for Mineral Resources and Mineral Reserves
(May, 2014) and CIM Estimation of Mineral Resources & Mineral
Reserves Best Practices Guidelines (November, 2019).
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 depth2. 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,
statements with respect to the Project and its mineralization
potential; the Company’s objectives, goals, or future plans with
respect to the Project; the Company’s anticipated exploration
program at the Project. 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.
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