Vancouver, B.C. – Greenridge Exploration Inc. (“Greenridge”or the“Company”) (CSE: GXP | FRA: HW3 | OTCQB: GXPLF),is pleased to announce the results of a high-resolution helicopter-borne Mobile Magnetotellurics (“MobileMT”) survey (the “Survey”) at the Sabre Uranium Project (“Sabre”, or the “Project”) located in the northern Athabasca Basin region of Saskatchewan, Canada.
Highlights of the Survey at Sabre
- The Survey successfully identified robust basement conductors at depths of approximately 300 to 400 metres, exhibiting the characteristic response of graphite-rich lithologies (please see Figure 1). These graphitic conductors may indicate key structural and chemical traps for uranium deposition within the Athabasca Basin.
- Alongside the basement conductor responses, the system identified areas of secondary conductivity at shallower depths within the overlying Athabasca sandstone sequence. These anomalies may indicate clay alteration halos, which typically form near hydrothermal fluid flow related to unconformity-type uranium mineralizing systems.
- The MobileMT data confirm several structural corridors trending from northeast to southwest, as well as cross-cutting features, some of which are spatially associated with uraniferous sandstone boulders found at surface. These structures could potentially serve as fluid pathways or structural controls influencing mineralization. The origin of the boulders is still unknown, making these features a high-priority target for further exploration.
Figure 1 – MobileMT Conductors with Fault Structures and Uranium Occurrences
Russell Starr, Chief Executive Officer of the Company stated: “Greenridge is very pleased to receive these geophysical results for Sabre, which confirms the Company’s belief that the Project is highly-prospective for unconformity-type uranium deposits at a time when uranium has become a critical commodity. Greenridge is one step closer to drill testing Sabre in the months to come.”
About the Survey
Expert Geophysics Limited (“EGL”) carried out the Survey, which totaled 1,536-line kilometres flown at 200-metre line spacing over a 232 square kilometre area. Processing of the airborne data collected was performed by Convolutions Geoscience using the most advanced digital processing tools currently available.
EGL introduced its MMT system in 2018 as a next-generation platform for airborne natural source audio-frequency magnetotellurics (“AFMAG”). The method utilizes naturally occurring electromagnetic energy generated by global lightning activity, which propagates through the atmosphere as low-frequency plane waves and couples into the subsurface. These natural fields induce secondary electromagnetic responses within the earth, which are measured by the MMT system.
By analyzing variations in the amplitude and phase of the received AFMAG fields, MMT provides high-resolution mapping of subsurface electrical resistivity contrasts. The system is capable of investigating to depths exceeding approximately one (1) kilometre, making it particularly well suited for exploration in regions such as the Athabasca Basin, where the depth to the unconformity between the Athabasca Supergroup sandstones and the underlying basement rocks can vary from surface exposure to several hundred metres over relatively short lateral distances.
About Sabre
Sabre is located on the northern edge of the Athabasca Basin approximately thirty (30) kilometres west of Stony Rapids and ten (10) kilometres south of Fond du Lac, Saskatchewan. The Project consists of 28 mineral claims totaling 23,178 hectares and is prospective for hosting unconformity-related uranium mineralization. The Fond du Lac uranium deposit, a shallow, sandstone-hosted deposit, is located approximately 5.5 kilometres to the northwest of the Project’s western boundary, which may demonstrate the prospectivity of the region for the deposition of uranium mineralization.1
Historical exploration at the Project has identified anomalous uranium-bearing sandstone boulders and outcrop at surface,2 numerous interpreted fault structures, and EM conductors interpreted to lie at depths greater than 300 metres. Drill testing for uranium within the current boundaries of the Project is limited to five (5) historical drill holes. Hole MNL-02, drilled by UEX Corporation in 2006, intersected highly anomalous dravite veining (a boron-rich clay mineral) in the sandstone at a depth of 290.5 metres,3 which is a clay alteration mineral commonly associated with uranium deposition in the Athabasca Basin.
Moving loop time domain EM ground surveys are recommended for the winter of 2025-2026 to provide greater detail of the airborne conductors for future drill testing. Sabre is fully-permitted for uranium exploration, including prospecting, geophysical surveys and drilling, until November 30, 2027. Engagement with local communities is ongoing with the goal of creating a mutually beneficial relationship between the Company and the residents of the Northern Athabasca region.
Statement of Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Sean Hillacre, P. Geo., Technical Advisor and a geological consultant to the Company and a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Hillacre has examined information regarding the historical exploration at the Project, which includes a review of the historical sampling, analytical and procedures underlying the information and opinions contained herein.
Management cautions that historical results collected and reported by operators unrelated to Greenridge have not been verified nor confirmed by its Qualified Person; however, the historical results create a scientific basis for ongoing work in the Project. Management further cautions that historical results, discoveries and published resource estimates on adjacent or nearby mineral properties, or other properties located within the Athabasca Basin, whether in stated current resource estimates or historical resource estimates, are not necessarily indicative of the results that may be achieved on the Project. The QP has been unable to verify the information pertaining to the Fond du Lac uranium deposit, and the deposit is not necessarily indicative to the mineralization on the property that is the subject of this disclosure.
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | OTCQB: GXPLF | FRA: HW3) is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration, and development of critical mineral projects in Canada. The Company owns or has interests in 21 projects and additional claims covering approximately 281,100 hectares with considerable exposure to potential uranium, lithium, nickel, copper and gold discoveries. The Company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing mining projects.
Greenridge has one of the largest uranium property portfolios in Canada consisting of 13 projects and additional prospective claims covering approximately 194,350 hectares. The Company has opportunities to realize value in a further 8 strategic metals projects which include lithium, nickel, gold, and copper exploration properties totalling approximately 86,750 hectares. Project highlights include:
- The Black Lake property, located in the NE Athabasca Basin, (40% Greenridge, 50.43% UEC, 8.57% Orano Canada) saw a 2004 discovery hole (BL-18) return 0.69% U3O8 over 4.4m.4
- The Hook-Carter property (20% Greenridge, 80% Denison Mines Corp.) is strategically located in the SW Margin of the Athabasca Basin, sitting ~13km from NexGen Energy Ltd.’s Arrow deposit and its newly-discovered Patterson Corridor East, and ~20 km from Paladin Energy’s Ltd.’s Triple R deposit.
- The Gibbons Creek property hosts high-grade uraniferous boulders located in 2013, with grades of up to 4.28% U3O85, and the McKenzie Lake project saw a 2023 prospecting program return three anomalous rock samples, which included analytical values of 844 ppm U-total (0.101% U3O8), 273 ppm U-total, and 259 ppm U-total.6
- The Nut Lake property 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.7 In 2024, Greenridge’s prospecting program located a float sample that returned 31.13% U3O8, sourced from the Tundra Showing.8
- The Firebird Nickel property has seen two drill programs (7 holes totaling 1,339 m), where hole FN20-002 intersected 23.8 m of 0.36% Ni and 0.09% Cu, including 10.6 m of 0.55% Ni and 0.14% Cu.9
- The Electra Nickel project 2022 drill program included results of 2,040 ppm Ni over 1m and 1,260 ppm Ni over 3.5m.10
The Company has strategic partnerships which includes uranium projects being operated and advanced by Denison Mines Corp. and Uranium Energy Corp. The Company’s management team, board of directors, and technical team brings significant expertise in capital raising and advancing mining projects and is poised to attract new investors and raise future capital.
References:
1 – Saskatchewan Mineral Deposits Index (SMDI) #1572;
2 – SMDI #1999a, 1999b, 1999c and Saskatchewan Mineral Assessment Database Report #74O03-0017;
3 – UEX Corporation News Release dated July 13, 2005;
4 – Black Lake: UEX Corporation News Release dated October 12, 2004.
5 – Gibbons Creek: Lakeland Resources Inc. News Release dated January 8, 2014.
6 – McKenzie Lake: ALX Resources Corp. New Release dated November 7, 2023.
7 – Nut Lake: 1979 Assessment Report (Number 81075) by Pan Ocean Oil Ltd.
8 – Nut Lake: Greenridge Exploration Inc. News Release dated February 19, 2024.
9 – Firebird Nickel: ALX Resources Corp. New Release dated April 15, 2020.
10 – Electra Nickel: ALX Resources Corp. New Release dated July 20, 2022.
On Behalf of the Board of Directors of Greenridge
Russell Starr
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: info@greenridge-exploration.com
Disclaimer for Forward-Looking Information
This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward-looking statements or information.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Greenridge, future growth potential for Greenridge and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium, nickel, copper, gold, cobalt and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Greenridge’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward looking information and include, without limitation, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future; and expected benefits of the Survey. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions regarding, among other things, the geological, metallurgical, engineering, financial and economic advice that the Company has received is reliable and are based upon practices and methodologies which are consistent with industry standards. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of well results and the geology, continuity and grade of uranium, nickel, copper, gold, cobalt and other metal deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; increased costs and restrictions on operations due to compliance with environmental and other requirements; increased costs affecting the metals industry and increased competition in the metals industry for properties, qualified personnel, and management. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.