CSE : GXP | FRA : HW3 | OTC : GXPLF
CSE : GXP | FRA : HW3 | OTC : GXPLF
CSE : GXP | FRA : HW3 | OTC : GXPLF
OWNERSHIP : Greenridge 50% – Forrestania Resources Limited 50%.
SIZE : 8 sub-projects totaling ~29,262 ha.
LOCATION: James Bay Region, Quebec.
In September 2022, Greenridge acquired the Hydra Lithium Project (“Hydra”, or the “Project”) by map staking in the James Bay region of northern Quebec, Canada. In December 2022 and January 2023, Greenridge staked additional claims, giving Hydra a total area of 29,262 hectares (72,306 acres). Hydra is located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum (“LCT”) type pegmatites.
On July 7, 2023, Greenridge closed a transaction with Forrestania Resources Limited (“Forrestania”, ASX:FRS), of Perth, Australia, whereby Forrestania completed an option to earn a 50% interest in Hydra by paying to Greenridge CAD$400,000 and CAD$600,000 in Forrestania common shares, for a total of 4,579,586 common shares. A 50:50 joint venture is now formed between Greenridge and Forrestania for the Project with Greenridge acting as operator in exchange for an industry-standard administration fee. Greenridge and Forrestania will each vest with a 1.5% net smelter returns royalty.
Greenridge resumed surface exploration in the northeastern area of Hydra at the Python East and Python West sub-projects in the third week of August 2023. A total of 37 samples were collected from outcrop and boulders during the Python East and Python West work programs, all of which are currently in shipment. Following the conclusion of the prospecting program in the eastern Hydra area, Greenridge’s geological team mobilized back to the western Hydra area and began surface exploration at the Cobra and Viper projects on September 5, 2023. Exploration in the western area of Hydra was halted on June 4, 2023 by order of the Government of Quebec due to the high forest fire risk, a restriction which has now been lifted due to increased rainfall in the region.
Exploration at the Cobra, Viper, Nike, Echo and Sprite sub-projects is planned to continue until the commencement of the annual moose hunting season by the Cree Nation of Wemindji, which occurs from September 15th to October 15th. In the meantime, Greenridge has expanded the size of its geological crew to cover as much ground as possible on its properties, and weather permitting, plans to return to Hydra to continue prospecting for LCT pegmatites after October 15, 2023.
Hydra consists of eight sub-projects totaling 29,262 hectares (72,306 acres) known as Volta (4,751 ha.), Echo (5,566 ha.), Nike (2,462 ha.), Sprite (3,437 ha.), Cobra (4,249 ha.), Viper (1,280 ha.), Python West (4,298 ha.), and Python East (3,218 ha.) all located within a fertile lithium exploration district that is known to host the following lithium deposits:
Greenridge and Forrestania believe that Hydra is underexplored for LCT pegmatites because of the high prospectivity of the region, as suggested by the highly-positive exploration reports from the Corvette Lithium Deposit and due to the fact that historical exploration carried out in the James Bay region was mainly focussed on gold and base metals. The James Bay Hydroelectric Project (total investment by Hydro-Québec is estimated at greater than CAD$16 billion since the early 1970s) has created infrastructure for mineral exploration in the form of several all-weather roads, including the Trans-Taiga Road. Serviceable airstrips are located in the vicinity providing aircraft support capability for Hydra.
Greenridge performed site visits on four sub-projects (Volta, Sprite, Nike and Echo) at Hydra beginning in mid-October 2022. The helicopter-assisted reconnaissance prospecting was successful in locating pegmatite bodies in several locations, despite the onset of poor weather conditions that limited the scope of the program.
On January 31, 2023, the Company received a report from its geological contractor, Dahrouge Geological Consulting of Montreal, QC, on the results of the 2022 reconnaissance prospecting program
1 Preliminary Economic Assessment, NI 43-101 Technical Report, James Bay Lithium Project Ontario Canada, by G Mining Services, March 8, 2021
2 Rose Lithium-Tantalum Project Feasibility Study NI 43-101 Technical Report, by Simon Boudreau, P.Eng., May 27, 2022
3 NI 43-101 Technical Report on the Whabouchi Lithium Mine and Shawnigan Electrochemical Plant, by Met-Chem et al, November 7, 2018.
In late 2022, KorrAI Technologies of Halifax, NS conducted an artificial intelligence algorithmic search of a large database of historical assessment reports, targeting indicators of lithium-bearing pegmatites in Quebec. Greenridge staked two new sub-projects known as Python West and Python East claims. This data search successfully identified a pegmatite containing a historical lithium sample grading 330 ppm lithium at Python West. Python West claims total 4,297 hectares, and Python East claims total 3,219 hectares. The new claims cover the lithium-pegmatite showing and an area of metamorphosed Archean greenstone interpreted to extend to the southwest of the lithium showing. The Python claims are located in an outlying underexplored area northeast of the initial Hydra claim blocks approximately 100 kilometres north of the Trans-Taiga Road.
In the 2023 field season, follow-up geological and geochemical surveys are planned across the highest-priority areas in order to delineate potentially lithium-bearing pegmatite dykes and sills and to optimize resultant drill targets.
On May 31, 2023, Greenridge commenced its current exploration at Hydra for LCT pegmatites, but the access restrictions imposed by the Government of Quebec due to forest fires in the region led to the suspension of the program on June 4, 2023. Upon the resumption of exploration, the Hydra joint venture will focus on systematic prospecting, geological mapping and geochemical sampling. In conjunction with its own consulting geologist, Robert Campbell, P. Geo., Greenridge has contracted a Quebec-based geological consulting company and a helicopter for the prospecting program to be initially based from the town of Radisson, Quebec.
National Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by John Charlton, P.Geo., a consultant to Greenridge, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
Mineral resource information from lithium deposits in the James Bay region quoted herein were taken directly from publicly available disclosure. Management cautions that historical results were collected and reported by operators unrelated to Greenridge and have not been verified nor confirmed by its Qualified Person but create a scientific basis for ongoing work in the Hydra project area. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Greenridge’s mineral properties.
DEVELOPING A CLEAN ENERGY FUTURE
CSE : GXP
FRA : HW3
OTC : GXPLF