Greenridge Exploration Announces Results of its 2024 Exploration Program at its Carpenter Lake Uranium Project in the Athabasca Basin
Greenridge Exploration has announced positive results from its 2024 exploration program at the Carpenter Lake Uranium Project in the Athabasca Basin. The project encompasses 13,388 hectares and consists of seven mineral claims. The exploration identified multiple high-priority targets for future drilling, with 22 sample locations showing anomalous radioactivity exceeding 1,000 cps. Notably, six sites measured above 3,000 cps. The highest uranium concentration recorded was 602 ppm U from an outcrop near a high-priority target.
The program involved detailed geological mapping, prospecting, rock sampling, and scintillometer sweeps. A total of 116 samples were collected, with nine samples showing elevated uranium assays above 50 ppm U, and five samples exceeding 100 ppm U. The exploration focused on the Cable Bay Shear Zone (CBSZ), characterized by multiple airborne radiometric anomalies and conductive zones.
Additionally, Greenridge plans to issue 250,000 common shares at $0.97 per share to settle $241,578.75 in debt with Red Cloud Securities Inc. This shares-for-debt transaction aims to improve the company's financial position by reducing liabilities.
Greenridge Exploration ha annunciato risultati positivi dal suo programma di esplorazione 2024 presso il Carpenter Lake Uranium Project nella Basin di Athabasca. Il progetto copre 13.388 ettari e consiste in sette diritti minerari. L'esplorazione ha identificato molteplici obiettivi ad alta priorità per future perforazioni, con 22 punti di campionamento che mostrano radioattività anomala superiore a 1.000 cps. In particolare, sei siti hanno misurato sopra 3.000 cps. La massima concentrazione di uranio registrata è stata di 602 ppm U da un affioramento vicino a un obiettivo di alta priorità.
Il programma ha coinvolto mappatura geologica dettagliata, prospezione, campionamento di rocce e rilevamenti con scintillometri. Un totale di 116 campioni è stato raccolto, di cui nove campioni hanno mostrato assi elevati di uranio superiori a 50 ppm U, e cinque campioni hanno superato 100 ppm U. L'esplorazione si è concentrata sulla Cable Bay Shear Zone (CBSZ), caratterizzata da molteplici anomalie radiometriche aeree e zone conduttive.
Inoltre, Greenridge prevede di emettere 250.000 azioni comuni a $0,97 per azione per saldare $241.578,75 di debito con Red Cloud Securities Inc. Questa transazione di azioni per debito mira a migliorare la posizione finanziaria dell'azienda riducendo le passività.
Greenridge Exploration ha anunciado resultados positivos de su programa de exploración 2024 en el Proyecto de Uranio Carpenter Lake en la Cuenca de Athabasca. El proyecto abarca 13,388 hectáreas y consta de siete derechos mineros. La exploración identificó múltiples objetivos de alta prioridad para futuros perforaciones, con 22 ubicaciones de muestreo que mostraron radiactividad anómala que supera los 1,000 cps. En particular, seis sitios midieron más de 3,000 cps. La mayor concentración de uranio registrada fue de 602 ppm U de un afloramiento cerca de un objetivo de alta prioridad.
El programa incluyó mapeo geológico detallado, prospección, muestreo de rocas y barridos con cintilómetros. Se recogieron un total de 116 muestras, de las cuales nueve muestras mostraron ensayos de uranio elevados por encima de 50 ppm U, y cinco muestras superaron 100 ppm U. La exploración se centró en la Cable Bay Shear Zone (CBSZ), caracterizada por múltiples anomalías radiométricas aéreas y zonas conductivas.
Además, Greenridge planea emitir 250,000 acciones comunes a $0.97 por acción para saldar $241,578.75 en deudas con Red Cloud Securities Inc. Esta transacción de acciones por deuda tiene como objetivo mejorar la posición financiera de la empresa reduciendo las obligaciones.
Greenridge Exploration은 Athabasca Basin에 위치한 Carpenter Lake Uranium Project의 2024 탐사 프로그램에서 긍정적인 결과를 발표했습니다. 이 프로젝트는 13,388 헥타르의 면적을 차지하며, 7개의 광물 권리를 포함합니다. 탐사를 통해 향후 굴착을 위한 여러 고우선 목표가 확인되었으며, 22개의 샘플 위치에서 1,000 cps를 초과하는 비정상적인 방사능이 나타났습니다. 특히, 6개 지점이 3,000 cps를 초과했습니다. 기록된 최고 농도의 우라늄은 고우선 목표 근처의 노두에서 측정된 602 ppm U였습니다.
이번 프로그램은 상세한 지질 매핑, 탐사, 암석 샘플링 및 신틸로미터 스윕을 포함했습니다. 총 116개의 샘플이 수집되었으며, 이 중 9개의 샘플은 50 ppm U 이상의 높은 우라늄 함량을 보였고, 5개의 샘플은 100 ppm U를 초과했습니다. 탐사는 여러 공중 방사선 이상 및 전도성 구역으로 특징지어지는 Cable Bay Shear Zone (CBSZ)에 집중되었습니다.
또한, Greenridge는 Red Cloud Securities Inc.의 부채 241,578.75 달러를 청산하기 위해 주당 0.97 달러로 250,000주를 발행할 계획입니다. 이 주식 대 부채 거래는 회사의 재정 상태를 개선하고 부채를 줄이는 것을 목표로 하고 있습니다.
Greenridge Exploration a annoncé des résultats positifs de son programme d'exploration 2024 au Projet d'Uranium Carpenter Lake dans le bassin d'Athabasca. Le projet s'étend sur 13 388 hectares et se compose de sept concessions minières. L'exploration a identifié plusieurs cibles prioritaires pour de futurs forages, avec 22 emplacements d'échantillonnage montrant une radioactivité anormale dépassant 1 000 cps. En particulier, six sites ont mesuré plus de 3 000 cps. La concentration d'uranium la plus élevée enregistrée était de 602 ppm U d'un affleurement près d'une cible prioritaire.
Le programme comprenait une cartographie géologique détaillée, de la prospection, de l'échantillonnage de roches et des balayages avec scintillomètre. Un total de 116 échantillons a été collecté, dont neuf échantillons ont montré des assays d'uranium élevés au-dessus de 50 ppm U, et cinq échantillons dépassant 100 ppm U. L'exploration s'est concentrée sur la Cable Bay Shear Zone (CBSZ), caractérisée par de multiples anomalies radiométriques aériennes et des zones conductrices.
De plus, Greenridge prévoit d'émettre 250 000 actions ordinaires à 0,97 $ par action pour régler une dette de 241 578,75 $ avec Red Cloud Securities Inc. Cette transaction d'actions pour dettes vise à améliorer la position financière de la société en réduisant ses passifs.
Greenridge Exploration hat positive Ergebnisse aus seinem Explorationsprogramm 2024 im Carpenter Lake Uranium Project im Athabasca Basin bekanntgegeben. Das Projekt umfasst 13.388 Hektar und besteht aus sieben mineralischen Ansprüchen. Die Exploration identifizierte mehrere hochpriorisierte Ziele für zukünftige Bohrungen, wobei 22 Probenstandorte anomale Radioaktivität über 1.000 cps zeigten. Bemerkenswerterweise lagen sechs Standorte über 3.000 cps. Die höchste gemessene Uran Konzentration betrug 602 ppm U von einem Aufschluss in der Nähe eines hochpriorisierten Ziels.
Das Programm umfasste detaillierte geologische Kartierungen, Prospektionen, Gesteinsprobenahmen und Scintillometerschwenkungen. Insgesamt wurden 116 Proben entnommen, wobei neun Proben erhöhte Uranwerte über 50 ppm U aufwiesen und fünf Proben über 100 ppm U lagen. Die Exploration konzentrierte sich auf die Cable Bay Shear Zone (CBSZ), die durch mehrere luftgestützte radiometrische Anomalien und leitfähige Zonen gekennzeichnet ist.
Darüber hinaus plant Greenridge, 250.000 Stammaktien zu einem Preis von 0,97 $ pro Aktie auszugeben, um eine Schuld von 241.578,75 $ bei Red Cloud Securities Inc. zu begleichen. Diese Aktientransaktion zielt darauf ab, die finanzielle Lage des Unternehmens zu verbessern, indem Verbindlichkeiten reduziert werden.
- Greenridge identified multiple high-priority targets for future drilling.
- 22 sample locations displayed anomalous radioactivity exceeding 1,000 cps, with six sites measuring above 3,000 cps.
- The highest uranium concentration recorded was 602 ppm U from an outcrop near a high-priority target.
- Greenridge plans to issue 250,000 common shares to settle $241,578.75 in debt, improving its financial position.
- None.
Highlights
- Confirmation and locations of multiple high priority targets were identified and mapped. These locations will be further explored in preparation for future drilling.
- Twenty-two (22) sample locations displayed anomalous radioactivity exceeding 1,000 counts per second (“cps”), consisting of fourteen (14) outcrops, four (4) sub-outcrops, and four (4) boulders, with six (6) sample sites measuring above 3,000 cps, consisting of four (4) outcrops and two (2) sub-outcrops.
- The highest result, 602 ppm U, was collected from outcrop adjacent to a high priority target.
Vancouver, British Columbia, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. ("Greenridge" or the "Company") (CSE: GXP | OTC: GXPLF | FRA: HW3), is pleased to announce the results from its 2024 Work Program for its Carpenter Lake Project (the “Carpenter Lake Property” or the “Project”) located in Northcentral Saskatchewan. The Project covers approximately 13,388 hectares of land and is comprised of seven (7) staked mineral claims on the southern margin of the Athabasca Basin, Saskatchewan.
Russell Starr, Chief Executive Officer of the Company, commented, “The results from the 2024 exploration program are highly encouraging and form a cohesive targeting framework for more advanced exploration. The Program provided multiple areas which must be further explored and mapped which will be used to define a future drilling program.”
Dahrouge Geological Consulting Ltd. (“DGC” or “Dahrouge“), on behalf of Greenridge, completed a fifteen (15) day broad-scale exploration program (the “Program”) at the Carpenter Lake Property. The Program’s primary goal was to investigate the recently identified anomalies and outline high-priority targets for future drilling. Key activities during the Program included:
- Conducting detailed geological mapping in highly prospective zones;
- Carrying out prospecting and rock sampling in targeted areas; and
- Performing scintillometer sweeps over regions with limited outcrop exposure.
The Company employed a systematic targeting approach, integrating historical data with recent exploration results to refine the focus on key areas of interest. The exploration in 2024 centered on the Cable Bay Shear Zone (the “CBSZ“), a prominent structural feature intersecting the Project. The CBSZ is characterized by multiple airborne radiometric anomalies and well-defined conductive zones. Additionally, the Program evaluated uranium anomalies identified in historical lake sediment samples as part of a broader exploration strategy.
Figure 1 - Carpenter Lake Property 2024 Exploration Rock Sample Results
In total, one hundred and sixteen (116) samples were collected, comprised of one hundred and six (106) in situ samples from outcrop or subcrop and ten (10) samples from float or boulders. Among these samples, twenty-two (22) sample locations displayed anomalous radioactivity exceeding 1,000 cps, consisting of fourteen (14) outcrops, four (4) sub-outcrops, and four (4) boulders, with six (6) sample sites measuring above 3,000 cps, consisting of four (4) outcrops and two (2) sub-outcrops.
Nine (9) samples yielded elevated uranium assays at >50 ppm U, with five (5) samples yielding anomalous uranium values at >100 ppm U, including one (1) boulder and four (4) outcrop or sub-outcrop samples. The highest result, 602 ppm U, was collected from outcrop adjacent to a high priority target. These elevated uranium values are spatially consistent with the anomalous results from the 2014 Radon-in-soil survey that was conducted over the CBSZ and serve as a positive indicator and a vector for delineation of additional mineralization. Uranium deposits in the Athabasca Basin tend to be highly localized, and as a result, can be difficult to target and easy to miss.
Table 1 Highlights of Geochemical Rock Samples
| Sample ID | Property | Easting NAD83 UTM Zone 13V | Northing NAD83 UTM Zone 13N | Sample Type | Source | U ppm (ICP ICP1 Partial Digestion) |
| 154612 | Carpenter Lake | 364288 | 6348267.449 | Grab | Outcrop | 152 |
| 154623 | Carpenter Lake | 366319 | 6353833.457 | Grab | Outcrop | 58 |
| 154627 | Carpenter Lake | 361759 | 6345907.422 | Chip | Outcrop | 99 |
| 154658 | Carpenter Lake | 365831 | 6349816.375 | Grab | Subcrop | 187 |
| 154659 | Carpenter Lake | 365833 | 6349809.559 | Grab | Outcrop | 440 |
| 154663 | Carpenter Lake | 365794 | 6349800.220 | Grab | Boulder | 288 |
| 154665 | Carpenter Lake | 365800 | 6349783.196 | Grab | Outcrop | 57 |
| 154670 | Carpenter Lake | 365844 | 6349817.657 | Grab | Outcrop | 602 |
| 154722 | Carpenter Lake | 367646 | 6353360.919 | Grab | Outcrop | 51 |
Information about the Carpenter Lake Property
The Carpenter Lake Property 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 Athabasca 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 Property, 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.
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, particularly 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.
Debt Settlement
The Company is also pleased to announce that in order to settle certain debt of the Company, the Company intends to issue to Red Cloud Securities Inc. ("RCS") an aggregate of 250,000 common shares in the capital of the Company (each, a "Share") at price of
The Company is completing the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities. All Shares issued by the Company to RCS will be subject to a four-month and one-day hold period. The Shares for Debt Transaction remains subject to CSE acceptance. No new control person of the Company will be created pursuant to the Shares for Debt Transaction.
Qualified Person
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.
Samples were shipped to the Saskatchewan Research Council Geoanalytical Laboratory (SRC) and analyzed using partial digestion ICP-OES. SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory.
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | OTC: 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 28 projects covering approximately 388,040 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 15 projects covering approximately 212,845 hectares. The Company has opportunities to realize value in a further 12 strategic metals projects which include lithium, nickel, gold, and copper exploration properties totalling ~175,195 hectares. Project highlights include:
- The Black Lake property, located in the NE Athabasca Basin, (
40% Greenridge,50.43% UEC,8.57% Orano) saw a 2004 discovery hole (BL-18) return0.69% U3O8 over 4.4m. - 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 ~20 km from Fission Uranium Corp.’s Triple R deposit. - The Gibbons Creek property hosts high-grade boulders located in 2013, with grades of up to
4.28% U3O8 and the McKenzie Lake project saw a 2023 exploration program return three samples which included 844 ppm U-total (0.101% U3O8), 273 ppm U-total, and 259 ppm U-total. - The Nut Lake property located in the Thelon Basin includes historical drilling which intersected up to 9ft of
0.69% U3O8 including4.90% U3O8 over 1ft from 8ft depth. - 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 and0.09% Cu, including 10.6 m of0.55% Ni and0.14% Cu. - The Electra Nickel project 2022 drill program included results of 2,040 ppm Ni over 1m and 1,260 ppm Ni over 3.5m.
The Company has strategic partnerships which includes properties 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.
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
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Forward looking statements in this news release include, but are not limited to, statements respecting: the Project and its mineralization potential; the results of the Program; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future; the number of Shares to be issued in the Shares for Debt Transaction; and the price of the Shares to be issued. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ccc5022a-fba6-445e-a6fd-e3d656034c91
FAQ
What were the results of Greenridge's 2024 exploration program at Carpenter Lake?
What is the significance of the 602 ppm U result found at Carpenter Lake?
What is the Cable Bay Shear Zone (CBSZ) and its importance in Greenridge's exploration?
How many samples showed elevated uranium assays in Greenridge's 2024 exploration program?
What is the purpose of Greenridge's shares-for-debt transaction with Red Cloud Securities?
How many hectares does the Carpenter Lake Uranium Project cover?
What activities were conducted during Greenridge's 2024 exploration program at Carpenter Lake?
What are the next steps for Greenridge after the 2024 exploration program?
