Greenridge Exploration Confirms High-Grade Uranium on its Nut Lake Uranium Project, including a 31.13% U3O8 sample at its Tundra Showing

Rhea-AI Summary

Greenridge Exploration has announced significant uranium findings from its 2024 Work Program at the Nut Lake Project in Nunavut, Canada. The project, covering 5,853 hectares, yielded exceptional uranium grades across multiple zones:

- Tundra Showing: Peak sample of 31.13% U3O8 with an average of 14.56% U3O8 across six samples
- Tayson Zone: Newly discovered area with samples averaging 2.87% U3O8
- 431 Dyke Swarm: Average of 0.29% U3O8 with highest result of 1.36% U3O8
- 448 Anomaly: Average of 0.57% U3O8 with peak sample at 3.97% U3O8
- Lakeshore Showing: Notable silver content up to 3,300 ppm

Out of 182 total samples collected, 37 returned values exceeding 0.1% U3O8, with 26 from outcrop/subcrop and 11 from boulders/float. The company plans to conduct further evaluation and extensive drilling programs.

Positive

• Exceptional high-grade uranium samples with 31.13% U3O8 peak value
• 37 rock samples returned values >0.1% U3O8
• Discovery of new Tayson Zone with high-grade uranium mineralization
• Multiple zones showing significant uranium concentration
• High silver content discovered at Lakeshore Showing (up to 3,300 ppm)

Negative

• Most high-grade samples are from float/boulder material rather than in-situ sources
• extent of new Tayson Zone (only 2 meters long)

Highlights:

• 31.13% U₃O₈, 18.99% U₃O₈ & 19.69% U₃O₈ from the Tundra Showing;
• 2.52% U₃O₈ from the Tayson Zone discovery;
• 1.03%, 1.36%, 1.25% U₃O₈ at the 431 Dyke Swarm;
• 5.18%, 2.63%, 3.97%, 3.96% U₃O₈ at the 448 Anomaly;
• 3,300 ppm, 2,420 ppm & 2,170 ppm Ag found at the Lakeshore Showing; and  
• Thirty-seven (37) rock samples returned assay values at >0.1% U₃O₈, including twenty-six (26) sourced from outcrop or subcrop and eleven (11) from boulders or float.

VANCOUVER, British Columbia, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3 | OTCQB: GXPLF), is pleased to announce the results from the 2024 Work Program (the “Program”) on its 100%-owned Nut Lake Project (the “Nut Lake Property” or the “Project”) located in Nunavut Territory, Canada. The Project covers approximately 5,853 hectares of prospective land and comprises four (4) mineral claims near the northern tip of the Yathkyed Basin, a sub-basin of the uranium-rich Thelon Basin.

The highest uranium assay from float samples returned 31.13% U₃O₈ sourced from the Tundra Showing, and the highest assay result for an outcrop sample returned 2.52% U₃O₈ sourced from the Tayson Zone. A total of a hundred eighty-two (182) samples were collected, including one hundred forty-nine (149) in-situ from outcrop or subcrop and thirty-three (33) float or boulder samples.*

Thirty-seven (37) rock samples returned assay values at >0.1% U₃O₈, including twenty-six (26) sourced from outcrop or subcrop and eleven (11) from boulders or float.

Russell Starr, CEO of Greenridge, commented, “We are incredibly excited to receive such positive results across the Nut Lake Property. Receiving results with over thirteen (13) samples exceeding 1% U₃O₈ including six (6) results over 5% U₃O₈ is extremely rare and showcases the significant potential of the Project. The tremendously high grades solidify the Nut Lake Property as a highly prospective and a significant project in our portfolio. We look forward to further evaluating the results and planning further work programs including an extensive drilling program.”

Figure 1 – Nut Lake Uranium Project 2024 Exploration Results

Tundra Showing

A total of six (6) rock samples, consisting of five (5) boulders and one (1) outcrop, were collected from the Tundra Showing area. All samples returned an average value of 14.56% U₃O₈, with all six (6) samples returning greater than 0.1% U₃O₈. The outcrop sample collected from the edge of what was evaluated to be the location of a trench returned 0.96% U₃O₈. The highest assay result, 31.1% U₃O₈, was collected from uraniferous float fragments proximal to the infilled trench. Table 1 highlights samples from the Tundra Showing with values >0.1% U₃O₈, along with select pathfinder elements of interest.

Table 1: Tundra Showing Samples (>0.1% U₃O₈) with Select Results

Figure 2 – Nut Lake Property Tundra - Sample 153407 - 19.69% U₃O₈, float fragments

431 Dyke Swarm

A total of twenty-eight (28) rock samples, consisting of one (1) boulder and twenty-seven (27) outcrops or subcrops were collected from the 431 Dyke Swarm area. All samples returned an average of 0.29% U₃O₈, with fifteen (15) samples returning greater than 0.1% U₃O₈. The highest result, 1.36% U₃O₈, was collected from a strongly oxidized syenite outcrop in the center of the zone.

Table 2 displays all samples from the 431 Dyke Swarm with values >0.1% U₃O₈, along with select pathfinder elements of interest.

Table 2: 431 Dyke Swarm Samples (>0.1% U₃O₈) with Select Results

Tayson Zone

The Tayson Zone was discovered during the 2024 exploration program on the eastern side of the Nut Lake Property. It consists of a two (2) meter long, east-west striking, uraniferous vein within felsic intrusive rock. The Tayson Zone was discovered on the last day of prospecting and is open in multiple directions for further prospecting.

A total of three (3) rock samples, consisting of one (1) float and two (2) outcrops, were collected from the Tayson Zone. All samples returned an average value of 2.87% U₃O₈, with all three (3) samples returning greater than 0.1% U₃O₈. The outcrop samples collected returned between 0.80% U₃O₈ and 2.63% U₃O₈. The highest result, 5.18% U₃O₈, was returned from strongly radioactive angular float fragments found within the till directly on top of the vein in the subcrop. Table 3 displays all samples from the Tayson Zone with values >0.1% U₃O₈ along with selected pathfinder elements of interest.        

Table 3: Tayson Zone Samples (>0.1% U₃O₈) with Select Results

Figure 3 – Nut Lake Tayson Zone – Sample 153589 - 2.63% U₃O₈ location in OC

448 Anomaly

A total of twenty-one (21) rock samples, consisting of three (3) boulders and eighteen (18) outcrops, were collected from the 448 Anomaly area. All samples returned an average of 0.57% U₃O₈, with ten (10) samples returning greater than 0.1% U₃O₈. The highest result, 3.97% U₃O₈, was collected from a boulder found beside an existing trench with thin gummite lined fractures within a mafic intrusive. The highest outcrop sample result, 1.67% U₃O₈, was collected from a historical trench with a limonite-gummite lined fracture crosscutting the trench trending east-west. Three (3) samples returned anomalous Cu at 3,330, 3,100 and 1,360 ppm, with one sample description noting malachite or Cu oxidation. Table 4 highlights all samples from the 448 Anomaly with values >0.1% U₃O₈ or elevated Cu, along with select pathfinder elements of interest.

Table 4: 448 Anomaly Samples (>0.1% U₃O₈ or elevated Cu) with Select Results

Figure 4 – Nut Lake Property 448 Anomaly – Sample 153422 - 3.97% U₃O₈ in float

Lakeshore Showing

A total of eleven (11) rock samples, consisting of two (2) boulders and nine (9) outcrops or subcrops, were collected from the Lakeshore Showing area. All samples returned an average value of 0.025% U₃O₈, with one (1) sample returning greater than 0.1% U₃O₈. The highest result, 0.102% U₃O₈, was collected from a chloritic fracture/veinlets in a mafic orthogneiss on the southeast edge of the outcrop, containing native silver and mm-scale disseminated pyrite. This sample also returned assay at 2,420 ppm Ag, 1,660 ppm Co, and 1.47% Ni. Four (4) samples returned assays >500 ppm Ag with the highest result at 3,300 ppm Ag. Table 5 displays all samples from the Lakeshore Showing with values >0.1% U₃O₈ or >500ppm Ag, along with select pathfinder elements of interest.

Table 5: Lakeshore Showing Samples (>0.1% U₃O₈ or >500ppm Ag) with Select Results

Figure 5 – Nut Lake Property Lakeshore – Sample 153409 - 0.102% U₃O₈, 2420 ppm Ag, 1.47% Ni

The primary goal of the Program was to follow-up on historical exploration, delineate the nature of these showings and in the process, highlight high-priority areas that may be further investigated in a future drill program. Multiple historical trenches and drill collars were identified during the Program. Notably, a new uranium showing, the Tayson Zone, was discovered, revealing a mineralized vein approximately 2 meters long by 2 cm wide.

Information about the Nut Lake Project

The Project is located approximately 55km north of the Angilak Uranium Deposit¹ 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 four contiguous mineral licenses encompassing a total land area of approximately 5,853 hectares. 

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 6920ft of diamond drilling completed on it. Multiple holes intersected significant uranium mineralization, with the most noteworthy being at the “Tundra Showing” 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.¹

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, syngenetic and sandstone-hosted phosphatic type mineralization.

Completion of Debt Settlement

The Company is also pleased to announce, further to its news release dated January 13, 2024, that it has settled (the “Debt Settlement”) an aggregate of $241,578.75 in debt (the “Debt”) through the issuance of 250,000 common shares of the Company at a price of $0.97 per share.

All securities issued in connection with the Debt Settlement are subject to a statutory hold period of four months and one day from the date of issuance.

The securities issued pursuant to the Debt Settlement were not and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. 

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.

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.

* Grab rock samples, by their nature, are selective samples and may not represent underlying mineralization.

** The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”

References

¹ Source: 1978 Assessment Report (number 81075) by Pan Ocean Oil Ltd.

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 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) return 0.69% 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 including 4.90% 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 and 0.09% Cu, including 10.6 m of 0.55% Ni and 0.14% 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. 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.

Photos accompanying this announcement are available at:

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FAQ

What were the highest uranium grades found in Greenridge's (GXPLF) Nut Lake Project in 2024?

The highest uranium grade was 31.13% U3O8 from the Tundra Showing, followed by samples of 18.99% and 19.69% U3O8. The highest in-situ outcrop sample returned 2.52% U3O8 from the Tayson Zone.

How many samples exceeded 0.1% U3O8 in Greenridge's (GXPLF) 2024 Nut Lake exploration?

37 rock samples returned assay values exceeding 0.1% U3O8, including 26 from outcrop/subcrop and 11 from boulders/float.

What is the size of Greenridge's (GXPLF) Nut Lake Uranium Project?

The Nut Lake Project covers approximately 5,853 hectares of land and comprises four mineral claims near the northern tip of the Yathkyed Basin in Nunavut, Canada.

What was discovered at the new Tayson Zone in Greenridge's (GXPLF) Nut Lake Project?

The Tayson Zone, discovered in 2024, features a two-meter long, east-west striking uraniferous vein within felsic intrusive rock, with samples averaging 2.87% U3O8 and a peak value of 5.18% U3O8.