Greenridge Exploration Provides Technical Review of its Nut Lake Uranium Project in Thelon Basin, Nunavut

VANCOUVER, British Columbia, April 04, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has undertaken a detailed 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 4,036 hectares near the Northern Tip of the Yathkyed Basin, a sub-basin of the Thelon Basin (Please see Figure 1).

Russell Starr, Chief Executive Officer of the Company, commented, “We continue to unveil more exciting geological information at the Nut Lake Uranium Project. The Thelon Basin and sub basins are extremely underexplored compared to the world renowned Athabasca Basin just to the south. With a sound database of historical work, including both high grade surface sampling and near surface drilling, it is giving us a clear route to build upon the historical success using new technology and expanding on our deposit model.”

Historical Showings, Geology & Various Surveys Completed at The Nut Lake Property

Figure 1 – Localized Nut Lake Property Geology Map. Source GSC Open File 4236. Abbreviations: PDs – Proterozoic Dubawnt Sediments, Agn / Ar-gn – Archean granitic rocks, Pt-g – Undivided Granites

Historical Showing Highlights

Historical exploration undertaken by Pan Ocean in 1979 conducted over the large regional grid resulted in the discovery of four prospects/showings on the Nut Lake Property (Please see Figure 1).

  Tundra Showing

• Discovered in July 1977 and named the Tundra showing due to its proximity to a syenite U₃O₈ anomaly on the lakeshore.
• Hole Winkie AX W-24 intersected 9ft of 0.69% U₃O₈ including 4.90% U₃O₈ over 1ft from 8ft depth¹.
• Drilling extended the depth of mineralization to 20 feet vertically below the surface.
• The structure appears to steepen with depth to about 80-85°.
• A total of 17 holes amounting to 568 ft. of drilling were completed.
  

  Heartbreak and Lakeshore Showings

• 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 respectively.
• Fracture descriptions and assay results indicate significant mineralization potential.
• Frost heave on the surface suggests a potential strike length for the fractures.

  Lake Showing