Greenridge Exploration plans maiden diamond drilling program at Carpenter Lake Uranium Project, Athabasca Basin, Saskatchewan

Greenridge Exploration Inc. [CSE: GXP; OTC: GXPLF; FRA: HW3], reported plans for a diamond drilling program at its Carpenter Lake Project, located on the southern margin of the Athabasca Basin in northern Saskatchewan, Canada. Carpenter Lake is comprised of nine mineral claims covering approximately 15,091 hectares owned 60% by Greenridge and 40% by Renegade Gold Inc. [TSXV: RAGE; OTCQX: TGLDF; FSE: 070], with Greenridge acting as operator of exploration activities. Greenridge can earn a 100% interest in the property by fulfilling a schedule of cash payments, common share issuances and exploration expenditures.

Highlights of the 2025 drilling program – Drill Target Development: Multiple high-priority target areas have been identified for Phase I drill testing through reinterpretation and modeling of historical geophysical datasets and integration with the company’s 2024 surface exploration.

Basement-Hosted Uranium Characteristics: The select target areas chosen for drilling are located along the Cable Bay Shear Zone and boast key geological features akin to known basement-hosted uranium deposits including strong geophysical conductors offset by significant cross-faults, coincident density anomalies, elevated uranium values in lake sediments, surface radon anomalies, and surficial uranium showings in boulders and outcrop.

Favorable Logistics and Timelines: The drill targets are less than 200 metres deep – therefore, 1,500 metres of helicopter-supported diamond drilling is planned in up to eight holes. Mobilization is projected to begin in mid-to-late August 2025 and the company’s inaugural drilling program at the Property is estimated to be completed in approximately four weeks.

Community Engagement: In 2024, Greenridge executed exploration agreements with the English River First Nation (ERFN) and Kineepik Metis Local #9 (KML), each of whom have ancestral rights to the property area, to provide members of each community with a role in environmental monitoring, cultural management, and financial benefits from business, employment, and training opportunities.

Russell Starr, CEO, commented, “We are pleased to be poised to drill a hidden gem in the Athabasca Basin area that has received only two reported drill holes in over four decades. Our recent work has confirmed that Carpenter Lake hosts many of the hallmarks of a potential uranium mineralizing system and we look forward to the first drill test of the property in the modern era of uranium exploration.”

Carpenter Lake straddles the southern margin of the Athabasca Basin Supergroup sandstones and covers more than 15 km of the Cable Bay Shear Zone (the CBSZ) – a prominent crustal-scale structural discontinuity trending northeast-southwest that is largely underexplored for uranium deposits. The CBSZ is characterized by a well-defined conductive signature, radiometric anomalies, and numerous historically mapped uranium occurrences.

Dilational jogs and/or breaks where deep-seated structural corridors such as the CBSZ are transected by cross-cutting faults have been shown to be preferential target areas for uranium mineralization, especially where coincident density anomalies occur (e.g. the Patterson Lake corridor). Density-low anomalies along these trends may represent areas of significant hydrothermal alteration in bedrock possibly related to a uranium mineralizing system.

The company believes the property is prospective for the discovery of shallow, high-grade basement-hosted uranium mineralization akin to the Rabbit Lake, Arrow, and Triple R uranium deposits. Located just outside the current margin of the Athabasca Basin, Carpenter Lake boasts shallow drill targets with bedrock under minimal cover of glacial till. The structural style and setting of the property along the CBSZ are ideal for a significant mineralizing system, and the presence of conductive graphitic metasedimentary rocks often associated with uranium deposition in the Athabasca Basin has been confirmed by the limited diamond drilling on the property.

Previous diamond drilling on the property consisted of two drill holes by E & B Explorations Ltd. in 1979, which targeted geophysical conductors and intersected graphitic and pyrite-rich rocks at shallow depths (less than 100 metres) until an untimely fire destroyed the drill shack and equipment, causing an early termination of the drilling program. No uranium mineralization was intersected in the shortened program and although follow-up work was recommended, none was carried out. Greenridge’s upcoming 2025 exploration represents the first drill test of Carpenter Lake in over 46 years.

Greenridge Exploration owns or has interests in 27 projects and additional claims covering approximately 334,987 hectares with considerable exposure to potential uranium, lithium, nickel, copper and gold discoveries.

Greenridge has one of the largest uranium property portfolios in Canada consisting of 16 projects and additional prospective claims covering approximately 221,509 hectares. The company has opportunities to realize value in a further 11 strategic metals projects which include lithium, nickel, gold, and copper exploration properties totalling approximately 113,478 hectares.

The company has strategic partnerships which includes projects being operated and advanced by Denison Mines Corp. and Uranium Energy Corp.