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Greenridge Exploration Announces Acquisition of Carpenter Lake Uranium Project in Athabasca Basin with Multiple High Priority Targets
Highlights The Carpenter Lake Uranium Project is fully permitted for an extensive drilling program. The Project hosts extensive previous exploration with multip
About this update from Greenridge Exploration Inc
[{"type":"text","content":" Highlights The Carpenter Lake Uranium Project is fully permitted for an extensive drilling program. The Project hosts extensive previous exploration with multiple high priority targets across the Cable Bay Shear Zone. The Project covers 13,387 hectares of the Cable Bay Shear Zone parallel to the Virgin River Shear Zone.1 Cameco’s Centennial deposit is located 45km southeast of the Project.1 The Project is 95 km west of Cameco’s past producing Key Lake uranium mine which extracted over 220 million lbs. of uranium by open pit at an average grade of 2.3% U3O8 from 1983-1997.1 Historical sampling from 2014 reveal multiple radioactive boulders on the Project with three (3) over 1,000 ppm uranium, and up to 1,550 ppm uranium. VANCOUVER, British Columbia, May 30, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has entered into a Property Option Agreement (the “Agreement”) dated May 29, 2024 with ALX Resources Inc. (“ALX”) and Pacton Gold Inc. (“Pacton” and together with ALX, the \"Optionors\") to acquire a 100% interest in the Carpenter Lake Uranium Project (the “Carpenter Lake Property” or the “Project”) located in the Athabasca Basin in Saskatchewan (the \"Acquisition\"). The Project consists of 7 mineral claims covering 13,387 hectares near the Southern Margin of the Athabasca Basin (Please see Figure 1). Russell Starr, Chief Executive Officer of the Company, commented, “The Carpenter Lake Project compliments the Company’s uranium portfolio perfectly. Greenridge is now positioned with highly advanced projects in the world's top uranium jurisdictions, the Athabasca Basin and the Thelon Basin. Previous exploration has identified multiple highly prospective priority areas, which will be the main focus of our future exploration programs. The Project is fully permitted which allows the Company to quickly build on previous exploration efforts with a summer exploration program which may include drilling high priority targets.” Figure 1: Carpenter Lake Uranium Project Regional Map The Project is located along the Cable Bay Shear Zone (“CBSZ”) parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial Uranium Deposit, 40km to the northeast of the Carpenter Lake Property. The Project is 95 km west of Cameco’s past producing Key Lake Uranium Mi...