Extensive Exploration Program Completed On The Nut Lake Project

VANCOUVER - Greenridge Exploration Inc. has completed its extensive summer exploration program on its Nut Lake Project located in the Thelon Basin in Nunavut. The Project covers approximately 5,853 hectares near the Northern Tip of the Yathkyed Basin, a sub-basin of the Thelon Basin.

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.

DGC has applied its established targeting methodology to Greenridge’s geological data, incorporating historical and recent exploration records to highlight high-priority areas. The 2024 summer exploration Program focused on the Tundra Showing, the Heartbreak Showing, the Lakeshore Showing, the 431 Dike Swarm Showing and the 448 Anomaly Showing highly prospective areas within the Project that have historically yielded high-grade mineralization. Other priority items for the Program included investigation of numerous uranium anomalies found in the SE region of the Project Uranium showings across the Nut Lake Project.

Greenridge has confirmed elevated radioactivity across all known zones. Multiple historical trenches and drill collars were identified during the Program. Notably, a new zone, the Tayson Zone, was discovered, revealing a mineralized vein approximately 2 meters long by 2 cm. The Tayson Zone returned off-scale readings on an RS-125 Super-Spectrometer. This spectrometer, which is capable of differentiating uranium (U), potassium (K), and thorium (Th), recorded multiple highlight zones with off-scale readings, signaling potential significant mineralization.

A total of 182 samples were collected, including 149 in situ from outcrop or subcrop and 33 float or boulder samples. Out of these samples, 62 samples exhibited anomalous radioactivity at >1000 counts per second (cps), and 22 were measured above 5000 cps. Seventeen (17) sample locations showed readings greater than 30,000 cps, with six sample locations registering off-scale radioactivity. It is important to note that while elevated radioactivity is promising, it does not directly indicate uranium mineralization, and further assays are required to confirm the presence of uranium or other economically valuable minerals. This data provides a strong foundation for follow-up exploration work to assess the full potential of the mineralization in these zones.

Russell Starr, Chief Executive Officer, said, "Our successful completion of the summer exploration program at the Nut Lake Project marks a significant milestone for the Company. The results are extremely encouraging, particularly in the historically high-grade areas that we have further defined through detailed mapping and sampling. By leveraging our team's expertise and the proven methodologies of Dahrouge, we've highlighted several high-priority targets for future exploration."