VANCOUVER, British Columbia, May 07, 2024 (GLOBE NEWSWIRE) — Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has outlined its 2024 Work Program (the “Program”) for its Weyman Project (the “Weyman Project” or the “Project”) located in Southeastern British Columbia. The Project covers approximately 6,925 acres of land and is comprised of 7 staked mineral claims in the southern Quesnel Terrane of British Columbia.
Russell Starr, Chief Executive Officer of the Company, commented, “The 2024 work program marks a pivotal moment for the Weyman Project, underlining our commitment to this asset’s significance. Our aim is to follow up on previous exploration and data as well as identify new zones of interest for future programs.”
2024 Work Program
The Company will be conducting a program of total metal ion soil survey and geological mapping on the Project. The 2024 soil survey grids will be designed to fill in the unexplored area between the two 2021 Monumental Gold soil grids and to extend the area of known soil-metal concentrations to the boundaries of the Project. At present, no property-scale geological mapping has been conducted on the Project. The focus of the Program includes:
Investigation of areas of known soil-metal copper, molybdenum, silver, and gold anomalies to help identify areas appropriate for subsequent exploration programs such as trenching or drilling. Identification and mapping of structures and alteration related to the Weyman thrust.
The Weyman Project is an early-stage exploration property over which mostly preliminary programs have been conducted. Those programs, aeromagnetic survey and total metal ion soil surveys, have been designed to assist in defining the existence of porphyry copper-molybdenum-silver-gold alteration and mineralization. Once the existence of such alteration and mineralization has been verified, the process of quantification can commence. Geophysical surveys are remote in that they are investigations of one or more physical properties of the rock or regolith surveyed in the hope that those properties relate to the localization of economic mineralization.
The results of the 2020 airborne magnetic survey were a record of magnetic properties of the rock and regolith surveyed across the Property. The magnetic qualities of that material do not necessarily relate to the localization of economic quantities of mineralization. The risk is that despite good looking targets having been generated by the 2020 airborne magnetic survey, it is possible that those targets may not be indicative of economic quantities of mineralization.
Total metal ion soil surveys are more direct investigations into the possibility of the presence of economic mineralization than geophysical surveys; however, they are remote in that physical samples of the regolith overlying rock potentially hosting economic mineralization are being taken and analysed.
The most important factor related to the success of a total metal ion soil survey is that the soil being sampled is relatively thin and is the result of the weathering and breakdown of the underlying rock so that the elemental concentrations in the soil relate to those in the underlying rock. Soils developed atop thick exotic material forming such surficial features as thick glacial tills, mass debris flows, and glacial drumlin fields can return total-metal, soil-sample results that are almost meaningless.
Information about the Weyman Project
The Weyman Project covers approximately 2,803 hectares (6,925 acres) of subdued terrain on the Thompson Plateau of southern British Columbia. It is about 77.3km (47.2 mi) north of the town of Princeton and about 62km (37.8mi) south of the city of Kamloops.
The Weyman property is located in the southern Quesnel geological terrain. It hosts the southern margin of the Wild Horse batholith, a calcalkalic intrusion in the eastern belt of that terrane. Belts within the Quesnel terrain host intrusive centres spaced roughly 10 to 11 kilometers (6.1 to 6.7 mi) apart. Hydrothermal systems and porphyry copper-molybdenum deposits tend to be clustered around those intrusive centres; thus, the most prospective parts of the Quesnel terrane are near the intrusive centres. Accordingly, the Weyman Project should be prospective for porphyry-type copper, molybdenum, silver, and gold mineralization.
The Weyman Project area is sparsely explored. Only four recent exploration programs have been conducted in that area. From 1984 until 1999, diamond drilling and trenching was conducted by Harold Adam and associates at the Pilot showings area which covers an area of about 1.5 ha (3.7 acres) in the eastern part of the Property. In 2014, HPX Quesenellia Holdings Inc. conducted a reconnaissance total metal ion soil survey centered west of the Weyman Project area. That survey grid covered a total of 41.7 km2 (15.5 mi2), of which 11.3 km2 (4.2 mi2) was on ground covered by the western part of the current Weyman Project. In 2020, Monumental Gold Corp. conducted an airborne magnetic survey over almost all of the Property. In 2021, Monumental Gold Corp. conducted total metal ion soil survey over two grids. The eastern grid covered 389.5 hectares (962.1 acres) centered on the Pilot showings area (the area of previous drilling). The western grid covered 260 hectares (642.2 acres) centered on the 2014 HPX Quesnellia Eastern Target soil anomaly. Presently, 1,286 hectares (3,176 acres) or about 45.9% of the Property area has not been subjected to any recent ground exploration.
Since 2014, exploration in the Weyman Project area has been mostly focused on the western part of the project area where an extensive, westerly dipping thrust fault, the Weyman Thrust, was identified by the 2020 Monumental Gold aeromagnetic survey. The thrust is associated with an intense aeromagnetic low, which may be due to pervasive rock alteration. Such alteration envelops porphyry-type mineral deposits. The area of the magnetic low hosts areas of elevated copper, molybdenum, and gold in soils that have been identified in both the 2014 HPX Quesnellia and 2021 Monumental Gold soil surveys. Presently, the area adjacent with the Weyman thrust is the main exploration target on the Property.
National Instrument 43-101 Disclosure
John Ostler, M. Sc., P. Geo, (EGBC Licence # 18415) is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Ostler has reviewed and approved the technical content in this release.
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | FRA: HW3) is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration, and development of critical mineral projects in North America. The Company’s Nut Lake Uranium Project 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 depth¹. Additionally, the Company’s Weyman Copper Project in southeast British Columbia sits on the south portion of the famous Quesnel Terrance. The Company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing mining projects.
On Behalf of the Board of Directors
Russell Starr
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: [email protected]
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 Company’s objectives, goals, or future plans with respect to the Project; the commencement of the Program in the future; the anticipated results of the Program; further exploration work on the Property 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 forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
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