VANCOUVER, British Columbia, July 15, 2024 (GLOBE NEWSWIRE) — Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has completed its 2024 Exploration Program (the “Program”) for its Weyman Project (the “Project” or the “Property”) located in Southeastern British Columbia. The Project covers approximately 6,925 acres of land and is comprised of seven (7) map-staked mineral claims in the southern Quesnel Terrane of British Columbia.
The Program included conducting a total metal ion survey and 1:5,000-scale geological mapping on the Property (please see News Release dated May 7, 2024). All of the soil samples have been successfully dried and sent to the lab for analysis. The results of the current soil survey will become available once the lab analysis of the soil samples has been completed and its anticipated results will be available in the coming weeks.
Russell Starr, Chief Executive Officer of the Company, commented, “Detailed mapping of the Weyman Project, along with results of the soil survey, will significantly increase our technical knowledge of the Project. We look forward to reviewing those results of the soil survey to guide future exploration programs.”
The focus of the Program was on the western part of the Property area where a high-angle thrust fault (the Weyman Thrust) was accompanied by an intense aeromagnetic low and a group of 2021-era soil copper anomalies.
Current geological mapping revealed that a hydrothermal system is exposed adjacent with the western side of the aeromagnetic low. The hydrothermal system is exposed on surface for more than 2 km2 (1.22 mi2). It has produced an alteration zone that is exposed at the top of a cupola of the Wild Horse batholith. In the interior of the alteration zone, potassic and both prograde and retrograde propylitic alteration are substantial. Alteration intensity is less intense toward the margins of the alteration zone as should be expected. Such alteration is typical of that enveloping mineralization of porphyry copper-molybdenum-silver-gold deposits throughout the Quesnel and Stikine terranes in British Columbia. The central part of the alteration zone is surrounded by a ring of several local soil-copper anomalies from the 2021 soil survey.
Rocks in the alteration zone are Nicola-belt, fine-grained, water-lain andesite and basalt that have been intruded by the Wild Horse batholith which is granodioritic to dioritic in composition. The contaminated upper contact of the intrusion is exposed at surface throughout the alteration zone. Silicification has hardened the local rocks and rendered them resistant to weather and grinding by glacial ice. Consequently, rock outcrop is substantial in that area making it relatively easy to map the alteration zone.
The current soil survey was conducted in areas flanking the newly mapped alteration zone, mostly to its north and east, where there is very little rock outcrop.
National Instrument 43-101 Disclosure
John Ostler, M. Sc., P. Geo, (EGBC Licence # 18415) is an independent 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.
References
1Source: 1978 Assessment Report (number 81075) by Pan Ocean Oil Ltd.
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 Carpenter Lake Uranium Project is located in the Athabasca Basin consisting of 7 mineral claims covering 13,387 hectares across the Cable Bay Shear Zone and the Company is advancing the Project to test multiple high priority targets. 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.
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. The Snook and Ranger Lake uranium projects, 4,899 hectares and 20,782 hectares respectively are located in western Ontario, with multiple previous uranium occurrences across both 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
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the project acquisition bringing a low-risk opportunity, the Company, building a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders and the Company providing an initial work plan are “forward-looking statements”. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; the anticipated results of the Program; further exploration work on the Property in the future. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
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