Highlights
- Historical drilling on the Project intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth1.
- The Project hosts high grade samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni1.
- The Project sits within an intersection of multiple tectonic features including reactivated basement faults and a major unconformity.
- The Project is located just ~55km north of the 43MLb Angilak Uranium Deposit2 (formally owned by
Latitude Uranium Inc. ) which was recently bought (pending shareholder approval) by Atha Energy Corp. for a CDN$57 million valuation. - The Project hosts multiple coincident anomalies which could be considered favourable for a potential uranium discovery including, elevated uranium in soils, radiometric high’s, magnetic low’s, VLF electromagnetic high’s, Track-etch radon anomalies, and hyperspectral Helium anomalies.
- The Project consists of three contiguous mineral licences encompassing a total land area of approximately 4,036Ha (~40km²) (See Figure 1).
- The combination of historically defined anomalies and an increase in the availability of modern exploration techniques provides prime ingredients for the potential of delineating a robust uranium system within the Project area.
The Project is located approximately 55km north of the Angulak Uranium Deposit² or 180Km southwest of
Figure 1 – Nut
Nut Lake Property Previous Work
In 1979,
The Project hosts high grade vein hosted grab samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni¹.
During the 1979 field season, geological mapping at a scale of 1:1,000 was completed on a major portion of the Project. This was concurrent with prospecting on, and in the immediate area of the Project. Results from prospecting were the discovery of two (41 m wide) syenite dikes and a frost heaved area of felsic gneiss with up to 3,000 cps on fracture surfaces. Two significant Uranium bearing showings were discovered, the “Lake Showing” and the “Heartbreak Showing”. The most noteworthy was the Heartbreak showing which revealed a 3.0” and 3.5” samples across a fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively. The results were followed up with a radon gal survey, a VLF-EM survey and an overburden sampling program. The radon survey results showed that the response is irregular with several good highs and the VLF-EM survey showed a series of northwesterly trending anomalies. It was concluded that further drilling of the
The Project and surrounding proximal area has seen approximately 805ft of
The combination of historically defined anomalies and modern exploration techniques provides prime ingredients for the potential of discovering a high-grade uranium system within the Project area. The Nut
Option Agreement Details
On
(1) paying the Optionors an aggregate of | |
a. b. | |
(2) issuing to the Optionors an aggregate of 3,500,000 common shares (“Shares”) as follows: | |
a. 1,000,000 Shares on or before the date that is forty-five (45) calendar days after the Effective Date (the “First Tranche Shares”); b. 1,000,000 Shares on or before the date that is one (1) calendar year after the Effective Date (the “Second Tranche Shares”); c. 750,000 Shares on or before the date that is two (2) calendar years after the Effective Date (the “Third Tranche Shares”); and d. 750,000 Shares on or before the date that is three (3) calendar years after the Effective Date. |
Pursuant to the Agreement, the First Tranche Shares, Second Tranche Shares and Third Tranche Shares will all be subject to escrow, with the First Tranche Shares released over a 36-month period, the Second Tranche Shares released over a 24-month period and the Third Tranche Shares released over a 12-month period. All securities issued in connection with the Agreement will be subject to a statutory hold period of four months and one day. The Optionors will retain a 2% net smelter returns royalty on the Nut
References
1 Source: 1978 Assessment report (number 81075) by
2 Reported by ValOre
National Instrument 43-101 Disclosure
About
On Behalf of the Board of Directors
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: info@greenridge-exploration.com
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; completion of the Acquisition; and the Company's anticipated exploration program at the Project. 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8105ef99-a942-4ab3-a844-f10756cdc916
Figure 1
Nut Lake Property
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