Greenridge Exploration Inc. announce it has entered into a Property Option Agreement dated May 29, 2024 with ALX Resources Inc. and Pacton Gold Inc. to acquire a 100% interest in the Carpenter Lake Uranium Project located in the Athabasca Basin in Saskatchewan. The Project consists of 7 mineral claims covering 13,387 hectares near the Southern Margin of the Athabasca Basin. 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 Mine, which extracted 225 million lbs. of uranium by open pit at an average grade of 2.3% U3O8 from 1983-1997. The Project geology includes granite gneiss and granite pegmatite which are the dominant lithologies at the Carpenter Lake Property, with lesser mafic gneiss, pelitic schist and scattered mafic dykes.

The CBSZ is delineated on the Project by three parallel electromagnetic conductor axes, suggesting the hanging wall, footwall and middle of a conductive panel of graphitic or sulphide-rich rocks. Previous exploration includes numerous uranium anomalies in historical lake sediment samples, reinforced further by airborne radiometric anomalies both along and west of the CBSZ. The corridor of well-defined conductors along the CBSZ further highlights the potential for uranium mineralization along the regional structure, in particular where there is evidence for cross-cutting structures.

The presence of conductive graphitic pelites as defined by airborne and ground electromagnetic surveys is confirmed by historic diamond drilling immediately north of the Project. The Carpenter Lake Property is situated along the CBSZ, immediately south of the southern rim of the Athabasca Basin. The Project extends from 1 to 35 km south of the Basin margin and is underlain by Archean rocks of the Virgin River and Mudjatik Domain.

Athabasca Group sandstone does not occur within the Project area. The Virgin River Domain to the west of the CBSZ is about 40 km wide east-west. The bulk of the Virgin River Domain is comprised of felsic gneisses featuring a strong northeasterly fabric.

Overall, these rock assemblages are lithologically and metamorphically similar to those of the Mudjatik Domain east of the CBSZ. The Virgin Schist Group occurs as lenses and bands that become increasingly more abundant toward the western boundary of the domain. The group is composed of psammopelites, quartzite, pelite, amphibolite, calc-silicates, and banded iron formation.

Metamorphic grade decreases towards the west. On May 29, 2024, the Company entered into the Agreement to acquire the option from the Optionors to earn a 100% interest in the Project through a combination of cash payments, common share issuances and incurrence of exploration expenditures, as follows: paying the Optionors an aggregate of $200,000 in cash as follows: $100,000 on or before the date that is ten business days after May 29, 2024 (the ?Effective Date?) or five business days after the date that the Company enters into an exploration agreement with ALX and English River First Nation and an exploration agreement with ALX and Kineepik Metis Local Inc., whichever is later; and $100,000 on or before the date that is sixty business days after the Effective Date; issuing to the Optionors (60% to ALX; 40% to Pacton) an aggregate of 1,500,000 common shares at a deemed price of $0.82 per Share as follows: 500,000 Shares on or before the date that is ten business days after the Effective Date or five business days after the date that the Company enters into an exploration agreement with ALX and English River First Nation and an exploration agreement with ALX and Kineepik Metis Local Inc., whichever is later (the ?First Tranche Shares?); 500,000 Shares on or before the date that is one calendar year after the Effective Date (the ?Second Tranche Shares?); and 500,000 Shares on or before the date that is two calendar years after the Effective Date (the ?Third Tranche Shares?); and incurring a minimum of $1,000,000 in exploration expenditures on the Project as follows: $300,000 on or before the date that is one calendar year after the Effective Date; $300,000 on or before the date that is two calendar years after the Effective Date; and $400,000 on or before the date that is three 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 24-month period, the Second Tranche Shares released over an 18-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 Project is subject to a 2% net smelter returns royalty.