Greenridge Exploration Inc. announced it has undertaken a detailed technical review of the Nut Lake Uranium Project (the ?Nut LakeProperty? or the ?Project?) located in the Thelon Basin in Nunavut. The Project covers approximately 4,036 hectares near the Northern Tip of the Yathkyed Basin, a sub-basin of the Thelon Basin.

Historical Showing Highlights: Historical exploration undertaken by Pan Ocean in 1979 conducted over the large regional grid resulted in the discovery of four prospects/showings on the Nut Lake Property. Tundra Showing: Discovered in July 1977 and named the Tundra showing due to its proximity to a syenite U3O8 anomaly on the lakeshore. Hole Winkie AX W-24 intersected 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth.

Drilling extended the depth of mineralization to 20 feet vertically below the surface. The structure appears to steepen with depth to about 80-85°. A total of 17 holes amounting to 568 ft.

of drilling were completed. Heartbreak and Lakeshore Showings: The Heartbreak showing uncovered two pitchblende fractures in an area where a swarm of biotite trachyte occurs, 200 meters to the east-southeast of the Tundra showing. The most noteworthy samples were from the Heartbreak showing which returned samples across a 3.0? and 3.5? fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively.

Fracture descriptions and assay results indicate significant mineralization potential. Frost heave on the surface suggests a potential strike length for the fractures. Lake Showing: Two noteworthy grab samples yielded 0.32% and 0.15% U3O8.

The Lake showing was located through general prospecting and is situated beside a biotite feldspar trachyte dike. It comprises numerous anomalous fractures containing chloritic mafic alterations, sulphides, hematite, and uranium mineralization. Some fractures cut across the felsic to mafic gneiss host rock, while others run subparallel to it.

This suggests that the mineralization and alteration may be controlled by fractures, with a foliation influence. It is likely that some of these fractures extend into the water. Geology of The Nut Lake Project: Regionally, the Project lies along the eastern edge of the northeasterly trending wedge of Paleohelikian or Late Aphebian Dubawnt Group rocks and the contact with Archean basement gneisses.

These units are in fault contact along a northerly trending fault zone. Dubawnt Group rocks within the area are basal sedimentary rocks of the South Channel Formation, composed of white quartzites and pink to grey arkose and arkosic rocks. The sedimentary sequences of the lower Dubawnt Group are overlain by volcanic rocks of the Christopher Island Formation, including trachytic lithic and crystal tuffs and mafic to felsic trachyte flows.

Archean gneisses are generally granitic to granodioritic in composition, with thin inter-layered bands of paragneiss or amphibolite. Syenites within the area are predominantly red, aphanitic, microsyenite, with some hornblende syenite locally. Microsyenite dikes intrude all other rock types along a northerly trend, exhibiting varying degrees of brecciation, especially near fault zones.

These rocks contain variable amounts of magnetite, chlorite, disseminated hematite, and pyrite, with accessory zircon noted. The microsyenites are the most radioactive rocks in the area, containing an average of 100 ppm U, with uranium believed to be bound up in refractory minerals. Surveys Completed at the Nut Lake Project: An abundance of both Government and industry geological /geophysical /hyperspectral surveys have been conducted over the Project area including: a regional residual magnetic geophysical survey conducted by the Geological Survey of Canada in 20113; a property scale VLF-EM and Magnetometer survey carried out by Pan Ocean in 1979¹; and a hyperspectral survey carried out in 2023 by the vendors of the Project.

Lines for the 1979 geophysical surveys were spaced 100m apart with 24m to 50m station intervals. VLF-EM Survey: Several interesting anomalies resulted from the survey including a pattern indicating a north-northwesterly trending structure of interest. Anomalies are likely related to a fault zone, continuous with a VLF-EM anomaly.

A major anomaly was identified from ?L14W to L2S and 14E to 19E?. This anomaly is not known to be related to any specific feature and should be followed up on. Identification of north trending anomalies which may be related to structural or lithological features.

Magnetometer Survey: Magnetic anomalies show less distinct north to northwesterly trends compared to VLF-EM map. Anomalies in northwest section related to syenitic intrusive rocks. Irregular pattern in this area possibly due to close-spaced dikes and lenses of mafic gneiss.

A gravity survey is recommended to pair with both surveys moving forward. Hyperspectral Survey: Helium is a decay product of Uranium and is an exploration vector for buried uranium deposits. Helium is released as a ?daughter?

product of radioactive decay as uranium breaks down into other elements. As helium is a very light element it migrates through the overburden and into the atmosphere. Where the release of helium is concentrated enough, it will have a spectral signature in specific wavelengths that can be seen by satellite sensors.

These are in the Visible-Near Infra-Red (VNIR) and Short Wave Infra-Red (SWIR) wavelengths parts of the spectrum. The Sentinel-2 satellite data contains spectral bands which can be processed to identify areas with an anomalous helium spectral signature. A stronger spectral signature in the helium wavelength could be due to a buried radioactive source.

The survey identified 2 clusters with anomalous spectral responses that are coincident with a northeast-trending structure identified by geophysical surveys. These two target areas have not historically seen extensive exploration, and therefore warrant ground truthing to explain the helium response.