VANCOUVER, B.C., Nov. 22, 2024 (GLOBE NEWSWIRE) — Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | OTC: GXPLF | FRA: HW3), is pleased to announce initial results from its 2024 Exploration Program (the “Program“) at the Company’s Weyman Copper Project (the “Property” or the “Project”).
Recent exploration on the Property consisted of:
- 2014 – Reconnaissance soil sampling in the western part of the Project area;
- 2020 – Helicopter-borne magnetic survey; and
- 2021 – Total metal ion soil survey conducted on two grids, one on the old Pilot showings area in the northeastern part of the Property area, and the other over an alteration zone and the 2014-era Eastern soil target.
During early summer of 2024, Greenridge conducted a total metal ion soil survey over an extensive grid that adjoined the 2021-era western soil grid to the north and west in order to cover almost all of the Property west of the Weyman Thrust system. The 2024 soil grid comprised twenty-four (24) 2,500-m (8,202-ft) long lines north of the western 2021 grid and five (5) 1,400-m (4,593-ft) long lines east of the western 2021 grid comprising a total of 67.0 km (40.9 mi) of line, covering 631 hectares (1,558.6 acres) in aggregate. A total of 1,269 samples were taken at 50-m (164-ft) intervals along each line where soils and drainage permitted.
Concurrent with the soil survey, a 1:5,000-scale reconnaissance mapping program was conducted over the whole Property (2,803.9 ha or 6,925.6 acres). The southwestern alteration zone was identified as the most prospective part of the Property. Focus moved to that alteration zone where detailed 1:5,000-scale mapping was conducted subsequently. Mapping of the southwestern alteration zone covered 150 hectares (370.5 acres) that was included in the previously mentioned reconnaissance mapping area.
Presently, all geological and soil-survey maps from the current (2024) exploration program have been completed and an assessment report is in the final proof-reading stage in preparation for filing with the British Columbia government.
Russell Starr, Chief Executive Officer of the Company, commented, “The ion survey and extensive mapping will provide valuable insights for future work programs at the Project. The Company anticipates the results of the Program will be available in the coming weeks.”
Results of the 2020 aeromagnetic survey indicated that there was an extensive thrust fault system in the western part of the Property through which rocks in the western part of the Property were thrust over rocks in the Property’s eastern part (the Weyman Thrust system). Magnetic details indicated that plumes of hydrothermal fluid that may be related to a porphyry-type copper-molybdenum-gold deposit were active in the southwestern part of the Property area. That indication was confirmed during a Property examination by John Ostler, M.Sc., P.Geo. in July, 2020. The 2021 western soil grid was positioned around the 2014 Eastern Soil Target in the southwestern part of the Property area to test that area with more detailed soil coverage. The existence of an extensive alteration zone was confirmed. At the time of Greenridge’s acquisition of the Property in 2023, almost half of the Property area remained with almost no ground exploration to date.
Marketing Agreement
The Company also announces that it entered into an agreement (the “Agreement”) with RMK Marketing Inc. (“RMK”) on November 21, 2024, (address: 41 Lana Terrace, Mississauga, Ont., Canada, L5A 3B2; e-mail: Roberto@rmkmarketing.ca) to provide marketing services for a term of three months, commencing November 26, 2024 (the “Term”).
RMK is an independent company which will, as appropriate, co-ordinate marketing actions, maintain and optimize AdWords campaigns, adapt AdWords bidding strategies, optimize AdWords ads, provide project management and consulting for an online marketing campaign and create and optimize landing pages (the “Services”). The promotional activity will occur by Google.
Under the terms of the Agreement, the Company will compensate RMK $150,000 CDN (the “Budget”) during the Term. The Term will expire at either the end of the relevant time period or when the Budget is fully spent. The Company will not issue any securities to RMK as compensation for the Services. As of the date hereof, to the Company’s knowledge, RMK (including its directors and officers) does not own any securities of the Company and has an arm’s-length relationship with the Company.
Qualified Person
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.
References
1 Source: 1979 Assessment report (number 81075) by Pan Ocean Oil Ltd.
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | OTC: GXPLF | 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 depth2. 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: 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; further exploration work on the Project in the future and the results of the Program; statements with respect to the provision of the Services by RMK under the Agreement. 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.
