Greenridge Exploration Inc. (CSE: GXP) (OTC: GXPLF) (FRA: HW3), is pleased to announce the results of the Summer 2025 diamond drilling program at its Carpenter Lake Project, located on the southern margin of the Athabasca Basin in northern Saskatchewan, Canada. Eight holes were completed for a total of 1,368 metres on selected target areas along the Cable Bay Shear Zone, a major structural feature that bisects the Project.

Russell Starr, Chief Executive Officer of the Company, commented, “Our inaugural drilling program at Carpenter Lake successfully tested the targets available to us in the summer exploration season, and has presented invaluable geological information that will direct our future work on the Project. We have embarked upon what will become a systematic, multi-year exploration campaign, consistent with the generative nature of uranium exploration in the Athabasca Basin region.”

Highlights of the 2025 Drilling Program

• Eight (8) holes were completed for a total of 1,368 m of core NQ drilling across select targets intended to test Geophysical and Geochemical targets along the CBSZ targeting shallow basement-hosted uranium mineralization at the target areas (Figure 1) (See Table 1). Two drillholes were lost before reaching their planned depth due to technical issues.
• Drilling intersected prospective lithologies for hosting uranium mineralization, namely graphitic pelitic gneisses carrying sulphides, with anomalous pathfinder geochemistry including uranium, arsenic, nickel, copper, cobalt, lead and zinc.
• Intervals of anomalous radioactivity (measured by downhole Mount Sopris 2PGA-1000 downhole gamma probe) were intersected in three of the eight drill holes completed and is associated with structural zones and favorable rock types including graphitic pelite adjacent to favorable cross structures, and structural breaks (Figure 2).
• Graphitic-sulphidic stacked shear and fault zones were encountered in multiple holes, many featuring prominent brittle reactivation features including breccias, cataclasites, and fault gouge (Figure 2).
• Anomalous dravite, a pathfinder clay alteration mineral containing boron, which is often found near a potential mineralized system, was observed by short wave infra-red spectroscopy and confirmed by laboratory analysis, showing strongly anomalous Boron associated with structural deformation and anomalous uranium.
• The 2025 drill program has demonstrated that the prospective graphitic pelitic gneisses at the Project extends further south than previously known, and that anomalous geochemistry observed in the drill core (uranium, boron and base metals) indicate that uranium-bearing fluids have mobilized along the CBSZ.
• The helicopter-assisted drilling operations generated a low environmental impact during drill moves and drill pad construction, providing a sustainable exploration practice.

Figure 1 – Carpenter Lake 2025 Drill Hole Locations structural elements. 

About Carpenter Lake and the Cable Bay Shear Zone

Carpenter Lake is comprised of nine (9) mineral claims covering approximately 15,091 hectares owned 60% by Greenridge and 40% by Renegade Gold Inc., with Greenridge acting as operator of exploration activities. Greenridge can earn a 100% interest in the Property by fulfilling a schedule of cash payments, common share issuances and exploration expenditures (for details please see Greenridge news release dated May 30, 2024).

Carpenter Lake straddles the southern margin of the Athabasca Basin Supergroup sandstones and covers more than fifteen (15) kilometers of the CBSZ – a prominent crustal-scale geological structure trending northeast-southwest that is largely underexplored for uranium deposits (please see Figure 1). The CBSZ is characterized by a well-defined conductive signature, radiometric anomalies, and numerous historically-mapped uranium occurrences.

Table 1: 2025 Drillhole Statistics (coordinates in NAD83 / UTM Zone 13N)

Conclusions and Recommendations for Follow-up Exploration

Following its review of the 2025 drilling results, Greenridge believes that the greatest potential for uranium mineralization within the Project area lies in continued testing of areas where gravity lows coincide with structural breaks, cross cutting structures or offsets in EM conductors.

A ground gravity survey is being commissioned consisting of approximately 1,000 survey stations straddling the identified electromagnetic (“EM”) conductors along the CBSZ trend. Additionally, Greenridge is continuing comprehensive geophysical inversions and lithostructural modelling to gain a more comprehensive understanding of structural elements that may control potential for uranium mineralization.

The drilling program successfully confirmed the presence of graphitic pelitic gneisses extending further south than previously known, the combined presence of sulphides and returned anomalous uranium and pathfinder element geochemistry, along with zones of elevated radioactivity associated with favorable structures and rock types.

The program also identified stacked graphitic-sulphidic shear zones with evidence of structural reactivation, as well as boron-rich dravite alteration, supporting the interpretation that uranium-bearing fluids have migrated along the shear zone. Work is ongoing at the property with refined geophysical surveys and ongoing targeting work underway.

Figure 2 – Drill core photo from CL25-005A: 71.8-75.8m anomalous intersection of faulted and brecciated zone with strong clay alteration, and hematization, with coincident anomalous radioactivity, elevated Boron and base metal geochemistry.

Greenridge believes the Project is highly prospective for the discovery of shallow, high-grade basement-hosted uranium mineralization akin to the Rabbit Lake, Arrow, and Triple R uranium deposits. The structural style and setting of the Property along the CBSZ are ideal for the existence of a potentially significant mineralizing system, and the presence of conductive graphitic metasedimentary rocks often associated with uranium deposition in the Athabasca Basin has been confirmed by both historical drilling and the Company’s 2025 drilling on the Project.

Community Engagement at Carpenter Lake

In 2024, Greenridge executed exploration agreements with the English River First Nation and Kineepik Metis Local #9, each of whom have ancestral rights within the Project area, to provide members of each community with a role in environmental monitoring, cultural management, and financial benefits from business, employment, and training opportunities. Greenridge is dedicated to carrying out its exploration at Carpenter Lake within a mutually respectful and cooperative relationship with both the ERFN and KML.

About Greenridge Exploration Inc.

Greenridge Exploration Inc. (CSE: GXP) (OTCQB: GXPLF) (FRA: HW3) is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration, and development of critical mineral projects in Canada. The Company owns or has interests in 23 projects and additional claims covering approximately 265,657 hectares with considerable exposure to potential uranium, nickel, copper and gold discoveries. The Company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing mining projects.

Greenridge has one of the largest uranium property portfolios in Canada consisting of 14 projects and additional prospective claims covering approximately 193,200 hectares. The Company has opportunities to realize value in a further 9 strategic metals projects which include nickel, gold, and copper exploration properties totalling approximately 72,460 hectares. Project highlights include:

• The Black Lake property, located in the NE Athabasca Basin, (40% Greenridge, 50.43% UEC, 8.57% Orano Canada) saw a 2004 discovery hole (BL-18) return 0.69% U₃O₈ over 4.4m.¹
• The Hook-Carter property (20% Greenridge, 80% Denison Mines Corp.) is strategically located in the SW Margin of the Athabasca Basin, sitting ~13km from NexGen Energy Ltd.’s Arrow deposit and ~20 km from Paladin Energy’s Ltd.’s Triple R deposit.
• The Gibbons Creek property hosts high-grade uraniferous boulders located in 2013, with grades of up to 4.28% U₃O₈ ², and the McKenzie Lake project saw a 2023 prospecting program return three samples which included 844 ppm U-total (0.101% U₃O₈), 273 ppm U-total, and 259 ppm U-total.³
• The Nut Lake property 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 depth.⁴ In 2024, Greenridge’s prospecting program located a float sample that returned 31.13% U₃O₈, sourced from the Tundra Showing.⁵
• The Firebird Nickel property has seen two drill programs (7 holes totaling 1,339 m), where hole FN20-002 intersected 23.8 m of 0.36% Ni and 0.09% Cu, including 10.6 m of 0.55% Ni and 0.14% Cu.⁶
• The Electra Nickel project 2022 drill program included results of 2,040 ppm Ni over 1m and 1,260 ppm Ni over 3.5m.⁷ 

The Company has strategic partnerships which includes projects being operated and advanced by Denison Mines Corp. and Uranium Energy Corp. The Company’s management team, board of directors, and technical team brings significant expertise in capital raising and advancing mining projects and is poised to attract new investors and raise future capital.

References:

1 – Black Lake: UEX Corporation News Release dated October 12, 2004.
2 – Gibbons Creek: Lakeland Resources Inc. News Release dated January 8, 2014.
3 – McKenzie Lake: ALX Resources Corp. New Release dated November 7, 2023.
4 – Nut Lake: 1979 Assessment Report (number 81075) by Pan Ocean Oil Ltd.
5 – Nut Lake: Greenridge Exploration Inc. News Release dated February 19, 2024.
6 – Firebird Nickel: ALX Resources Corp. New Release dated April 15, 2020.
7 – Electra Nickel: ALX Resources Corp. New Release dated July 20, 2022.

On Behalf of the Board of Directors of Greenridge

Russell Starr
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: info@greenridge-exploration.com