GREENRIDGE acquires 100% of Carpenter Lake uranium project

Greenridge Exploration Inc. (CSE: GXP | OTC: GXPLF | FRA: HW3) has completed all obligations under a property option agreement to acquire a 100% interest in the Carpenter Lake Uranium Project, located on the southern margin of the Athabasca Basin in northern Saskatchewan, Canada, according to a company statement.

Greenridge entered into the option agreement in May 2024 with ALX Resources Corp. and Renegade Gold Inc. To fulfill the agreement, the company paid $200,000 in cash, issued a total of 900,000 common shares to the two optionors, and incurred a minimum of $1,000,000 in exploration expenditures on the project. The final tranche of 200,000 common shares issued to Renegade on May 29, 2026, is subject to resale restrictions and will be released over a 12-month period. The project carries a 2% net smelter returns royalty to previous vendors.

The Carpenter Lake project consists of 12 mineral claims covering approximately 18,680 hectares. The property straddles the southern margin of the Athabasca Basin and covers more than 15 kilometers of the Cable Bay Shear Zone, a geological structure the company describes as underexplored for uranium deposits.

Greenridge conducted diamond drilling at the project in 2024, 2025, and 2026. Drilling in fall 2025 intersected graphitic-sulphidic pelitic gneisses with anomalous uranium, arsenic, nickel, copper, cobalt, lead, and zinc geochemistry, as well as dravite alteration. In January 2026, the company added three claims to the southwestern side of the project after identifying two historical drill holes from 1980 that intersected anomalous uranium grades.

A ground gravity survey was conducted in April 2026, with results pending. The project does not currently contain a mineral resource estimate under National Instrument 43-101 standards. A technical report filed March 17, 2026, covers historical work and exploration carried out in 2024 and 2025.

CEO Russell Starr stated that only 12 holes have been drilled within the project area, eight of which were drilled by Greenridge.

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