Greenridge announces inaugural drilling at Carpenter Lake

Greenridge Exploration (CSE: GXP; OTC: GXPLF), announced plans for a diamond drilling program at its Carpenter Lake project, located on the southern margin of the Athabasca Basin in northern Saskatchewan. Carpenter Lake is comprised of nine mineral claims covering approximately 15,091 ha owned 60% by Greenridge and 40% by Renegade Gold, with Greenridge acting as operator of exploration activities.

Highlights of the 2025 Drilling Program

• Drill Target Development Greenridge has identified multiple high-priority target areas for Phase I drill testing by reinterpreting and modeling historical geophysical datasets and integrating findings from its 2024 surface exploration program.
• Basement-Hosted Uranium Characteristics The selected drill targets lie along the Cable Bay Shear Zone and exhibit key geological features consistent with known basement-hosted uranium deposits. These features include strong geophysical conductors disrupted by significant cross-faults, coincident density anomalies, elevated uranium concentrations in lake sediments, surface radon anomalies, and surficial uranium showings in boulders and outcrops.
• Favorable Logistics and Timelines Greenridge plans to conduct 1,500 metres of helicopter-supported diamond drilling across up to eight holes, targeting depths of less than 200 metres. The company expects to begin mobilization in mid-to-late August 2025 and aims to complete its inaugural drilling program at the property within approximately four weeks.
• Community Engagement In 2024, Greenridge signed exploration agreements with the English River First Nation (ERFN) and Kineepik Metis Local #9 (KML), both of whom hold ancestral rights to the property area. These agreements ensure that members of each community participate in environmental monitoring, cultural management, and benefit financially through business, employment, and training opportunities. Greenridge remains committed to conducting its exploration at Carpenter Lake in a spirit of mutual respect and cooperation with both ERFN and KML.

Russell Starr, CEO of the company, commented, “We are pleased to be poised to drill a hidden gem in the Athabasca Basin area that has received only two reported drill holes in over four decades. Our recent work has confirmed that Carpenter Lake hosts many of the hallmarks of a potential uranium mineralizing system and we look forward to the first drill test of the Property in the modern era of uranium exploration.”

Carpenter Lake straddles the southern margin of the Athabasca Basin Supergroup sandstones and covers more than 15 km of the Cable Bay Shear zone (the CBSZ) – a prominent crustal-scale structural discontinuity trending northeast-southwest that is largely underexplored for uranium deposits. The CBSZ is characterized by a well-defined conductive signature, radiometric anomalies, and numerous historically mapped uranium occurrences.

The company believes the property 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. Located just outside the current margin of the Athabasca Basin, Carpenter Lake boasts shallow drill targets with bedrock under minimal cover of glacial till. The structural style and setting of the Property along the CBSZ are ideal for a significant mineralizing system, and the presence of conductive graphitic metasedimentary rocks often associated with uranium deposition in the Athabasca Basin has been confirmed by the limited diamond drilling on the property.

More information is posted on www.Greenridge-Exploration.com.