Highlights
- The newly acquired claims boast high-grade samples of up to 10.4% U3O8 and 5.51% Cu3 5 kilometers along the trend of the historical drilling that intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth.1
- The Project now consists of four contiguous mineral licences encompassing a total land area of approximately 5,854ha (~59km²) (Please see Figure 1).
- The Project sits within an intersection of multiple tectonic features including reactivated basement faults and a major unconformity.
- The extent of the mineralization in the #3 showing area appears to be 8.4 meters of strike length, tested to a depth of 12.5 meters and thus should be followed up on to extend.
- The combination of historically defined anomalies, an increase in the availability of modern exploration techniques and a proven model for success in the
Thelon Basin provide prime ingredients for the potential of delineating a robust uranium system within the Project area.
Figure 1: Newly acquired Nut Lake Uranium South Claims and historical highlights (Inset shown in Figure 3)
The Project is located approximately 55km north of the Angilak Uranium Deposit² or 180Km southwest of
Figure 2: Nut Lake Project Regional Map
About the Nut Lake Uranium South Claims
A successful exploration season executed by Pan Pacific in 1979 and the discovery of Anomaly 448 (“448”) led to further exploration of the Nut Lake area, south of the Tundra and Lake showings. 448 consists of a frost boil in mafic gneiss yielding 22,700 ppm Uranium (~2.3% U) and the location of two radioactive shears in mafic gneiss. In addition to this, there were five main showing areas, #1-#4 and the Yell showings. Showings #1-3 were discovered by ground prospecting in 1979. The #1 showing consists of a limonitic shear, assaying 0.2-0.5% U3O8 (1979 assay), measuring approximately 2 ft wide and exposed for 5 ft. strike length in mafic gneiss. Numerous radioactive fractures occur on the shoreline and immediately south of the #3 showing. The #2 showing is a similar occurrence to the #1 in frost-heaved boulders, assaying 0.07-2.81% U308.
Follow up prospecting by Pan Pacific in 1980 resulted in the discovery of two new showings. The #4 showing occurs as a fracture with pitchblende mineralization up to 1 cm wide, in mafic gneiss. The Yell showing area on 448W consists of a series of en-echelon tight fractures in a mixed mafic gneiss-granite.
In 1980 a total of 37 trenches were blasted over the showing areas with grab samples taken and assayed for uranium, copper, and nickel. Thirty-two diamond drill holes tested these trench exposures and assays were taken of radioactivity in the hole. The Yell showing assays ranged from 0.05% to 10.39% U3O8 and 5.51% Cu. Mineralization occurs in mafic gneiss where fractures dilate to a maximum thickness of 5 cm, but in most cases where fractures run into granite they become hairline in thickness. The #3 showing when trenched under the radioactive frost boil, encountered a highly radioactive zone of pink calcite flooded gangue with chloritized breccia fragments in hematite altered greenish black mafic gneiss with quartz-feldspar vein injections and breccia clasts. Further trenching discovered a second trend of radioactivity along tight fractures to the west. This trend appeared to follow the radioactive soil zone discovered on the surface. Grab sample assays from this trench ranged from 0.001%-1.29% U3O8.
Figure 3: Area 448 (please see Figure 1 for location) showing high-grade uranium samples in trenches and drill core3.
Sixteen diamond drill holes for a total 171.75m were completed in the #3 showing area. Pitch 8-12 tested structures with weak radioactivity on the lakeshore. Pitch 10 intersected a 0.5 ft. interval of 0.022% U3O8 in a pink calcite-hematite altered vein on strike with the radioactive trend in the trench. Pitch 11 was terminated in a non-radioactive hematite altered zone. Pitch 5 was collared too close to the main trench and therefore just intersected the radioactive structure assaying 0.433% U3O8 over 0.25 ft. Therefore, Pitch 15, 16, 17, were stepped back and drilled to depth which determined the dip of the structure. Pitch 19, in drilling the east-west radioactive trend, intersected the 135° structure north of the trench at depth. Assays in these four holes are shown in Table 1.3
Table 1: Diamond Drill Hole Assays Area 448
Drill Hole ID | Assay (U3O8) | Interval (ft) |
Pitch 15 | 0.025% | 1.5 |
Pitch 16 | 0.14% | 1.0 |
Pitch 17 | 0.001% | 1.0 |
Pitch 18 | 0.063% | 2.41 |
It became apparent from this drilling on the lakeshore and on the main trench that a radioactive structure trending 135°/80°E was the prime target as Pitch 6, 7, 19 and 20 did not intersect mineralization along an east-west direction. Pitch 18, 21, 22 attempted to pick up this structure along strike, but failed to do so. The extent of the mineralization in the #3 showing area appears to be 8.4 m of strike length, tested to a depth of 12.5 m and thus should be followed up on to extend.
Additional information on the newly acquired Claims
In late 1980, four holes were drilled using Winkie diamond drilling, totaling 202 feet, at the Lake showing.
Silver mineralization was identified in three forms:
- Disseminated mineralization (A and B zones) associated with finely disseminated galena in chloritic veinlets and pyritic stringers in hanging wall gneiss.
- Vein mineralization (
C Zone ) - thin veinlets of massive galena-sphalerite mineralization with associated silver values. - Intrusive mineralization (
D Zone ) - associated with finely disseminated galena in the border phase microsyenite.
About The Nut
The Project is located approximately 55km north of the Angilak Uranium Deposit² or 180Km southwest of
In 1979,
The Project hosts high grade vein hosted grab samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni.¹
During the 1979 field season, geological mapping at a scale of 1:1,000 was completed on a major portion of the Project. This was concurrent with prospecting on, and in the immediate area of the Project. Results from prospecting were the discovery of two (41 m wide) syenite dikes and a frost heaved area of felsic gneiss with up to 3,000 cps on fracture surfaces. Two significant Uranium bearing showings were discovered, the “Lake Showing” and the “Heartbreak Showing”. The most noteworthy was the Heartbreak showing which revealed a 3.0” and 3.5” samples across a fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively. The results were followed up with a radon gal survey, a VLF-EM survey and an overburden sampling program. The radon survey results showed that the response is irregular with several good highs and the VLF-EM survey showed a series of northwesterly trending anomalies. It was concluded that further drilling of the
The Project and surrounding proximal area have seen approximately 805ft of
The combination of historically defined anomalies and modern exploration techniques provides prime ingredients for the potential of discovering a high-grade uranium system within the Project area.
Acquisition/Staking Details
Following positive data compilation completed by the optionees of the original
Quality Assurance/Quality Control
Geochemical results and other technical information included in this press release were retrieved from publicly available historical assessment reports. This information has not been verified by the Company and should not be relied upon for investment purposes.
National Instrument 43-101 Disclosure
References
1 Source: 1978 Assessment Report (number 81075) by
2Source: Reported by ValOre Metals Corp. in a Technical Report entitled “Technical Report and Resource Update For The Angilak Property,
3Source: 1980 Assessment Report (number 81190) by
About
On Behalf of the Board of Directors
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 Claims and their mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project and the Claims; and the Company's anticipated exploration program at the Project and the Claims. 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.
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Figure 1
Newly acquired Nut Lake Uranium South Claims and historical highlights (Inset shown in Figure 3)
Figure 2
Nut Lake Project Regional Map
Figure 3
Area 448 (please see Figure 1 for location) showing high-grade uranium samples in trenches and drill core3.
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