Greenridge Exploration Inc. provided a regional review of its Nut Lake Project located in the Thelon Basin, Nunavut Territory. The Project is located ~55KM north of the recently acquired Angilak Uranium Deposit with a historical resource of 43Mlbs of U3O8 @ 0.69% by Atha Energy Corp. and ~47km south of a major newly staked land position by Atha Energy Corp.

This newly acquired land position was staked approximately one week prior to the acquisition of Latitude Uranium Inc. (the previous owner of the Angilak Deposit) for a valuation of ~CAD 57 million. Regarding its geological context, the Angilak Project and the Nut Lake Property area resides within the Western Churchill Province, a vast Archean Craton that underwent structural and metamorphic alterations during the Proterozoic era. Early Proterozoic tectonic movements led to localized collapse and the emergence of rift basins, which were subsequently layered onto the Archean crust.

Notably, the Baker Lake Basin, along with the associated Angikuni and Yathkyed sub-basins, formed as a consequence of these tectonic processes. The boundary between these Proterozoic basins and the Archean marks an unconformity that has garnered global attention for uranium exploration, characterized as "unconformity-style uranium" deposits. The most notable concentrations of this deposit type are situated in the Athabasca basin in northern Saskatchewan.

These types of uranium deposits are better known as ?Beaverlodge-Type? vein deposits. The Beaverlodge Uranium District is a historically significant area for uranium exploration and mining producing ~62.8 M lbs of uranium at ~0.20% U3O8 located in northern Saskatchewan, Canada.

It gained prominence during the mid-20th century as one of Canada's major uranium-producing regions. The following are key points about the Beaverlodge Uranium District: Location: The Beaverlodge Uranium District is situated in the northern part of Saskatchewan, near the town of Uranium City. It lies within the Precambrian Shield, a geological formation rich in uranium deposits.

Discovery and Exploration: Uranium deposits in the Beaverlodge area were discovered in the late 1940s, sparking a rush of exploration and development. The district quickly became one of the most important uranium-producing regions in Canada. Geological Characteristics: The uranium deposits in the Beaverlodge District are primarily hosted within metasedimentary rocks of the Wollaston Group, which is part of the Precambrian Shield.

These deposits are often associated with unconformities between different rock formations. Mining Operations: Several mines operated within the Beaverlodge Uranium District during its peak production years, including the Beaverlodge Mine, the Lorado Mine, and the Gunnar Mine. These mines produced significant quantities of uranium to support Canada's nuclear energy program and the global demand for uranium during the Cold War era.

Legacy: While active mining operations in the Beaverlodge Uranium District have largely ceased, the area remains significant historically and geologically. It serves as a reminder of Canada's role in uranium production and its contribution to nuclear energy globally. The Nut Lake Property is located just ~135KM south of the Kiggavik Uranium Deposit which is operated by Orano and has a historical resource of 133Mlbs of U3O8 @ 0.46%.

The geology of the Kiggavik Deposits have been under study since the 1970s, with drilling and ore sampling activities since 2007 largely confirming previous interpretations regarding grade distribution and lithology. The Main Zone, Centre Zone, and East Zone deposits are positioned between two regional ancient fault zones: the Thelon fault to the north and the Sissons fault to the south. Basement host rocks primarily consist of metasediments, with lesser amounts of altered granite and intrusive rocks.

Uranium mineralization at Kiggavik occurs predominantly in altered metasedimentary rocks, such as meta-arkose, metapelites, and sericite schist, and to a lesser extent in altered granite and intrusive rocks. Notably, mineralization is absent in the Mackenzie diabase that intersects the Kiggavik property. Mineralization is generally finely disseminated along foliation planes or in veinlets parallel to the foliation, with occurrences in fracture infills and coatings along cross-cutting structures similar to what has been historically defined at the Nut Lake Property.

The primary uranium minerals include pitchblende and coffinite, while secondary uranium minerals are rare. Uranothane, a fine-grained mineral, is present in weathered surface rocks and occasionally at greater depths. Pitchblende and coffinite are commonly associated with marcasite and pyrite, with other sulphides or accessory metals in minor amounts, indicating a predominantly single elemental composition within the Kiggavik ore zones.

Uranium mineralization is accompanied by an intensive alteration halo characterized by desilification and the conversion of feldspar and mica to clay minerals, primarily illite and sericite, which is typical of unconformity type deposits. Exploration criteria utilized in the Athabasca Basin, such as hydrothermal alteration, reactivated faults, and basement geology, are applicable to the lesser-explored Thelon Basin, supporting the Project's guiding hypothesis. Notable similarities include: Both basins' basement terranes feature widespread intrusive and extrusive magmatic events occurring at 2.60, 1.83, and 1.75 billion years ago, with similar volcanic rocks and alteration products, particularly in the latter two events.

Complex sequences of arkosic lithic sandstone filled each basin post-1.7 billion years ago, originating from uranium-rich terranes and capped by stromatolitic dolostone. Pervasive diagenetic events have altered strata in both basins, resulting in quartz becoming the dominant framework mineral, with clay as the matrix. Intersecting-reactivated fault systems produce local geochemical anomalies and silicified zones.

Geophysically translucent strata in both basins show only faint representation of geochemical anomalies, such as U-Th-K, in gamma ray data. Deposits included both subvertical fractal riedel-shear arrays with overall dextral transextensional indicators and low-angle compressional to extensional structures. Alteration of monazite preferentially released uranium into peak diagenetic saline fluids, leaving behind thorium-bearing aluminium sulfate phosphate (APS) minerals.

Uranium-bearing fluorapatite locally cemented the lower sequences in each basin, occurring simultaneously with or slightly after the APS minerals, and clearly after regional diagenetic illite. Multiple stages of uranium mineralization and remobilization commenced approximately 100 million years after the fluorapatite events, persisting through the Phanerozoic era. Basement-hosted alteration assemblages exhibit gravity lows and serve as detailed exploration vectors.