Greenridge Exploration Inc. has announced that it has fully exercised its option to acquire a 100% legal and beneficial interest in the Carpenter Lake Uranium Project, located on the southern margin of the Athabasca Basin in northern Saskatchewan, Canada. The company met all obligations under the property option agreement originally signed in May 2024 with ALX Resources Corp. and Renegade Gold Inc.
Project Highlights
The Carpenter Lake Uranium Project comprises twelve mineral claims covering approximately 18,680 hectares of prospective ground along the southern margin of the Athabasca Basin Supergroup sandstones. The property spans more than 15 kilometers of the Cable Bay Shear Zone, a prominent crustal-scale geological structure that remains largely underexplored for uranium deposits.
Greenridge conducted systematic exploration from 2024 through 2026, including diamond drilling programs. Drilling in the fall of 2025 intersected prospective lithologies for hosting uranium mineralization, including graphitic-sulphidic pelitic gneisses with anomalous pathfinder geochemistry. Elements such as uranium, arsenic, nickel, copper, cobalt, lead, and zinc were detected, along with dravite alteration, a clay mineral containing boron often associated with Athabasca uranium mineralizing systems.
In January 2026, the company added three new claims to the southwestern side of the project after identifying two historical drill holes from 1980 located on open ground near the western boundary. These holes returned anomalous uranium values: 0.023% U3O8 and 0.037% U3O8 at depths of 41.1 and 43.3 meters respectively in hole E-80-1, and 0.058% U3O8 at 42.6 meters in hole E-80-2. Anomalous copper and nickel values were also reported in both historical holes.
A gravity survey conducted in April 2026 aimed to provide better detail of the northern target areas, with results pending.
Management Commentary
Russell Starr, Chief Executive Officer of Greenridge, commented: “Greenridge has earned a 100% interest in a highly prospective uranium property located in the world’s richest uranium district. Only twelve holes have been drilled within the Project area, and of those, only eight holes have been drilled by Greenridge in the modern era of uranium exploration, leaving the Project very much underexplored.”
Option Agreement Terms
Under the agreement dated May 29, 2024, Greenridge fulfilled the following conditions to earn its 100% interest:
- Cash payments totaling $200,000 to the Optionors (paid).
- Issuance of 300,000 common shares to ALX in May 2024, prior to its acquisition by Greenridge, and 600,000 common shares to Renegade in three tranches in 2024, 2025, and 2026 (issued).
- Incurrence of a minimum of $1,000,000 in exploration expenditures on the Project (incurred).
