Greenridge Exploration Inc. (“Greenridge” or the
“Company”) (CSE: GXP | FRA: HW3), is pleased to
announce it has outlined its 2024 Work Program (the “Program”) for
its Weyman Project (the
“Weyman Project” or the
“Project”) located in Southeastern British
Columbia. The Project covers approximately 6,925 acres of land and
is comprised of 7 staked mineral claims in the southern Quesnel
Terrane of British Columbia.
Russell Starr, Chief Executive Officer of the
Company, commented, “The 2024 work program marks a pivotal moment
for the Weyman Project, underlining our commitment to this asset’s
significance. Our aim is to follow up on previous exploration and
data as well as identify new zones of interest for future
programs.”
2024 Work Program
The Company will be conducting a program of
total metal ion soil survey and geological mapping on the Project.
The 2024 soil survey grids will be designed to fill in the
unexplored area between the two 2021 Monumental Gold soil grids and
to extend the area of known soil-metal concentrations to the
boundaries of the Project. At present, no property-scale geological
mapping has been conducted on the Project. The focus of the Program
includes:
Investigation of areas of known soil-metal
copper, molybdenum, silver, and gold anomalies to help identify
areas appropriate for subsequent exploration programs such as
trenching or drilling. Identification and mapping of structures and
alteration related to the Weyman thrust.
The Weyman Project is an early-stage exploration
property over which mostly preliminary programs have been
conducted. Those programs, aeromagnetic survey and total metal ion
soil surveys, have been designed to assist in defining the
existence of porphyry copper-molybdenum-silver-gold alteration and
mineralization. Once the existence of such alteration and
mineralization has been verified, the process of quantification can
commence. Geophysical surveys are remote in that they are
investigations of one or more physical properties of the rock or
regolith surveyed in the hope that those properties relate to the
localization of economic mineralization.
The results of the 2020 airborne magnetic survey
were a record of magnetic properties of the rock and regolith
surveyed across the Property. The magnetic qualities of that
material do not necessarily relate to the localization of economic
quantities of mineralization. The risk is that despite good looking
targets having been generated by the 2020 airborne magnetic survey,
it is possible that those targets may not be indicative of economic
quantities of mineralization.
Total metal ion soil surveys are more direct
investigations into the possibility of the presence of economic
mineralization than geophysical surveys; however, they are remote
in that physical samples of the regolith overlying rock potentially
hosting economic mineralization are being taken and analysed.
The most important factor related to the success
of a total metal ion soil survey is that the soil being sampled is
relatively thin and is the result of the weathering and breakdown
of the underlying rock so that the elemental concentrations in the
soil relate to those in the underlying rock. Soils developed atop
thick exotic material forming such surficial features as thick
glacial tills, mass debris flows, and glacial drumlin fields can
return total-metal, soil-sample results that are almost
meaningless.
Information about the Weyman
Project
The Weyman Project covers approximately 2,803
hectares (6,925 acres) of subdued terrain on the Thompson Plateau
of southern British Columbia. It is about 77.3km (47.2 mi) north of
the town of Princeton and about 62km (37.8mi) south of the city of
Kamloops.
The Weyman property is located in the southern
Quesnel geological terrain. It hosts the southern margin of the
Wild Horse batholith, a calcalkalic intrusion in the eastern belt
of that terrane. Belts within the Quesnel terrain host intrusive
centres spaced roughly 10 to 11 kilometers (6.1 to 6.7 mi) apart.
Hydrothermal systems and porphyry copper-molybdenum deposits tend
to be clustered around those intrusive centres; thus, the most
prospective parts of the Quesnel terrane are near the intrusive
centres. Accordingly, the Weyman Project should be prospective for
porphyry-type copper, molybdenum, silver, and gold
mineralization.
The Weyman Project area is sparsely explored.
Only four recent exploration programs have been conducted in that
area. From 1984 until 1999, diamond drilling and trenching was
conducted by Harold Adam and associates at the Pilot showings area
which covers an area of about 1.5 ha (3.7 acres) in the eastern
part of the Property. In 2014, HPX Quesenellia Holdings Inc.
conducted a reconnaissance total metal ion soil survey centered
west of the Weyman Project area. That survey grid covered a total
of 41.7 km2 (15.5 mi2), of which 11.3 km2 (4.2 mi2) was on ground
covered by the western part of the current Weyman Project. In 2020,
Monumental Gold Corp. conducted an airborne magnetic survey over
almost all of the Property. In 2021, Monumental Gold Corp.
conducted total metal ion soil survey over two grids. The eastern
grid covered 389.5 hectares (962.1 acres) centered on the Pilot
showings area (the area of previous drilling). The western grid
covered 260 hectares (642.2 acres) centered on the 2014 HPX
Quesnellia Eastern Target soil anomaly. Presently, 1,286 hectares
(3,176 acres) or about 45.9% of the Property area has not been
subjected to any recent ground exploration.
Since 2014, exploration in the Weyman Project
area has been mostly focused on the western part of the project
area where an extensive, westerly dipping thrust fault, the Weyman
Thrust, was identified by the 2020 Monumental Gold aeromagnetic
survey. The thrust is associated with an intense aeromagnetic low,
which may be due to pervasive rock alteration. Such alteration
envelops porphyry-type mineral deposits. The area of the magnetic
low hosts areas of elevated copper, molybdenum, and gold in soils
that have been identified in both the 2014 HPX Quesnellia and 2021
Monumental Gold soil surveys. Presently, the area adjacent with the
Weyman thrust is the main exploration target on the Property.
National Instrument 43-101
Disclosure
John Ostler, M. Sc., P. Geo, (EGBC Licence #
18415) is a qualified person as defined by National Instrument
43-101 - Standards of Disclosure for Mineral
Projects. Mr. Ostler has reviewed and approved the
technical content in this release.
About Greenridge Exploration
Inc.
Greenridge Exploration Inc. (CSE: GXP | FRA:
HW3) is a mineral exploration company dedicated to creating
shareholder value through the acquisition, exploration, and
development of critical mineral projects in North America. The
Company’s Nut Lake Uranium Project located in the Thelon Basin
includes historical drilling which intersected up to 9ft of 0.69%
U3O8 including 4.90% U3O8 over 1ft from 8ft depth¹. Additionally,
the Company’s Weyman Copper Project in southeast British Columbia
sits on the south portion of the famous Quesnel Terrance. The
Company is led by an experienced management team and board of
directors with significant expertise in capital raising and
advancing mining projects.
On Behalf of the Board of
Directors
Russell StarrChief Executive Officer, DirectorTelephone: +1
(778) 897-3388 Email: info@greenridge-exploration.com
Disclaimer for Forward-Looking Information
Certain statements in this news release are
forward-looking statements, including with respect to future plans,
and other matters. Forward-looking statements consist of statements
that are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, business, economic and capital market
conditions, the ability to manage operating expenses, and
dependence on key personnel. Forward looking statements in this
news release include, but are not limited to, statements
respecting: the Project and its mineralization potential; the
Company’s objectives, goals, or future plans with respect to the
Project; the commencement of the Program in the future; the
anticipated results of the Program; further exploration work on the
Property in the future. Such statements and information are based
on numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in
the future, anticipated costs, and the ability to achieve goals.
Factors that could cause the actual results to differ materially
from those in forward-looking statements include, the continued
availability of capital and financing, litigation, failure of
counterparties to perform their contractual obligations, loss of
key employees and consultants, and general economic, market or
business conditions. Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
The reader is cautioned not to place undue reliance on any
forward-looking information.
The forward-looking statements contained in this
news release are made as of the date of this news release. Except
as required by law, the Company disclaims any intention and assumes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
The Canadian Securities Exchange (CSE) does not
accept responsibility for the adequacy or accuracy of this
release.