Greenridge Exploration Provides Technical Review of its Nut Lake Uranium Project in Thelon Basin, Nunavut - Seite 2

• Two noteworthy grab samples yielded 0.32% and 0.15% U₃O₈.
• The Lake showing was located through general prospecting and is situated beside a biotite feldspar trachyte dike.
• It comprises numerous anomalous fractures containing chloritic mafic alterations, sulphides, hematite, and uranium mineralization.
• Some fractures cut across the felsic to mafic gneiss host rock, while others run subparallel to it.
• This suggests that the mineralization and alteration may be controlled by fractures, with a foliation influence. It is likely that some of these fractures extend into the water.
  

Geology of The Nut Lake Project

Regionally, the Project lies along the eastern edge of the northeasterly trending wedge of Paleohelikian or Late Aphebian Dubawnt Group rocks and the contact with Archean basement gneisses. These units are in fault contact along a northerly trending fault zone. Dubawnt Group rocks within the area are basal sedimentary rocks of the South Channel Formation, composed of white quartzites and pink to grey arkose and arkosic rocks. The sedimentary sequences of the lower Dubawnt Group are overlain by volcanic rocks of the Christopher Island Formation, including trachytic lithic and crystal tuffs and mafic to felsic trachyte flows.

Archean gneisses are generally granitic to granodioritic in composition, with thin inter-layered bands of paragneiss or amphibolite. Syenites within the area are predominantly red, aphanitic, microsyenite, with some hornblende syenite locally. Microsyenite dikes intrude all other rock types along a northerly trend, exhibiting varying degrees of brecciation, especially near fault zones. These rocks contain variable amounts of magnetite, chlorite, disseminated hematite, and pyrite, with accessory zircon noted. The microsyenites are the most radioactive rocks in the area, containing an average of 100 ppm U, with uranium believed to be bound up in refractory minerals¹ (Please see Figure 1).

Surveys Completed at the Nut Lake Project

An abundance of both Government and industry geological / geophysical / hyperspectral surveys have been conducted over the Project area including: a regional residual magnetic geophysical survey conducted by the Geological Survey of Canada in 2011³; a property scale VLF-EM and Magnetometer survey carried out by Pan Ocean in 1979¹; and a hyperspectral survey carried out in 2023 by the vendors of the Project.