Highlights
- The Company will leverage KorrAI’s advanced earth observation technology in identifying mineralized outcrops across the Nut Lake Uranium Project.
- The Technology integrates artificial intelligence, machine learning, and advanced satellite imagery to find areas of interest.
- The integration of KorrAI’s Technology may potentially boost the efficiency and precision of the Company’s future exploration programs.
- The Company will hopefully benefit from KorrAI's advanced technology systems, which promises to deliver exceptionally reliable data.
VANCOUVER, British Columbia, March 20, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has entered into a partnership agreement dated March 19, 2024 (the "KorrAI Agreement") with KorrAI Technologies Inc. (“KorrAI”) to implement its hyper-spectral imaging technology (the "Technology") on the Company’s Nut Lake Uranium Project (the “Project”).
KorrAI will apply its proprietary Technology on the Project to identify areas of interest for ground exploration for the Company’s 2024 exploration program. The Technology will hopefully allow the Company to be more efficient in the potential discovery of mineralized outcrops by leveraging revolutionary systems across the entire Project. Pursuant to the KorrAI Agreement, KorrAI shall provide technology solutions to the Company using geospatial imagery, modelling and survey & sensor data relevant to the natural resources sector (the "Services") under individual statement of works (each, a "Statement of Work"). Either KorrAI or the Company may terminate the KorrAI Agreement by providing written notice at any time following completion of the Services under each existing Statement of Work.
Historical drilling on the Project intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth and high-grade samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni1.
Russell Starr, Chief Executive Officer of the Company, commented, “We are thrilled to be collaborating with KorrAI and using their Technology to aid us in identifying mineralized outcrops across the Nut Lake Uranium Project. KorrAI’s Technology will not only provide us with exceptional data but also hopefully boost the efficiency and accuracy of our planned exploration program and allow us to use this Technology for future projects.”
KorrAI is an advanced earth observation technology company and is using advanced satellite imagery, integrated artificial intelligence, and machine learning to identify undiscovered mineralized outcrops. KorrAI’s proprietary technologies and processes fuse a variety of datasets and integrate known mineralized analogues and other internal company data to identify priority areas of interest. The exploration tool is a cost effective and systematic approach to identifying targets for prospecting follow-up over highly prospective trends and areas of interest.
Rob McEwan, President of KorrAI, commented,”We are extremely excited to be working with Greenridge, particularly due to the exceptional promise of their property, the Nut Lake Uranium Project. We look forward to using our cutting-edge Technology to provide Greenridge with the highly reliable data to run a more streamlined exploration program at their Project.”
About KorrAI Technologies
KorrAI is an industry pioneer in providing remote monitoring solutions aimed at reducing operational risk. By leveraging satellite and geological data alongside advanced AI technologies, KorrAI detects and analyzes features and changes in Earth systems. Their system employs a robust and quantitative approach, effectively mitigating risks associated with exploration projects.
Extension of Marketing Agreement
The Company is also pleased to announce, further to its news release on January 10, 2024, that it has increased its engagement of marketing services with MIC Marketing Information & Content Publishing GmbH (“MIC”) (address: Gerhart-Hauptmann-Str. 49b 51379 Leverkusen, Germany; email: contact@micpublishing.de). MIC was originally retained by the Company on January 9, 2024 to provide marketing services for a term of 6 months, commencing January 18, 2024 (the “MIC Agreement”). Pursuant to the terms of the MIC Agreement, the Company has decided to execute its option to increase the advertising budget for the existing term by compensating MIC an additional €100,000.
MIC is an independent company which will, as appropriate, provide project management and consulting for an online marketing campaign, coordinate marketing actions, maintain and optimize AdWords campaigns, adapt AdWords bidding strategies, optimize AdWords ads and create and optimize landing pages (the “MarketingServices”). The promotional activity will occur in Europe by email, Facebook, and Google.
The Company will not issue any securities to MIC as compensation for the Marketing Services. As of the date hereof, to the Company’s knowledge, MIC (including its directors and officers) does not own any securities of the Company and has an arm’s length relationship with the Company.
National Instrument 43-101 Disclosure
Nicholas Rodway, P. Geo, (NAPEG Licence # L5576) is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this release.
References
1 Source: 1978 Assessment report (number 81075) by Pan Ocean Oil Ltd
2Source: Reported by ValOre Metals Corp. in a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geo. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013. Note: The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
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 Starr
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 its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; statements with respect to the provision of the Technology and Services by KorrAI under the KorrAI Agreement; the Company's anticipated exploration program at the Project; expected benefits of using the Technology and Services and the Company's partnership with KorrAI under the KorrAI Agreement;statements with respect to the provision of the Marketing Services by MIC. 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.
