Greenridge Exploration's HTDEM Survey and Boulder Discovery: Unlocking the Athabasca Basin's Uranium Potential

Greenridge Exploration (GRD:CA) is positioning itself as a key player in the resurgent uranium sector with its strategic use of advanced geophysical surveys and recent discoveries at the McKenzie Lake Uranium Project. The company's June 2025 high-resolution HTDEM survey, combined with the discovery of a high-grade uranium-bearing boulder, has the potential to unlock significant value in one of the world's premier uranium districts. Here's why investors should take notice.

The Power of HTDEM Technology: Precision in a Proven Mining Belt

Greenridge's June 2025 helicopter-borne time-domain electromagnetic (HTDEM) survey, conducted using Axiom Exploration's Xcite™ system, represents a leap forward in exploration efficiency. The survey covered 403 line-kilometers at 200-meter spacing, the first modern-era deep-penetrating airborne electromagnetic survey in the McKenzie Lake area. This technology can detect conductive zones—such as graphitic horizons and sulfide mineralization—hundreds of meters below the surface, which are hallmark features of high-grade uranium deposits like those at the McArthur River and Cigar Lake mines.

The survey's data will be integrated with historical datasets, including a 2021 airborne magnetic and radiometric survey that identified radioactive anomalies. This synergy allows Greenridge to cross-reference conductive zones with surface anomalies, prioritizing drilling targets with unprecedented precision. For context, .

The 0.101% U3O8 Boulder: A Near-Surface Clue to Deep-Rooted Potential

In October 2023, Greenridge discovered a large angular boulder at McKenzie Lake assaying 0.101% U3O8 (844 ppm U-total). Its angular shape and proximity to surface anomalies suggest it originated from a nearby bedrock source, reducing the risk of long-distance glacial transport. This discovery validated the project's exploration model and aligns with recent high-grade uranium finds in the region, such as the Gemini Project (Atha Energy) and the Ackio Zone (Baseload Energy).

The boulder's association with hydrothermal hematite alteration further indicates a proximate mineralized source. By combining this surface evidence with subsurface HTDEM data, Greenridge aims to trace the boulder's uranium-rich bedrock source—a critical step toward identifying drill-ready targets.

Portfolio Strength in the Athabasca Basin: A Diversified Play on Rising Uranium Prices

Greenridge's acquisition of ALX Resources in 2024 expanded its Athabasca Basin holdings to 221,509 hectares, including flagship projects like Black Lake, Sabre, and Ackie (with an inferred resource of 10.7 million lbs U3O8). The McKenzie Lake Project sits in the basin's eastern margin, adjacent to major mines and recent discoveries, enhancing its geological credibility.

The company's multi-project strategy minimizes risk while capitalizing on a $42/lb uranium price (up 50% since late 2022) and rising global demand. With $150 million market cap and a price-to-resource ratio below peers, Greenridge offers leverage to uranium's renaissance without the valuation premiums already baked into established producers.

Risks and Catalysts: A Data-Driven Path to Discovery

Greenridge's success hinges on the HTDEM survey's ability to identify conductive zones linked to high-grade uranium. Positive drill results from prioritized targets—expected in late 2025—could revalue the company's shares significantly. Risks include geological uncertainty and exploration costs, but Greenridge's low-cost, data-driven approach mitigates these risks by minimizing dilution and focusing on high-potential zones.

Investment Thesis: Capitalizing on Early-Stage Upside

Investors seeking exposure to the uranium sector should consider Greenridge as an undervalued, high-potential exploration play. Key catalysts include:
1. HTDEM Data Release: Expected in Q3 2025, this could pinpoint drill targets.
2. Drilling Results: Initial assays from prioritized zones in late 2025 could validate the project's potential.
3. Uranium Price Momentum: With global demand projected to grow 50% by 2040 (World Nuclear Association), Greenridge is well-positioned to benefit.

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Final Thoughts

Greenridge's McKenzie Lake Project exemplifies the power of advanced geophysics to de-risk exploration in a world-class uranium district. The combination of the HTDEM survey's precision, the boulder discovery's geological clues, and the company's robust portfolio positions it to capitalize on a sector primed for growth. With a low valuation and a clear path to deliver high-grade targets, this is an opportunity to invest early in a company poised to thrive as uranium demand surges.

Investment Recommendation: Consider a long position in GRD:CA ahead of the HTDEM data release, with a focus on the 2025 drilling campaign. Set a stop-loss at a 20% decline from entry and target a 50% upside if drill results meet expectations.