Greenridge's HTDEM Survey at McKenzie Lake: A Catalyst for Unlocking High-Grade Uranium Wealth

The Athabasca Basin in Saskatchewan remains the world's preeminent uranium-producing region, home to some of the highest-grade deposits ever discovered. Yet, as global demand for uranium surges amid the energy transition, explorers are racing to unlock new reserves. Greenridge Exploration (TSXV: GXP) is now at the forefront of this quest, having deployed cutting-edge technology to de-risk its McKenzie Lake Uranium Project—a project situated in the heart of one of the most prolific uranium belts on the planet. The company's recent airborne electromagnetic (AEM) survey, leveraging Axiom Exploration's proprietary Xcite™ HTDEM system, could prove transformative, positioning GXP as a top-tier uranium play poised to capitalize on rising prices and geopolitical tailwinds.

The Xcite™ HTDEM Advantage: Precision in Depth

The Athabasca Basin's uranium deposits are famously associated with conductive structural corridors—graphitic horizons and sulfide mineralization that the Xcite™ HTDEM system is uniquely designed to detect. Unlike older survey methods, this technology penetrates hundreds of meters below the surface, mapping conductive zones that could host high-grade uranium. At McKenzie Lake, the survey will cover 403 line-kilometers at 200-meter spacing, marking the first modern-era deep-penetrating AEM survey of the area. This is no small feat: the region's complex geology has historically limited exploration efficiency, but Xcite's capabilities could redefine the project's potential.

Why does this matter? The Athabasca's high-grade uranium deposits, such as the McArthur River and Cigar Lake mines, are typically hosted in conductive structures that older surveys might miss. By systematically mapping these zones, Greenridge reduces the risk of drilling in non-prospective areas—a critical advantage in a sector where exploration costs are high and geological uncertainty is costly.

De-Risking Through Data Synergy

Greenridge's approach isn't just about the Xcite™ HTDEM survey—it's about data integration. The 2025 survey will build on a 2021 airborne magnetic and radiometric survey that identified radioactive anomalies, guiding subsequent ground sampling. In October 2023, this strategy paid off when a helicopter-supported team discovered Boulder #1, a large angular boulder assaying 0.101% U3O8. Crucially, the boulder's angular shape suggests it originated from a nearby bedrock source, reducing the risk that mineralization was transported long distances by glacial activity. This discovery validated the surface anomalies detected in earlier surveys, proving the efficacy of Greenridge's exploration model.

The 2025 HTDEM data will now be layered with this historical information to refine targets for drilling. By cross-referencing conductive zones (from HTDEM) with radiometric anomalies and geological context, Greenridge can prioritize high-potential zones with unprecedented precision. This integration isn't just smart science—it's a risk mitigation strategy that could save millions in unnecessary drilling costs.

Strategic Positioning in a Bull Market for Uranium

The uranium sector is primed for a comeback. The global push to decarbonize has reignited demand for nuclear power, with governments like the U.S. and EU prioritizing uranium for energy security. The World Nuclear Association projects a 50% increase in uranium demand by 2040, yet supply remains constrained. With existing mines aging and few new discoveries, the path to profitability for explorers like Greenridge is clear: deliver high-grade deposits with minimal exploration risk.

Greenridge's McKenzie Lake Project sits in a geological sweet spot. It lies adjacent to the Gemini Project (drilled by Cameco in 2021) and the Ackio Zone (discovered by Baseload Energy in 2021), both of which demonstrated the region's potential for large, high-grade deposits. The proximity to these successes reduces project-specific risk while aligning Greenridge with a proven geological model.

The Investment Case: GXP as a Leveraged Play on Uranium

Greenridge's strategic portfolio further strengthens its appeal. The company's acquisition of ALX Resources in 2024 added projects like Ackie (which hosts a NI 43-101-compliant inferred resource of 10.7 million lbs U3O8) and Mackay-Rustic, diversifying its exposure to the Athabasca Basin's best opportunities. With Xcite™ HTDEM data now guiding exploration, McKenzie Lake could become the next catalyst for growth.

Investors should note two critical factors:
1. Rising Uranium Prices: The U3O8 spot price has rebounded to $42/lb (up from $28/lb in late 2022), but analysts expect prices to climb further as utilities secure long-term supply. High-grade deposits like those in the Athabasca will command premium valuations.
2. Low Cost of Exploration: Greenridge's focus on data-driven de-risking means capital is allocated efficiently, reducing dilution and positioning the company to outperform peers in a rising uranium market.

Conclusion: A Rare Confluence of Technology, Geology, and Timing

Greenridge's McKenzie Lake Project is a textbook example of how modern exploration technology can unlock value in a world-class basin. The Xcite™ HTDEM survey isn't just an incremental step—it's a leap forward in de-risking the project, leveraging data synergy to pinpoint high-grade targets. With rising uranium prices, a favorable geopolitical backdrop, and a portfolio of premier Athabasca assets, Greenridge is uniquely positioned to capitalize on the sector's renaissance.

For investors, GXP presents a compelling opportunity: a leveraged play on uranium's resurgence with a low-risk profile relative to peers. The upcoming drill results from McKenzie Lake could be a catalyst for revaluation, making this a stock to watch closely in the coming quarters. In a market hungry for quality uranium stories, Greenridge is no longer flying blind—it's mapping its path to success.

Recommendation: Consider accumulating GXP shares ahead of the 2025 HTDEM data release. With a current market cap of ~$150 million and a price-to-resource ratio that lags peers, there's significant upside potential if the survey identifies drill-ready targets. Stay tuned for the next chapter in Greenridge's exploration story—it could redefine the company's trajectory.