VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) — Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3 | OTCQB: GXPLF), is pleased to announce that the 2026 winter drilling program (the “Program”) is underway at the Hook-Carter Uranium Project (“Hook-Carter”, or the “Project”) located in the southwestern Athabasca Basin region of Saskatchewan, Canada. The Project is owned 20% by Greenridge and 80% by Denison Mines Corp. (“Denison”), with Denison acting as operator of the Project. Hook-Carter is host to the interpreted northeastern strike extensions of parallel structural trends, including the Derkson Trend and the prolific Patterson Lake Corridor (“PLC”), along which multiple uranium deposits and showings have been discovered to the southwest of the Project.
Highlights of the Hook-Carter 2026 Drilling Program
- Denison and Greenridge plan to drill up to eight (8) diamond drill holes totaling approximately 4,600 metres.
- Drill targets were defined through the integration of detailed 2025 ground geophysical surveys with historical exploration data that identified key geological indicators of a potential mineralizing system.
- The 2026 drilling Program has commenced on the Derkson Trend, a northeast-southwest trending conductive corridor east of the PLC that remains underexplored at Hook-Carter (please see Figure 2). In 1978, drill hole DER-04 collared within the Derkson Trend intersected 0.24% U3O8 over 2.5 metres from 120.5 to 122.5 metres, approximately 4.25 kilometres to the south of the current boundaries of the Project.1
Figure 1 – Diamond drilling in progress at collar of hole HC26-016
Russell Starr, Chief Executive Officer of Greenridge stated: “The 2026 drilling Program at Hook-Carter represents the culmination of years of exploration efforts leading to the target areas developed by the joint venture’s work in 2025. The Company is pleased to be working with Denison on one of the most exciting uranium trends in the history of Athabasca Basin exploration.”
Figure 2 – Hook-Carter Uranium Project: Compilation Map of Uranium Deposits and Occurrences and Historical Exploration
The 2026 drilling Program is based from a temporary work camp located on the Project site and is expected to be completed by the end of March 2026. Denison, as Project operator, is committed to collaborating with Indigenous peoples and communities to build long-term, respectful, trusting, and mutually beneficial relationships and aspires to avoid any adverse impacts of Denison’s activities and operations, which intentions are expressed in Denison’s Indigenous Peoples Policy.
About Hook-Carter
Hook-Carter consists of eleven claims covering 25,115 hectares and is located in the southwest corner of the Athabasca Basin approximately 147 kilometres northeast of La Loche, Saskatchewan. Hook-Carter is interpreted to host the northeastern strike extension of the PLC, which hosts NexGen Energy’s Arrow uranium deposit (and a potential expansion of the width of the PLC with the recently discovered Patterson Corridor East zone), Paladin Energy Limited’s Triple R uranium deposit, and Purepoint Uranium Group’s Spitfire, Hornet, and Dragon zones in a joint venture with Cameco Corporation and Orano Canada (please see Figure 2).
The Project also overlies the interpreted strike extensions of the Carter and Derkson corridors, each of which represent highly prospective and under-explored structural corridors.
Details of the Hook-Carter Joint Venture Agreement
In October 2016, ALX Resources Corp. (“ALX”) and Denison entered into a purchase agreement whereby ALX sold an 80% interest in the Project in exchange for 7.5 million common shares in the capital of Denison. ALX retained a 20% interest in Hook-Carter, and Denison agreed to fund ALX’s share of the first $12.0 million of expenditures. On November 15, 2019, ALX and Denison executed a written acknowledgement with respect to the deemed formation of a joint venture between them upon Denison’s completion of a requirement to solely fund a minimum of $3.0 million of Project expenditures within an initial three (3) year funding period. From 2016 to 2023, Denison’s exploration expenditures at Hook-Carter totaled approximately $7.08 million, including the completion of surface and airborne geophysical programs, as well as nearly 12,000 metres of diamond drilling.
In May 2024, the Hook-Carter joint venture was amended whereby ALX could increase its ownership interest in the Project from 20% to 25% by funding the next $3.0 million of exploration at the Project by November 2026. On December 30, 2024, ALX was acquired by Greenridge by way of a Plan of Arrangement and Greenridge assumed ALX’s ownership interest and its funding obligations in the amended Hook-Carter joint venture.
Statement of Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Sean Hillacre, M.Sc., P. Geo., a geological consultant to the Company and a Qualified Person for Greenridge as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Hillacre has examined information regarding the historical and current exploration at Hook-Carter, which includes a high-level review of the historical sampling, analytical, and procedures underlying the information and opinions contained herein.
Management cautions that historical results collected and reported by operators unrelated to Greenridge have not been verified nor confirmed by its Qualified Person; however, the historical results create a scientific basis for ongoing work in at Hook-Carter. Management further cautions that historical results, discoveries and published resource estimates on adjacent or nearby mineral properties, or other properties located within the Athabasca Basin, whether in reference to stated current resource estimates or historical resource estimates, are not necessarily indicative of the results that may be achieved on the Project.
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | OTCQB: GXPLF | FRA: HW3) is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration, and development of critical mineral projects in Canada. The Company owns or has interests in 23 projects and additional claims covering approximately 269,246 hectares with considerable exposure to potential uranium, lithium, nickel, copper and gold discoveries. The Company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing mining projects.
Greenridge has one of the largest uranium property portfolios in Canada consisting of 14 projects and additional prospective claims covering approximately 190,932 hectares. The Company has opportunities to realize value in a further 9 strategic metals projects which include lithium, nickel, gold, and copper exploration properties totalling approximately 72,367 hectares. Property highlights include:
- The Black Lake property, located in the NE Athabasca Basin, (40% Greenridge, 50.43% UEC, 8.57% Orano Canada) saw a 2004 discovery hole (BL-18) return 0.69% U3O8 over 4.4m.2
- The Hook-Carter property (20% Greenridge, 80% Denison Mines Corp.) is strategically located in the southwest Margin of the Athabasca Basin, sitting ~13km from NexGen Energy Ltd.’s Arrow deposit and ~20 km from Paladin Energy’s Triple R deposit.
- The Gibbons Creek property hosts high-grade uraniferous boulders located in 2013, with grades of up to 4.28% U3O8 3, and the McKenzie Lake project saw a 2023 prospecting program return three samples which included 844 ppm U-total (0.101% U3O8), 273 ppm U-total, and 259 ppm U-total.4
- The Nut Lake property 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 depth.5 In 2024, Greenridge’s prospecting program located a float sample that returned 31.13% U3O8, sourced from the Tundra Showing.6
- The Firebird Nickel property has seen two drill programs (7 holes totaling 1,339 m), where hole FN20-002 intersected 23.8 m of 0.36% Ni and 0.09% Cu, including 10.6 m of 0.55% Ni and 0.14% Cu.7
- The Electra Nickel project 2022 drill program included results of 2,040 ppm Ni over 1m and 1,260 ppm Ni over 3.5m.8
The Company has strategic partnerships which includes properties being operated and advanced by Denison and Uranium Energy Corp. The Company’s management team, board of directors, and technical team brings significant expertise in capital raising and advancing mining projects and is poised to attract new investors and raise future capital.
References:
1 – Saskatchewan Mineral Assessment Database, Report #74F11-0008.
2 – Black Lake: UEX Corporation News Release dated October 12, 2004.
3 – Gibbons Creek: Lakeland Resources Inc. News Release dated January 8, 2014.
4 – McKenzie Lake: ALX Resources Corp. New Release dated November 7, 2023.
5 – Nut Lake: 1979 Assessment Report (number 81075) by Pan Ocean Oil Ltd.
6 – Nut Lake: Greenridge Exploration Inc. News Release dated February 19, 2024.
7 – Firebird Nickel: ALX Resources Corp. New Release dated April 15, 2020.
8 – Electra Nickel: ALX Resources Corp. New Release dated July 20, 2022.
On Behalf of the Board of Directors of Greenridge
Russell Starr
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: [email protected]
Disclaimer for Forward-Looking Information
This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward-looking statements or information.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Greenridge, future growth potential for Greenridge and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium, nickel, copper, gold, cobalt and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Greenridge’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward looking information and include, without limitation, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future; completion of the Program; and the expected benefits from conducting the Program. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions regarding, among other things, the geological, metallurgical, engineering, financial and economic advice that the Company has received is reliable and are based upon practices and methodologies which are consistent with industry standards. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of well results and the geology, continuity and grade of uranium, nickel, copper, gold, cobalt and other metal deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; increased costs and restrictions on operations due to compliance with environmental and other requirements; increased costs affecting the metals industry and increased competition in the metals industry for properties, qualified personnel, and management. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
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