12:19 PM EDT, 05/30/2024 (MT Newswires) -- Greenridge Exploration (GXP.CN) on Thursday said it reached an option agreement with ALX Resources ( ALXEF ) and Pacton Gold to acquire a 100% interest in the Carpenter Lake Uranium Project located in the Athabasca Basin in Saskatchewan.

The company said it agreed to pay $200,000 in cash and 1.5-million shares priced at $0.82 for the property, while committing to spend $1 million on exploration over three years.

The project consists of 7 mineral claims covering 13,387 hectares near the Southern Margin of the Athabasca Basin.

"The Carpenter Lake Project compliments the company's uranium portfolio perfectly. Greenridge is now positioned with highly advanced projects in the world's top uranium jurisdictions, the Athabasca Basin and the Thelon Basin," chief executive Russell Starr said in a release.

Price: 1.03, Change: +0.01, Percent Change: +0.98