Greenridge Exploration Completes 100% Earn-in for the Electra Nickel Project
Executive Summary
- Greenridge Exploration Inc. has fulfilled all obligations under its December 17 2020 option agreement and earned a 100% interest in the Electra Nickel Project (212 claim units, 4,571 ha) in Ontario’s Shebandowan Greenstone Belt.
- Consideration included $135,000 cash, issuance of 1,000,000 ALX common shares at varying prices, and completion of over $500,000 of eligible exploration expenditures.
- The Electra Project hosts historic nickel‑copper‑cobalt mineralization, significant gold showings (up to 82.5 g/t Au), and is adjacent to a large indicated/inferred gold resource at the nearby Tower Mountain Gold Property.
Key Details
- Project Overview
- Location: ~35 km NW of Thunder Bay, Ontario, within the Shebandowan Greenstone Belt.
- Size: 212 claim units covering 4,571 ha.
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Target commodities: Ni‑Cu‑Co, PGEs, and gold.
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Historical Context
- Nearby past‑producing Shebandowan Mine (1972‑1998) yielded 9.29 Mt @ 1.75% Ni, 0.88% Cu, 0.063% Co, 1.83 g/t PGEs.
- 1995 Hemlo Gold mapping identified gold up to 82.5 g/t Au over a 700‑m strike on the northeast shore of Bateman Lake.
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Adjacent Tower Mountain Gold Property (Thunder Gold Corp.) holds an indicated resource of 514,000 oz Au @ 0.46 g/t and an inferred resource of 3,053,000 oz Au @ 0.45 g/t (effective Jan‑19‑2026).
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Exploration Highlights
- ALX Resources (wholly owned by Greenridge) conducted a VTEM survey in early 2021, revealing multiple conductors.
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Diamond drilling (8 holes, 2022 & 2024) produced notable intercepts:
- Hole Elec22‑01: 1,260 ppm Ni over 3.5 m (66.90–70.40 m) and 2,040 ppm Ni over 1.0 m (129.85–130.85 m).
- Hole Elec22‑06: 1,054 ppm Ni over 10.5 m (13.00–23.50 m).
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Consideration Paid to Vendors
- Cash: $135,000.
- Shares of ALX issued: 1,000,000 common shares at tiered prices ($0.08, $0.085, $0.035, $0.035, $0.03) plus 4,500 Greenridge shares deemed at $0.395 each.
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Exploration expenditures: >$500,000 incurred between 2021‑2026.
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Royalty Structure
- A 2.5% net smelter return (NSR) royalty is payable to the Vendors on mineral sales.
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Greenridge may purchase up to 1.5% of this NSR in 0.5% increments for $500,000 per increment.
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Qualified Person Review
- Technical information reviewed and approved by Sean Hillacre, M.Sc., P.Geo., Qualified Person under NI 43‑101.
Notable Quotes
“The acquisition of a 100% interest in Electra significantly expands our critical metals portfolio and positions Greenridge to advance a highly prospective nickel‑copper‑cobalt project with adjacent high‑grade gold resources,” – Russell Starr, CEO & Director.