The unconformity came in at 712 meters. About seven meters deeper, a downhole gamma probe started registering radioactivity along fractures, peaking at 3,806 counts per second.
It was the first hole Green Canada Uranium Corp. (TSXV: GCUC) has ever drilled at its Marshall project in Saskatchewan’s Athabasca Basin, and it came less than three weeks after the company’s shares were set to begin trading on the TSX Venture Exchange.
Green Canada Uranium Hits Radioactivity in Marshall Hole MRL-001
Green Canada reported on September 28 that drillhole MRL-001 intersected anomalous radioactivity over a 6.2 meter interval, from 719.3 to 725.5 meters downhole, with readings between 100 and 3,806 counts per second. The host rock is graphitic pelite, a graphite-bearing basement rock. According to the company, the radioactive zone sits inside a reactivated brittle-ductile fault zone, and patchy secondary hematite was logged in shear bands close to the structure.
The unconformity itself, the boundary between the Athabasca sandstone and the older basement rock beneath it, was the target. The company’s September 16 drilling release had interpreted it at 725 meters. The drill found it at 712.
Location is a large part of the pitch. Marshall lies 30 kilometers southwest, on trend, of CanAlaska Uranium Ltd. (TSXV: CVV; OTCQX: CVVUF)’s Pike Zone discovery on the West McArthur project. MRL-001 was drilled into the southeastern of two parallel ground electromagnetic conductors, zones of electrically conductive rock the company ranked as high-priority targets, which sit along an eight kilometer circular airborne conductivity anomaly.
Executive Chairman Rick Mazur called it “an extremely significant result” for a grassroots project. The drillhole table in the same release still lists MRL-001 as active, with a planned end-of-hole depth of 802.5 meters.
Marshall Gamma Readings Are Not Assays, and No Grade Is Reported
A gamma probe counts radiation. It does not measure how much uranium is in the rock.
Counts per second, or cps, record how many gamma rays the probe detects as it moves down the hole; the release identifies the tool as a TGGS5307 downhole gamma probe. Turning that into a uranium grade requires laboratory assays of the drill core. The September 28 release reports none and gives no date for them. No NI 43-101 resource estimate for Marshall was identified in any release reviewed for this article; NI 43-101 is the Canadian standard governing how mining companies disclose technical results.
Mazur’s comment describes intersecting uranium. The data in the release describe radioactivity. Only assays will show whether those turn out to be the same thing.
Rhys Davies, a consultant to the company, compiled or reviewed the exploration results. The release states he qualifies both as a Competent Person under Australia’s JORC Code, the Australian reporting standard, and as a Qualified Person under NI 43-101.
The release also contradicts itself on the second hole. Its text says MRL-002 has already been collared, meaning drilling has started, about 500 meters from the first hole. Its drillhole table lists MRL-002 as planned.
Green Canada Uranium’s September 1 Reverse Takeover and Who Owns the Shares
Green Canada reached the market through a reverse takeover, a deal in which a private company merges into an already-listed shell and the private company’s shareholders end up in control. The shell was MAACKK Capital Corp. The transaction closed on September 1 through a three-cornered amalgamation, with each Green Canada Corporation share exchanged for one share of the renamed issuer. Ahead of closing, MAACKK consolidated its shares 6.25 to 1.
After all of the closing transactions, the company reported 63,824,480 shares outstanding, along with 3,928,039 warrants and 2,950,000 options. PTX Metals Inc. (TSXV: PTX) holds 18,166,700 shares, about 28.46% on a non-diluted basis. Basin Energy Limited (ASX: BSN), the Australian vendor of the Marshall project, holds 7,324,062 shares, about 11.54%. The release does not state the percentage retained by legacy MAACKK shareholders.
Greg Ferron is chief executive of Green Canada and is also named as CEO of PTX Metals in the same release. Chief Financial Officer Cindy Davis is also PTX Metals’ CFO.
The concurrent financing totaled C$2,922,580 across several non-brokered private placements between January and June 2026. The last tranche was flow-through: 3,201,392 charity flow-through units at C$0.25 and 955,000 flow-through units at C$0.20, with warrants exercisable at C$0.22 for 24 months. Flow-through shares pass the tax deductions for Canadian exploration spending to investors, and the company must spend that money on qualifying exploration.
Green Canada Corporation reported no revenue in any period presented through March 31, 2026, and a net loss of C$88,543 for that quarter.
The shares trade on the TSX Venture Exchange only. No US OTC quotation was identified in the sources reviewed, so US investors should check with their broker on whether the shares can be bought and settled through their account.
Marshall Deal Terms Include Cash Installments and a Basin Energy Buyback Right
Marshall covers seven mineral claims totaling 11,225.24 hectares. To acquire it, Green Canada agreed to pay Basin Energy C$600,000 in cash in four equal installments of C$150,000 over three years, the first due at closing. A separate C$300,000 is payable in three installments: the first was settled with 588,235 shares at C$0.17, and the remaining two C$100,000 payments are due in cash over two years. Basin Energy also received 6,376,066 shares.
Basin Energy kept more than shares. It holds a three-year right of first refusal on any sale of Marshall. It can also buy back up to 25% of the project for C$1,000,000, a right that runs until five years after closing or until C$10,000,000 has been spent on exploration, whichever comes first, and that carries a board nomination while it lasts.
Green Canada committed to fund at least C$1,500,000 of Marshall exploration within 24 months of closing. CanAlaska operates the project and earns a fee equal to 20% of initial exploration expenditures.
The company’s own forward-looking statements list access to additional financing among the assumptions behind meeting that commitment and the remaining installments owed to Basin Energy.
Green Canada Uranium’s Next Dated Milestones at Marshall and North Millennium
MRL-002 targets the second parallel conductor at a planned target depth of 735 meters, with an end-of-hole depth of 835 meters, per the September 28 drillhole table. No date has been given for assay results from either hole.
Flow-through exploration expenses from the final financing tranche are to be renounced to investors effective no later than December 31, 2026.
A nine-month exclusivity period granted by CanAlaska and Basin Energy, effective at the reverse takeover closing, gives Green Canada the right to conduct due diligence and negotiate an earn-in option for up to 51% of their North Millennium joint venture project. No earn-in agreement has been announced. Green Canada issued 600,000 shares to CanAlaska and 400,000 to Basin Energy for the exclusivity.
The C$1,500,000 minimum Marshall exploration commitment runs through 24 months after the closing announced September 1.
Sources
- Newsfile: Green Canada Discovers Anomalous Radioactivity on First Drillhole at Marshall Project, Athabasca Basin, September 28, 2026
- Newsfile: Green Canada Uranium Commences Drilling on Marshall Project, Athabasca Basin, September 16, 2026
- Newsfile: Green Canada Uranium to Begin Trading on TSXV Venture Exchange on September 9, 2026, September 4, 2026
- Newsfile: Green Canada Uranium Announces Closing of Reverse Takeover, Concurrent Financing and Acquisition of the Marshall Project, September 1, 2026
- Newsfile (via Nasdaq): CanAlaska Appoints New Vice President Exploration, September 21, 2026 (ticker and exchange listing reference)
Editorial Disclosure
This article is based entirely on publicly available information, principally Green Canada Uranium Corp.’s own releases distributed via Newsfile. The security discussed is Green Canada Uranium Corp. (TSXV: GCUC). Also referenced are CanAlaska Uranium Ltd. (TSXV: CVV; OTCQX: CVVUF), named as project operator and holder of the Pike Zone discovery; PTX Metals Inc. (TSXV: PTX), named as a shareholder; and Basin Energy Limited (ASX: BSN, Australian Securities Exchange), named as the Marshall project vendor and a shareholder. aktiego.com has not received any compensation from Green Canada Uranium, any company named, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security named at the time of publication.
The Marshall results are radiometric readings, in counts per second from a TGGS5307 downhole gamma probe, and are not assays. No uranium grade has been reported, the release gives no timeline for assays, and no NI 43-101 resource estimate for Marshall was identified in the sources reviewed. The Executive Chairman’s statement that the company intersected uranium is the company’s own characterization; the data in the release describe anomalous radioactivity. The release’s text states MRL-002 has been collared while its drillhole table lists MRL-002 as planned. The exploration results were compiled or reviewed by Rhys Davies, a consultant to the company.
Green Canada Uranium became a listed issuer through a reverse takeover of MAACKK Capital Corp., a listed shell, announced as closed on September 1, 2026, with shares scheduled to begin trading on the TSX Venture Exchange on September 9, 2026. Each Green Canada Corporation share was exchanged one-for-one; after closing, PTX Metals held approximately 28.46% and Basin Energy approximately 11.54% of 63,824,480 shares outstanding on a non-diluted basis, and the release does not state the percentage held by legacy MAACKK shareholders. The company has disclosed no revenue. No specific cash runway was identified in the sources reviewed. The company’s CEO and CFO hold the same roles at PTX Metals, its largest disclosed shareholder. Per the company’s own disclosure, director Peter Cheung was Interim CEO and CFO of Discover Wellness Solutions Inc. when the Alberta Securities Commission issued a cease trade order on May 6, 2022, for failure to file required periodic disclosure.
Outstanding warrants (3,928,039, including compensation warrants) and options (2,950,000) represent potential dilution. The company owes further cash installments to Basin Energy, has committed to a minimum C$1,500,000 Marshall exploration program within 24 months of closing, and lists access to additional financing among its own forward-looking assumptions. Basin Energy holds a right of first refusal on any sale of Marshall and a right to repurchase up to a 25% interest for C$1,000,000. The North Millennium arrangement is an exclusivity right to conduct due diligence and negotiate; it is not a signed earn-in option, and no earn-in has been announced.
Green Canada Uranium’s shares trade on the TSX Venture Exchange. No US OTC quotation or DTC eligibility confirmation was identified in the sources reviewed; DTC eligibility determines whether US brokers can settle a security electronically. US investors should check with their broker on availability. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the company’s releases, per the company’s own standard disclosure.
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