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July 10, 2023 - GreenX Metals Limited (GreenX or the Company) is pleased to announce that it has entered into an Option Agreement (Agreement) with Greenfields Exploration Limited (GEX) to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland.
- Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
- Gold mineralisation documented at the high-priority Noa Pluton prospect within Eleonore North.
- Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
- Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
- Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1).
Figure 1: Eleonore North licence area showing the 6km diameter geophysical anomaly co-incident with gold veining visible at surface over some 15km at the high priority Noa Pluton prospect
- Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. The Project remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
- Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
- Option to earn 100% of the Project vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX’s election.
- Transaction provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works for the 2023 have already commenced at Eleonore North, with follow-on exploration field activities for the ARC project currently being planned.
- Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.
Mr Stoikovich, Chief Executive Officer of GreenX said: “The Eleonore North project diversifies GreenX with an exposure to gold and the bulk-tonnage target fits with the Company’s strategy of pursuing globally significant discoveries. Its location allows us to unlock significant operational synergies in future field seasons with our ARC copper project in northern Greenland in conjunction with our JV partner and project manager Greenfields Exploration. We believe the mineral potential of Greenland is enormous, and we are progressively working on unlocking this potential.”
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SUMMARY OF TERMS
GreenX will acquire a 100% interest in the Eleonore North project through the Option Agreement. Key terms of the Agreement are as follows:
- The option to acquire the Project vests once GreenX has spent A$600,000 on an agreed work exploration program for the Project within 12 months;
- Once the option has vested, GreenX can secure the Project on or before 30 June 2024 in return for:
- a 1.5% Net Smelter Royalty (NSR); plus
- a payment of A$250,000 in cash; plus
- a further payment of A$250,000 in cash or shares (with a floor price of A$0.30) in GreenX, at the Company’s election.
GEX will act as the project manager until 30 June 2024, with the option, under certain circumstances, to act as the project manager thereafter.
The Agreement provides GreenX with a low-cost entry point into gold exploration in Greenland, given the synergies of established team, infrastructure and equipment in Greenland for the ARC project. Eleonore North remains underexplored, and the existence of a possible Intrusion Related Gold system is a relatively new geological interpretation based on the historic data.
Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime. The country is increasingly recognised as one of the last great mineral resource frontiers having recently attracted interest from Anglo American, Glencore, Trafigura, as well as KoBold Metals which is exploring for materials critical for the electric vehicle and renewable energy revolutions.
--ENDS—
Competent Persons Statement
Information in this announcement that relates to Exploration Results is based on information compiled by Dr Jonathan Bell, a Competent Person who is a member of the Australian Institute of Geoscientists (AIG). Dr Bell is the Executive Director (Technical) of Greenfields Exploration Limited and holds an indirect interest in shares and performance rights in GreenX that are unaffected by Eleonore North. Dr Bell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Bell consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
This announcement has been authorised for release by the Board of Directors.
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