Communicators

20 JANUARY 2022, GreenX Metals Limited (GreenX or the Company) is pleased to report the findings from ongoing geological analysis at the Arctic Rift Copper Project (ARC or ARC Project). The latest analysis identifies new “walk-up” native copper and copper sulphide targets for the upcoming field program (Figure 1).

GreenX in collaboration with its joint venture (JV) partner Greenfields Exploration Ltd (GEX) has advanced its understanding of ARC in northern Greenland. A recent structural geology report describes for the first-time structural features that are tied to the widespread copper sulphide and native copper mineralisation. In addition, an ongoing review of historical notes has identified a location containing two types of native copper mineralisation that further strengthens the ARC’s analogy with the economically significant Keweenaw Peninsula in Michigan, USA, which contained a total pre-mined endowment of 16 Mt of copper.

This validates the JV’s geological modelling on ARC and provides multiple new targets for sampling during the upcoming field season.

Mr Stoikovich, Chief Executive Officer of GreenX Metals said: “The latest supporting evidence for extensive and intense copper mineralisation in an entirely new province is very exciting. This true first-mover opportunity has tremendous potential for multiple major new copper discoveries.”

Dr Bell, Project Leader said: “Our low-cost mineral system analysis program continues to gain momentum. The concepts for the new province are rapidly gaining supporting evidence and the precision of our targeting is increasing markedly. This greatly improves the efficiency of our upcoming field programs.”

Figure 1: Draped satellite imagery over digital terrain model. Orthogonal view is towards the north looking down Neergaard valley. New structural interpretations showing the identified reverse faults and newly identified targets Neergaard Dal and the Knuth Fault look-alike of the Discovery Zone.

Structural Geology Review

A structural review of the currently available datasets ARC’s geology was recently conducted by specialist consultant Dr Mark Munro[i]. It was confirmed that the known copper mineralisation (Figure 2), including the native copper and Discovery Zone copper sulphides, is associated with reverse faults. Reverse faults are considered to be an important structural control on mineralisation at ARC, with the recent study both extending the known reverse faults with associated mineralisation and identifying new reverse faults (Figure 3).

Figure 2: ARC licence area showing historical geochemistry, the Minik Anomaly and identified faults

Figure 3: Significant reverse faults identified within ARC (Note: while reverse motion is constrained, the lateral/strike-slip motion is uncertain)

Eigil Reverse Fault

Reverse faults are associated with the Discovery Zone copper sulphides (Figure 4), from which high-grade results have previously been reported (GreenX press release, dated 6th October, 2021). This set of faulting is now known as Eigil (Figure 3). The Discovery Zone includes 4.5m grading 2.15% Cu and 35.5 g/t Ag (true width, Chip Line #7); and samples from the 3m long Trench #1 grading 5.28% Cu and 112 g/t Ag and 3.55% Cu and 263g/t Ag (Figure 5).  (GreenX press release, dated 6th October, 2021). This at-surface copper sulphide mineralisation is known to have a strike extent of more than 2 km trending beneath the shallow cover of the valley (Figure 4).

Figure 4: Oblique image of Neergaard Valley, showing the Discovery Zone

(Note:  The assay values represent individual high-grade samples previously disclosed in Appendix A of the 6 October 2021 news release)

Figure 5: Intense “Black Earth” copper mineralisation from within the Discovery Zone

(This photo is of sample 3608 within Trench #1, as previously disclosed on 6 October 2021)

The review by Dr Mark Munro has identified the Eigil reverse fault, an extension of the Discovery Zone, that trends to the northwest into Independence Fjord. This demonstrates known mineralised structures intersecting the Zig-Zag flood basalts (Figure 6), and further strengthens the ARC’s analogy with the prolific and economically significant Keweenaw Peninsula.  At this analogy in Michigan, the mineralised reverse faults are the fluid transport conduits for the strata bound native copper deposition in flood basalts, and copper sulphides in the overlying sediments. The Keweenaw Peninsula contained a pre-mining endowment of +7 Mt of copper contained in sulphides and 8.9 Mt of native copper. 

Figure 6: Extension of the Discovery Zone Fault (‘Eigel’)

(Note:  This fault is in Independence Fjord, at approximately (82.03046, -27.17269), and the cliff height at the top of the fault is approximately 450m. The fault displays a southwest side-up (reverse) displacement)

Source:  Photo taken in August 2021 and kindly supplied by Arctic Capacity Aps

Knuth Fault

A second subparallel, northwest-trending reverse fault known as Knuth, is located 7 km to the southwest of Eigil (Figure 3). The Knuth Fault shows similar reverse motion and has never been sampled and represents an entirely new, easily tested zone that is highly prospective for copper mineralisation. Conceptually, Knuth has a similar strike extent to that of Discovery Zone, creating the potential for a new area of high-grade mineralisation.

Valley Fault

A third reverse fault is identified 15 km southwest of Knuth (Figure 3). The JV partners' extrapolation of this fault has it trending towards the Neergaard Dal native copper occurrence. At this occurrence in 1979, Government geologists found native copper clasts in scree below a cliff face with breccia-hosted and basalt-hosted copper mineralisation.

A new feature identified by Dr Munro is a fault that roughly trends north-south to NNE-SSW striking (defined by the Neergaard Valley) (Figure 3) with indications of a west-side-up, east-side-down movement. The Valley Fault may also have a reverse movement given the compression from an ancient mountain building event to the east. Both native copper and copper sulphides are known to occur at the confluence of the Valley Fault and the younger orthogonal reverse faults[ii].

These observations are important as they reduce the number of faults to be examined and provide targets that can quickly be evaluated in the field.  Consequently, the search space and hence exploration costs have been reduced, and timelines shortened.

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ABOUT THE ARCTIC RIFT COPPER PROJECT

The Arctic Rift Copper Project is an exploration joint venture between GreenX and GEX.  GRX can earn 80% of ARC by spending A$10 M by October 2026. The ARC Project is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.  This province is thought to be analogous to the Keweenaw Peninsula of Michigan, USA, which contained a pre-mining endowment of +7 Mt of copper contained in sulphides and 8.9 Mt of native copper.  Like Keweenaw, ARC is known to contain at surface, high-grade copper sulphides, ‘fissure’ native copper, and native copper contained in what were formerly gas bubbles and layers between lava flows.

—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 Managing Director of Greenfields Exploration Limited and holds an indirect interest in performance rights in Prairie. 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 Mr Ben Stoikovich, CEO

Please follow the link to view entire original news in English:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02477256-6A1072982?access_token=83ff96335c2d45a094df02a206a39ff4

[i] Munro, Mark (2021). “Structural Review of the Arctic Rift Copper Project, Greenland”, Munro Geoscience Pty Ltd

[ii] While available data highlights reverse components along a number of the Northwest-trending faults, key exposures suggest that some record extensional (normal) activation. This suggests a history of potential reactivation.