REG - GreenX Metals Ltd - Historical Core Logging Program at Tannenberg

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RNS Number : 9576M  GreenX Metals Limited  16 June 2025

NEWS RELEASE  16 JUNE 2025

HISTORICAL CORE LOGGING AND SAMPLING PROGRAM TO COMMENCE AT TANNENBERG

HIGHLIGHTS

·    Historical core logging and sampling program planned in
collaboration with and funded by the BHP Xplor program

·   Core from 47 historical drill holes from the Tannenberg Copper Project
are now accessible for comprehensive re-evaluation using modern techniques

·   Program provides major opportunity to unlock untested copper potential
with significant gaps in historical data presenting discovery upside

o  18 holes never assayed - representing completely untested copper potential

o  29 holes with limited historical assaying focused only on narrow 5m width
across the T1 shale (Kupferschiefer) horizon, with true extent of potential
mineralised interval untested

·   Modern understanding reveals potential for substantially wider
mineralised intervals based on Poland's world-class KGHM Kupferschiefer mines
where copper mineralisation can be offset up to 30m above and 60m below the T1
shale horizon

·    Potential to discover previously unrecognised mineralisation in
hanging wall limestone and footwall sandstones using modern analytical
techniques

·    Strong indications of mineralisation extending beyond the historically
sampled intervals already identified in the archived core including previously
reported drill hole results:

o  Ro 45 ends in 1% Cu after 2.7 m @ 1.6% Cu & 19 g/t Ag from 268 m

o  Ro 22 starts in 0.67% Cu for 3.14 m @ 1.2% Cu & 15 g/t Ag from 436 m

o  Ro 41 starts in 0.45% Cu at 414 m and did not fully capture hanging wall
mineralisation

o  Ro 38 ends in 0.37% Cu at 538 m and did not fully capture footwall
mineralisation

·    Comprehensive 4km core logging and 2km assay program using advanced
hyperspectral scanning technology not available to historical  operators

·   Enhanced geophysical dataset through petrophysical measurements to
optimize future exploration targeting

 

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or Company) is pleased to
advise that work on historical drill cores from the Tannenberg Copper Project
(Tannenberg or Project) will soon commence.

GreenX CEO, Mr Ben Stoikovich, said "There is tremendous value to be gained
from the historical core at Tannenberg. These historical holes were drilled,
but not properly assayed. For very little cost, we will gain a lot of new
information about the Kupferschiefer mineral system at Tannenberg. This work
package is funded by the BHP Xplor grant up to USD$500,000 announced in
January 2025. The historical core program was planned in collaboration with
the BHP Xplor team and the results are expected to expand known copper
mineralisation and aid exploration targeting within this large-scale,
high-grade, and shallow brownfield historical mining district in central
Germany."

 

The work package involves geological logging, sampling, assaying, and
hyperspectral scanning of core from 47 drill holes from within the Tannenberg
1 and 2 licences. Results are expected to confirm and expand known copper
mineralisation. There is also potential for the identification of completely
new mineralisation in 18 holes which have no recorded historical assays.

 

Figure 1: Distribution of historical holes selected for logging and assaying.

 

Historical Core Program

The Richelsdorf Mining District has seen a considerable amount of drilling.
Some drilling was for copper exploration and mine development, while other
holes were sunk for other purposes, such as oil and gas exploration. Within
the Tannenberg licences, cores from 47 historical holes that intercepted the
target stratigraphy  exist in the Hesse state core archives, and are
available for modern analysis.

These past exploration efforts were technically-limited by the prevailing
geological model at the time which considered copper mineralisation to be
syngenetic with the thin Kupferschiefer shale. The Company's hypothesis that
copper mineralisation exists outside of the shale is already well-supported by
historical assays and channel samples from historic mines operating in the
Tanneberg license area. Modern-day mining of Kupferschiefer-style copper in
Poland also supports the hypothesis because mineralisation can be offset by up
to 30 m above and 60 m below the T1 horizon.

Most historical assaying at Tannenberg has focussed on the shale. They most
common coverage is only 5 m of sampling around the T1 shale.  Kupferschiefer
copper is known to be difficult to visually identify, and in many cases the
outdated deposit model led previous geologists to stop sampling for copper
mineralisation outside of the T1 shale.

The planned core program involves re-logging, re-assaying, hyperspectral
scanning, as well as the collection of petrophysical measurements. Where
appropriate, assaying and hyperspectral scanning will cover up to 30 m above
and 60 m below the T1 shale.

Results from this historical core program are expected in Q4 2025.

 

Figure 2: Historical drill core from Ro 45, 1.6% Cu and 19  g/t Ag over 2.7 m
from 268 m.

Upcoming Work Programs

The historical core program sits within a larger exploration work program
planned in collaboration with and funded by the BHP Xplor program. Key
features of GreenX's 2025 exploration program at Tannenberg include:

·      Logging, assaying, and hyperspectral scanning of historical core;

·      airborne magnetic and radiometric survey (flown in May);

·      Analysis of historical geophysical data; and

·      Collation of historic mining and production data.

INCENTIVE SECURITIES

In order to incentivise management and align their interests with
shareholders, the Company will issue incentive options which will only vest if
the following project milestones at Tannenberg are achieved:

·      Class A: the public announcement by GreenX of an independently
assessed JORC Code inferred resource of at least 250,000 tonnes of contained
copper equivalent at a minimum resource grade of 1% Cu Equivalent** (or
equivalent, with a cut-off grade of 0.5% Cu equivalent); and

·      Class B: the public announcement by GreenX of an independently
assessed JORC Code inferred resource of at least 500,000 tonnes of contained
copper equivalent at a minimum resource grade of 1% Cu Equivalent** (or
equivalent, with a cut-off grade of 0.5% Cu equivalent).

 Director                                                               Class A                   Class B

A$1.05 options expiring
A$1.20 options expiring

31 May 2029
31 May 2030
 Mr Benjamin Stoikovich                                                 1,200,000                 1,200,000

 (subject to shareholder approval)
 Mr Mark Pearce                                                         600,000                   600,000

 (subject to shareholder approval)
 Other key employees and consultants (to be issued under the Company's  5,000,000                 5,000,000
 shareholder approved equity incentive plan)

 

**Cu Equivalent means any combination of Cu, Ag, Ni, Co, Cr, Pt, Pd, Au, Rh,
Ru, Ir, Os, Zn and/or Pb.

 

ENQUIRIES

 Ben Stoikovich

Chief Executive Officer

 +44 207 478 3900

 

Competent Persons Statement

The information in this report that relates to exploration results were
extracted from the ASX announcements dated 2 August 2024 and 28 April 2025
which are available to view at www.greenxmetals.com
(http://www.greenxmetals.com) .

GreenX confirms that (a) it is not aware of any new information or data that
materially affects the information included in the original announcement; (b)
all material assumptions and technical parameters underpinning the content in
the relevant announcement continue to apply and have not materially changed;
and (c) the form and context in which the Competent Person's findings are
presented have not been materially modified from the original announcement

Forward Looking Statements

This release may include forward-looking statements, which may be identified
by words such as "expects", "anticipates", "believes", "projects", "plans",
and similar expressions. These forward-looking statements are based on
GreenX's expectations and beliefs concerning future events. Forward looking
statements are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of GreenX, which could cause actual
results to differ materially from such statements. There can be no assurance
that forward-looking statements will prove to be correct. GreenX makes no
undertaking to subsequently update or revise the forward-looking statements
made in this release, to reflect the circumstances or events after the date of
that release.

This announcement has been authorised for release by the Mr Ben Stoikovich,
Chief Executive Officer

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