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REG - GreenX Metals Ltd - New High Priority Targets Identified at ELN

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RNS Number : 2906E  GreenX Metals Limited  14 May 2026

NEWS RELEASE  14 MAY 2026

NEW HIGH PRIORITY TUNGSTEN AND ANTIMONY TARGETS IDENTIFIED AT ELEONORE NORTH

HIGHLIGHTS

·   New tungsten and antimony targets identified at the Margeries
Prospects in East Greenland following the reprocessing of historical airborne
hyperspectral data, which has revealed multiple zones of hydrothermal
alteration across the licence area

·   Multiple walk-up surface anomalies identified along strike and
adjacent to the existing high-grade tungsten (W) and antimony (Sb) historical
estimates previously identified at North Margeries (Sb-W) and South Margeries
(W)

·    2km-long prospectivity anomaly at North Margeries sits adjacent to a
major east-west fault structure, with multiple additional anomalies
surrounding the South Margeries historical estimate

·    Targets were generated by applying modern processing techniques to a
heritage dataset acquired from an airborne hyperspectral survey flown in 2000
across the East Greenland Licences

·     The 2026 fieldwork will test the new targets and collect bulk
samples at North and South Margeries for tungsten and antimony metallurgical
sighter test work

·    Noa Pluton 2026 fieldwork and other gold (Au) targets across Eleonore
North will include field mapping and sampling

·    Aim of fieldwork in 2026 is to confirm drill ready targets at both
North and South Margeries and Noa Pluton

 

GreenX Metals Limited (ASX:GRX, LSE:GRX GPW:GRX, Germany-FSE:A3C9JR) (GreenX
or the Company) is pleased to announce that the reprocessing of a historical
airborne hyperspectral survey has identified multiple new high-priority
tungsten, antimony, and gold targets at the Eleonore North Project in the East
Greenland (ELN or Eleonore North). The new targets sit along strike and
adjacent to the existing high-grade tungsten and antimony historical estimates
identified at North and South Margeries, providing the Company with potential
walk-up surface targets to test during the planned field season, which is
expected to commence in July 2026.

Tungsten and antimony are both listed as critical raw materials by the
European Union and the United States, with global supply heavily concentrated
in China. The Margeries Prospects host high-grade historical estimates of both
metals in a stable Western jurisdiction.

GreenX CEO, Mr Ben Stoikovich, said, "The reprocessing of the historical
hyperspectral data has delivered exactly what we hoped for: new walk-up
tungsten and antimony targets, generated at minimal cost, sitting right
alongside our existing high-grade historical estimates at North and South
Margeries. With the 2026 field season only weeks away, our exploration team
now has a clear pipeline of priority targets to advance on the ground, further
defining and prioritising potential drill targets for future field programs."

 

Figure 1: Prospectivity analysis by TheiaX highlights new areas for
investigation around Noa Pluton,  and North and South Margeries Prospects.

Cautionary statement: The historical estimate in this announcement is not
reported in accordance with the JORC Code 2012 (JORC Code). A competent person
has not done sufficient work to classify the historical estimate as a mineral
resource or ore reserve in accordance with the JORC Code. It is uncertain that
following evaluation and/or further exploration work that the historical
estimate will be able to be reported as a mineral resource or ore reserve in
accordance with the JORC Code.

Figure 2: Location of the airborne hyperspectral survey with examples of
spectral data products. A: False colour composite illustrating the dominant
distribution of four mineral groups. B: Relative abundance of iron in
carbonates and silicates.

 

Survey background and processing

Flown in 2000, the airborne hyperspectral survey was part of "Project
HyperGreen". The Geological Survey of Denmark and Greenland (GEUS)
commissioned the project, which was financed by Greenland's Bureau of Minerals
and Petroleum. Data acquisition was contracted to HyVista Corporation
(Australia), which used a HyMap system mounted in a Dornier 228 aircraft. Six
flight lines covering 186 line-km produced a survey area with dimensions of
approximately 12 km x 25 km. The survey produced a pixel size of 5 m,
making it high resolution compared to typical satellite surveys, which range
from 15 m to 30 m.

Raw data from the survey has been stored by GEUS and was recently made
available to GreenX. Data processing was completed by TheiaX GmbH (TheiaX) in
Germany. Processing involved converting the raw data from radiance to
reflectance values, orthorectification, mosaicking, spectral index
calculations and culminated in a prospectivity analysis.

Results and prospectivity analysis

The prospectivity analysis identified surface anomalies that share spectral
patterns observed at the known historical estimate occurrences at North and
South Margeries. These prospective areas represent surface anomalies that have
the potential to be walk-up discoveries.

At North Margeries (Figure 1B), a 2 km-long prospectivity anomaly sits 3 km
west of the historical estimate and adjacent to a large east-west fault
structure.

At South Margeries (Figure 1C), multiple prospectivity anomalies surround the
Historical Estimate and likely sit in faults that do not appear in the
1:500,000 scale geological maps.

The anomalies were identified by recognising patterns in spectral indexes
proximal to the known mineral occurrences, then applying those patterns across
the broader licence area. Various spectral index maps were produced during
processing. False colour composites can illustrate the dominant distribution
of mineral groups (Figure 2A). Two band indexes can separately illustrate the
relative abundance of a mineral group or their compositional variation, e.g.,
abundance of iron ± magnesium silicates or compositional variation of those
silicates from iron-rich to magnesium-rich end members. Various one band index
maps were produced to show relative abundance, e.g., iron in carbonates and
silicates (Figure 2B).

Upcoming Work Programs

On the ground fieldwork at ELN is currently being planned to commence in July
2026. The hyperspectral mineral mapping and prospectivity analysis have
provided GreenX with surface targets with the potential for walk-up
discoveries. At Noa Pluton, hyperspectral targets likely have structural
controls that match the Reduced Intrusion-related Gold (Au) System (RIRGS).

At North and South Margeries, the plan is to collect bulk material for sighter
metallurgical test work. The hyperspectral survey has also revealed potential
extensions past areas of historical drilling, which are worthy of
investigation, and will be used to identify potential drill targets.

The Noa Pluton Sb-Au-W prospect will be evaluated by a RIRGS specialist.
Fieldwork to evaluate the RIRGS potential will likely involve mapping and
sampling to identify future drill targets.

Licence reduction

Following a technical review and in accordance with Greenland's mining law,
the northern portion of MEL 2023-39 has been relinquished. This has reduced
the licence area from 1,190 km(2) to 494 km(2) and, as a result, decreased
the minimal annual exploration obligations for MEL 2023-39.

 

 

ENQUIRIES

 Ben Stoikovich                                     Kazimierz Chojna

 Chief Executive Officer                            Investor Relations - Poland

 +44 207 478 3900                                   Kim Eckhof

 ir@greenxmetals.com (mailto:ir@greenxmetals.com)   Investor Relations - UK / Germany

 

Competent Persons Statement - Exploration results

Information in this announcement that relates to Exploration Results for the
hyperspectral survey is based on and fairly represents, information and
supporting documentation compiled by Mr Joel Burkin, a Competent Person who is
a member of the Australian Institute of Geoscientists. Mr Burkin is a
consultant engaged by GreenX and is a holder of unlisted options in the
Company. Mr Burkin 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'. Mr Burkin consents to the inclusion in
this announcement of the matters based on his information in the form and
context in which it appears.

The information in this report that relates to previous exploration results
were extracted from the ASX announcements dated 15 July 2024 and 27 November
2024, 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 announcements; (b) all material assumptions and technical
parameters underpinning the content in the relevant announcements 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 announcements.

Competent Persons Statement - historical estimates

The information in this announcement that relates to the historical estimate
for Eleonore North was extracted from the ASX announcement dated 24 November
2025, titled 'Greenx Targeting Gold, Tungsten & Antimony at Eleonore North
Project in Greenland' (ELN Original Announcement). GreenX confirms that (a) it
is not in possession of any new information or data relating to the historical
estimate that materially impacts on the reliability of the estimates or
GreenX's  to verify the historical estimates as mineral resources or ore
reserves in accordance with the JORC Code; (b) that the supporting information
provided in the ELN Original Announcement referred to in ASX Listing Rule 5.12
continues to apply and has 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 ELN 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.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Regulation 2014/596/EU which is
part of domestic law pursuant to the Market Abuse (Amendment) (EU Exit)
Regulations (SI 2019/310) ("UK MAR"). By the publication of this announcement
via a Regulatory Information Service, this inside information (as defined in
UK MAR) is now considered to be in the public domain.

JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 

 Criteria                                                 JORC Code explanation                                                            Commentary
 Sampling techniques                                      Nature and quality of sampling (eg cut channels, random chips, or specific       Data was acquired by the HyVista Corporation (Australia) in 2000 who used a
                                                          specialised industry standard measurement tools appropriate to the minerals      HyMap spectral system mounted in a Dornier 228 aircraft. Six flight lines
                                                          under investigation, such as down hole gamma sondes, or handheld XRF             covering 186 line-km produced a survey area with dimensions of approximately
                                                          instruments, etc). These examples should not be taken as limiting the broad      12 km x 25 km. The survey produced a pixel size of 5 m x 5 m.
                                                          meaning of sampling.

                                                          Include reference to measures taken to ensure sample representivity and the

                                                          appropriate calibration of any measurement tools or systems used.                The raw data was processed by TheiaX Gmbh in the following way:

                                                          Aspects of the determination of mineralisation that are Material to the Public   1.         Conversion of the hyperspectral data from radiance to
                                                          Report.                                                                          reflectance;

                                                          In cases where 'industry standard' work has been done this would be relatively   2.         Orthorectification of the reflectance datacubes;
                                                          simple (eg 'reverse circulation drilling was used to obtain 1 m samples from

                                                          which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other    3.         Mosaicking six strips into one datacube;
                                                          cases more explanation may be required, such as where there is coarse gold

                                                          that has inherent sampling problems. Unusual commodities or mineralisation       4.         Spectral index calculation;
                                                          types (eg submarine nodules) may warrant disclosure of detailed information.

                                                                                                                                           5.         Prospectivity mapping based on the hyperspectral data.

                                                                                                                                           The results do not represent, substitute, or imply sample assays, grades, or
                                                                                                                                           thicknesses.

                                                                                                                                           GreenX is planning fieldwork that involves visiting the areas identified as
                                                                                                                                           being prospective.
 Drilling techniques                                      Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,    Remote sensing hyperspectral survey: no drilling was undertaken.
                                                          auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
                                                          tube, depth of diamond tails, face-sampling bit or other type, whether core is
                                                          oriented and if so, by what method, etc).
 Drill sample recovery                                    Method of recording and assessing core and chip sample recoveries and results    Remote sensing hyperspectral survey: no drilling was undertaken.
                                                          assessed.

                                                          Measures taken to maximise sample recovery and ensure representative nature of
                                                          the samples.

                                                          Whether a relationship exists between sample recovery and grade and whether
                                                          sample bias may have occurred due to preferential loss/gain of fine/coarse
                                                          material.
 Logging                                                  Whether core and chip samples have been geologically and geotechnically logged   Remote sensing hyperspectral survey: no drilling was undertaken.
                                                          to a level of detail to support appropriate Mineral Resource estimation,
                                                          mining studies and metallurgical studies.

                                                          Whether logging is qualitative or quantitative in nature. Core (or costean,
                                                          channel, etc) photography.

                                                          The total length and percentage of the relevant intersections logged.
 Sub-sampling techniques and sample preparation           If core, whether cut or sawn and whether quarter, half or all core taken.        Remote sensing hyperspectral survey: no drilling was undertaken.

                                                          If non-core, whether riffled, tube sampled, rotary split, etc and whether
                                                          sampled wet or dry.

                                                          For all sample types, the nature, quality and appropriateness of the sample
                                                          preparation technique.

                                                          Quality control procedures adopted for all sub-sampling stages to maximise
                                                          representivity of samples.

                                                          Measures taken to ensure that the sampling is representative of the in situ
                                                          material collected, including for instance results for field
                                                          duplicate/second-half sampling.

                                                          Whether sample sizes are appropriate to the grain size of the material being
                                                          sampled.
 Quality of assay data and laboratory tests               The nature, quality and appropriateness of the assaying and laboratory           No assay data is being reported.
                                                          procedures used and whether the technique is considered partial or total.

                                                          For geophysical tools, spectrometers, handheld XRF instruments, etc, the

                                                          parameters used in determining the analysis including instrument make and        A HyMap spectrometer was used in this survey. The reflectance datacubes were
                                                          model, reading times, calibrations factors applied and their derivation, etc.    orthorectified firstly with an automated process that considers the flight

                                                                                tracking data (latitude, longitude, elevation, true heading, pitch, roll, and
                                                          Nature of quality control procedures adopted (eg standards, blanks,              heading) and a 30 m DEM model. Following automated georeferencing, manual
                                                          duplicates, external laboratory checks) and whether acceptable levels of         corrections were performed. Both are considered industry standard.
                                                          accuracy (ie lack of bias) and precision have been established.

                                                                                                                                           The spectral indices produced rely on industry standard formulas and are not
                                                                                                                                           substitutes for sampling and assaying.

                                                                                                                                           For the prospectivity analysis, a selection of spectral indices was used to
                                                                                                                                           predict the distance to a subset of known mineralised occurrences.  The
                                                                                                                                           method is proprietary to TheiaX GmbH and should be considered subjective.
 Verification of sampling and assaying                    The verification of significant intersections by either independent or           Remote sensing hyperspectral survey: verification of assaying and sampling is
                                                          alternative company personnel.                                                   not applicable.

                                                          The use of twinned holes.

                                                          Documentation of primary data, data entry procedures, data verification, data
                                                          storage (physical and electronic) protocols.

                                                          Discuss any adjustment to assay data.
 Location of data points                                  Accuracy and quality of surveys used to locate drill holes (collar and           Remote sensing hyperspectral survey: no drill holes, trenches, mine workings
                                                          down-hole surveys), trenches, mine workings and other locations used in          or other locations used. No Mineral Resource estimation is made.
                                                          Mineral Resource estimation.

                                                          Specification of the grid system used.

                                                          Quality and adequacy of topographic control.
 Data spacing and distribution                            Data spacing for reporting of Exploration Results.                               The survey covered an area of approximately 12 km wide by 25 km long. Each

                                                                                pixel in the processed data covers approximately 5 m x 5 m. It is not possible
                                                          Whether the data spacing and distribution is sufficient to establish the         to collect data from ground that is in shadow (i.e., in the shade). The
                                                          degree of geological and grade continuity appropriate for the Mineral Resource   results can be used to interpret surface geology, but are not appropriate and
                                                          and Ore Reserve estimation procedure(s) and classifications applied.             have not been used to estimate grades or grade continuity. Pixels in the raw

                                                                                and processed data have not been composited. Additionally, this data should
                                                          Whether sample compositing has been applied.                                     not be considered to represent or substitute physical samples.
 Orientation of data in relation to geological structure  Whether the orientation of sampling achieves unbiased sampling of possible       Not applicable to remote sensing exploration results.
                                                          structures and the extent to which this is known, considering the deposit
                                                          type.

                                                          If the relationship between the drilling orientation and the orientation of
                                                          key mineralised structures is considered to have introduced a sampling bias,
                                                          this should be assessed and reported if material.
 Sample security                                          The measures taken to ensure sample security.                                    Raw data was received from the Geological Survey of Denmark and Greenland
                                                                                                                                           (GEUS) who have been custodians of the data since it was collected in 2000.
                                                                                                                                           There are no concerns about data security.
 Audits or reviews                                        The results of any audits or reviews of sampling techniques and data.            All data was reviewed and processed by TheiaX GmbH, an independent company
                                                                                                                                           that specialises in processing and interpreting spectral data.

 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 

 Criteria                                                          JORC Code explanation                                                            Commentary
 Mineral tenement and land tenure status                           Type, reference name/number, location and ownership including agreements or      The Elenore North project comprises of MEL 2018-19 and MEL 2023-39. MEL
                                                                   material issues with third parties such as joint ventures, partnerships,         2018-19 covers North Margeries and South Margeries prospects with an official
                                                                   overriding royalties, native title interests, historical sites, wilderness or    area of 31.04 km(2). MEL 2023-39 covers the Noa Pluton prospect and has an
                                                                   national park and environmental settings.                                        official area of 494.263 km(2). The location of both licenses is shown in

                                                                                Figure 1 in the body of this announcement.
                                                                   The security of the tenure held at the time of reporting along with any known

                                                                   impediments to obtaining a licence to operate in the area.                       The licenses are currently in good standing. GreenX owns 100% of the licenses
                                                                                                                                                    following the conclusion of a revised option agreement as announced on 15 July
                                                                                                                                                    2024. GreenX will issue a 1.5% NSR to Greenfields Exploration.
 Exploration done by other parties                                 Acknowledgment and appraisal of exploration by other parties.                    1953: Lead, copper and zinc bearing veins were discovered at Noa as part of a
                                                                                                                                                    regional mapping program by Nordisk Mineselskab A/G (Nordisk).

                                                                                                                                                    1974 - 1976:  Nordisk mapped the Holmesø copper-antimony prospect in
                                                                                                                                                    Brogetdal, Strindbergland.  Geophysical surveying was performed.  The
                                                                                                                                                    outcropping mineralisation was blasted a 100kg bulk sample was retrieved, of
                                                                                                                                                    which 35kg was sent for analysis.  Finally, an attempt was made to drill the
                                                                                                                                                    mineralisation, and only the top 1.4m of a targeted 17m mineralised horizon
                                                                                                                                                    was sampled before the rig broke down.  Nordisk concluded that the Holmesø
                                                                                                                                                    mineralisation is epigenetic.

                                                                                                                                                    1981 - 1983:  Nordisk discovered the two small, high-grade tungsten and
                                                                                                                                                    antimony-tungsten deposits on Ymer Island.  These are respectively known as
                                                                                                                                                    South Margeries and North Margeries.  These deposits were drilled and
                                                                                                                                                    Historical Estimates were made.  Economic studies were performed but
                                                                                                                                                    concluded that more mineralised material was needed.  The drilled
                                                                                                                                                    mineralisation is open at depth and along strike.

                                                                                                                                                    1984 - 1986:  As part of Nordisk's search for more tungsten mineralisation, a
                                                                                                                                                    large gold bearing vein was discovered in the southern cliff face of the
                                                                                                                                                    valley at Noa.  The mineralisation in the scree was sampled.  Geochemical
                                                                                                                                                    sampling was also performed which identified a 10 to 15 km long multielement
                                                                                                                                                    anomaly dominated by arsenic and antimony, which have a positive correlation
                                                                                                                                                    with gold.  Nordisk had a strategic shift towards petroleum exploration after
                                                                                                                                                    this point in time.

                                                                                                                                                    1992:  With the demise of Nordisk in 1991, the Greenland state owned
                                                                                                                                                    enterprise, NunaOil A/S in collaboration with Australia's Pasminco Ltd did
                                                                                                                                                    additional sampling of the Noa gold veins.  The program was successful in
                                                                                                                                                    finding additional veins in the valley floor and extending the known
                                                                                                                                                    mineralisation.  However, the corporate mandate was for 'high grade gold'
                                                                                                                                                    which it was unsuccessful in locating.   This result is unsurprising given
                                                                                                                                                    that the veins are above the hornfels and correspondingly yield high-grade
                                                                                                                                                    antimony and low-gold content.

                                                                                                                                                    2000: GEUS commissioned the hyperspectral survey over parts of the license
                                                                                                                                                    area as part of a larger HyperGreen project.

                                                                                                                                                    2008 - 2009: GEUS visited Ymer Island and took various rock grab samples in
                                                                                                                                                    the Noa area. Assay results from these samples were recently made publicly
                                                                                                                                                    available on the Greenland Portal.

                                                                                                                                                    2009: NunaMinerals A/S, a public-private spinout from NunaOil A/S, conducted a
                                                                                                                                                    heliborne magnetic survey over Margeries and Noa.  The purpose of this survey
                                                                                                                                                    was to directly detect tungsten, and antimony deposits.  Neither of the known
                                                                                                                                                    deposits were detectable using this method, however a distinct circular
                                                                                                                                                    magnetic feature was identified in Noa.   This magnetic feature was
                                                                                                                                                    interpreted to be a granitic/intermediate intrusion.  During this time,
                                                                                                                                                    samples from the South Margeries  deposit were sent for metallurgical
                                                                                                                                                    analysis, which determined that the material was potentially suited to
                                                                                                                                                    direct-shipping-ore, and amendable to basic beneficiation methods.

                                                                                                                                                    2011: Avannaa Resources Ltd (Avannaa) conducted a basin-wide helicopter
                                                                                                                                                    supported reconnaissance program.  This included visits to the Holmesø
                                                                                                                                                    mineralisation.  Avannaa concluded that the Holmesø mineralisation was
                                                                                                                                                    epigenetic and likely related to the mineralisation observed on Ymer Island.

                                                                                                                                                    2018-2019: Independence Group Ltd (subsequently rebranded as IGO Ltd (IGO)
                                                                                                                                                    through a joint-venture agreement with Greenfields Exploration (GEX),
                                                                                                                                                    conducted field programs that were focussed on the sedimentary-hosted copper
                                                                                                                                                    deposit model.  During this time, IGO managed all geological aspects of the
                                                                                                                                                    program while GEX managed the logistics in 2018 and 2019.  IGO visited Noa in
                                                                                                                                                    2018 and 2019 but focussed on the north slope away from the Noa Pluton area.
                                                                                                                                                    During the IGO earn-in period, GEX located the historical drillhole collars at
                                                                                                                                                    North and South Margeries tungsten/antimony deposits.

                                                                                                                                                    2022: IGO conducted a structural and geochemical sampling program in
                                                                                                                                                    Strindbergland (area now relinquished - no activity on Ymer Island).  This
                                                                                                                                                    program concluded that the 'sediment-hosted copper deposit model' is not a
                                                                                                                                                    suitable analogy.  IGO returned the licences to GEX. Licences were in good
                                                                                                                                                    standing.

                                                                                                                                                    2023: In May, GEX installed an array of passive seismic nodes on Ymer Island
                                                                                                                                                    within the license area. Passive seismic nodes record ambient noise in the
                                                                                                                                                    crust and accumulate data over many weeks. In September 2023, GEX collected
                                                                                                                                                    the nodes from Ymer Island. The nodes were returned to the Institute of Mine
                                                                                                                                                    Seismology (IMS) for data download and processing. IMS produced a 3D velocity
                                                                                                                                                    model.
 Geology                                                           Deposit type, geological setting and style of mineralisation.                    The vein-type tungsten and antimony mineralisation at North and South
                                                                                                                                                    Margeries occurs in late Precambrian sedimentary rocks of the Eleonore Bay
                                                                                                                                                    Group in Central East Greenland, particularly within the Multicoloured Series.
                                                                                                                                                    These unmetamorphosed sandstones, siltstones, and limestones form part of a
                                                                                                                                                    folded and faulted basin sequence that was later deformed during Caledonian
                                                                                                                                                    deformation. The mineralisation is structurally controlled, occurring along
                                                                                                                                                    steep, fault-related veins and fracture zones that acted as conduits for
                                                                                                                                                    hydrothermal fluids. The ore assemblage is dominated by scheelite and
                                                                                                                                                    stibnite, with minor sulphides and quartz, and is commonly associated with
                                                                                                                                                    silicification and carbonate alteration of the host rocks.
 Drill hole Information                                            A summary of all information material to the understanding of the exploration    No new exploration drilling results are being reported.
                                                                   results including a tabulation of the following information for all Material
                                                                   drill holes:

                                                                   ·        easting and northing of the drill hole collar

                                                                   ·        elevation or RL (Reduced Level - elevation above sea level in
                                                                   metres) of the drill hole collar

                                                                   ·        dip and azimuth of the hole

                                                                   ·        down hole length and interception depth

                                                                   ·        hole length.

                                                                   If the exclusion of this information is justified on the basis that the
                                                                   information is not Material and this exclusion does not detract from the
                                                                   understanding of the report, the Competent Person should clearly explain why
                                                                   this is the case.
 Data aggregation methods                                          In reporting Exploration Results, weighting averaging techniques, maximum        No new exploration drilling results are being reported.
                                                                   and/or minimum grade truncations (eg cutting of high grades) and cut-off

                                                                   grades are usually Material and should be stated.

                                                                   Where aggregate intercepts incorporate short lengths of high grade results and
                                                                   longer lengths of low grade results, the procedure used for such aggregation
                                                                   should be stated and some typical examples of such aggregations should be
                                                                   shown in detail.

                                                                   The assumptions used for any reporting of metal equivalent values should be
                                                                   clearly stated.
 Relationship between mineralisation widths and intercept lengths  These relationships are particularly important in the reporting of Exploration   No new exploration drilling results or mineralisation widths are being
                                                                   Results.                                                                         reported.

                                                                   If the geometry of the mineralisation with respect to the drill hole angle is
                                                                   known, its nature should be reported.

                                                                   If it is not known and only the down hole lengths are reported, there should
                                                                   be a clear statement to this effect (eg 'down hole length, true width not
                                                                   known').
 Diagrams                                                          Appropriate maps and sections (with scales) and tabulations of intercepts        Appropriate maps are included in the main body of this announcement.
                                                                   should be included for any significant discovery being reported These should
                                                                   include, but not be limited to a plan view of drill hole collar locations and
                                                                   appropriate sectional views.
 Balanced reporting                                                Where comprehensive reporting of all Exploration Results is not practicable,     Individual data products from the processed hyperspectral survey are not
                                                                   representative reporting of both low and high grades and/or widths should be     material Exploration Results and do not report grades or widths. Two examples
                                                                   practiced to avoid misleading reporting of Exploration Results.                  are shown in the main body of this announcement (Figure 2). The prospectivity
                                                                                                                                                    analysis (Figure 1) provides potential areas that can be investigated in the
                                                                                                                                                    field based on spectral indicators.
 Other substantive exploration data                                Other exploration data, if meaningful and material, should be reported           All substantive results are reported.
                                                                   including (but not limited to): geological observations; geophysical survey
                                                                   results; geochemical survey results; bulk samples - size and method of
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical
                                                                   and rock characteristics; potential deleterious or contaminating substances.
 Further work                                                      The nature and scale of planned further work (eg tests for lateral extensions    The nature and scale of planned further work is included in main body of this
                                                                   or depth extensions or large-scale step-out drilling).                           announcement.

                                                                   Diagrams clearly highlighting the areas of possible extensions, including the    Figure 1 in the main body of this announcement shows prospective areas for
                                                                   main geological interpretations and future drilling areas, provided this         follow up in the field.
                                                                   information is not commercially sensitive.

 

 

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