REG - GreenX Metals Ltd - Targeting Gold, Tungsten & Antimony at ELN Project
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RNS Number : 6998I GreenX Metals Limited 24 November 2025
NEWS RELEASE 24 NOVEMBER 2025
GREENX TARGETING GOLD, TUNGSTEN & ANTIMONY AT ELEONORE NORTH PROJECT IN
GREENLAND
HIGHLIGHTS
· Outcropping gold and high-grade antimony mineralisation now
confirmed at the Noa Prospect within the Eleonore North Project in East
Greenland
· High-grade tungsten and antimony mineralisation also identified
in Historical Estimate at the Margeries Prospects within the Eleonore North
Project:
o 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries
o 58kt of mineralised rock grading at 3.2% W at South Margeries
o 32kt of mineralised rock grading at 1% W at North Margeries
· Potential to identify large scale deposits in new underexplored
province with gold mineralisation associated with quartz veining at surface
over a length of up to 15 km
· Field activities initially focusing on the shallow gold and
high-grade tungsten and antimony potential are currently being finalised for
2026
· GreenX will issue the deferred consideration (A$1 million in
value of GreenX shares, escrowed for 12 months) in due course for the Eleonore
North Project to retain a 100% interest in the Project
· Cautionary statement: The Historical Estimates in this
announcement are 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.
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX
or Company) is pleased to announce that following an extensive analysis of new
and existing exploration data for the Eleonore North Project (ELN or Eleonore
North) in Greenland since July 2024, GreenX now intends to issue the deferred
consideration for the Eleonore North Project, being A$1 million in value of
GreenX shares (escrowed for 12 months), and thereby GreenX retaining a 100%
interest in the Project.
GreenX's Chief Executive Officer, Mr Ben Stoikovich, commented: "We have been
able to identify a number of potentially high value gold, tungsten and
antimony targets at Eleonore North, which warrant further exploration.
Tungsten and antimony are listed as critical minerals for the European Union
and the U.S., and with gold at record prices, we are providing shareholders
with exposure to a large and underexplored region for highly sought after
minerals.
Over the coming months we will finalise the Eleonore North Project exploration
programme for 2026, to further define and prioritise potential drill targets."
Figure 1: Overview of gold and critical metal prospects within Eleonore North.
NOA PROSPECT- POTENTIALLY LARGE-SCALE BULK TONNAGE GOLD/ANTIMONY
The Noa Prospect is located within the ELN Project on exploration licence MEL
2023-39 and 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 and antimony mineralisation documented at the high-priority
Noa Prospect within Eleonore North(2)
· Geophysical "bullseye" anomaly 6 km wide co-incident with
elevated gold and antimony mineralisation from historical geochemical
sampling(2)
· Anomalous gold mineralisation associated with quartz veining
exposed at surface over a length of up to 15 km(1).
· Historical individual specimens grading up to 23% antimony (Sb),
and other samples up to 4g/t gold (Au)(1)
· Previously reported historical data confirmed the presence of
gold and high-grade antimony in outcropping veins at ELN including:
o 14 m long chip sample grading 7.2% Sb and 0.53g/t Au(2)
o 40 m chip line with a length weighed average of 0.78g/t Au(2)
· Antimony mineralisation has been identified along a ~4km trend in
veins and structures, that broadly aligns with previously identified gold
veining at surface within a 15 km trend(1).
Eleonore North hosts antimony- and gold-bearing veins in an area sitting above
a geophysical anomaly at Noa interpreted to be a pluton (Figure 2). A passive
seismic survey in 2023 showed evidence for multiple blind intrusions rising to
just beneath the surface(3). Geological features such as the metal association
and mineralisation style provide additional evidence for a RIRGS being active
at the Noa prospect.
Figure 2: Historical results show evidence for high-grade antimony and gold
mineralisation above the interpreted pluton at Noa.
Previous exploration was focused on orogenic gold mineralisation meaning that
RIRGS targets have been overlooked. GreenX believes that the antimony-gold
mineralisation above the pluton at Noa could be analogous to Perpetua
Resources' Stibnite Gold Project in Idaho, USA. There, RIRGS and orogenic gold
mineralisation styles overprint each other.
During the 2023 field season, a passive seismic survey was undertaken above
the pluton at Noa within ELN. Processing the results in 3D identified multiple
blind plutons within the survey area. These 1 to 2 km-wide elongated plutons
make ideal hosts for RIRGS mineralisation and are priority targets.
MARGERIES PROSPECTS - HIGH GRADE TUNGSTEN & ANTIMONY HISTORICAL ESTIMATE
The Margeries Prospects also are located within the ELN Project on exploration
licence MEL 2018-19, where high-grade tungsten mineralisation and antimony
mineralisation has been identified as follows, as historical estimates:
· 83kt of mineralised rock with a mean grade of
4.6% Sb at North Margeries
· 58.1kt of mineralised rock grading at 3.2% W at
South Margeries
· 32kt of mineralised rock grading at 1% W at North
Margeries
· Cautionary statement: The Historical Estimates in this
announcement are not reported in accordance with the 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.
· Over 2,000m of historical drilling completed with core still
available in Greenland, as well as sighter metallurgical test work on the
tungsten, both of which will be revisited and re-analysed by the Company's
geologists to aim to conform with JORC requirements
· Both tungsten and antimony are on the USA and EU critical raw
materials list, both experiencing dramatic price increases over the last year
due to Chinese restriction of exports with both commodities critical to
defence and the energy transition
· The mineralisation is hosted within a >10 km strike length
underexplored sulphide bearing hydrothermal vein system and east to west fault
systems
Figure 3: Location map for the Margeries Prospects within MEL 2018-19.
Both the North and South Margeries targets host Historical Estimates including
tungsten (W). North Margeries additionally includes an antimony (Sb)
Historical Estimate. North and South Margeries are both within 10 km of fjords
allowing ready shipping access. The region is mountainous with locally
ice-covered plateaus and deep U-shaped valleys.
Previous Tungsten-Antimony Exploration
The first commercial exploration in the area was carried out by Nordisk
Mineselskab A/S (Nordisk) who began their initial investigations in the
western part of Ymer Island in the 1950s. Nordisk was dissolved in 1991 and
the permit covering the North and South Margeries prospects was taken over by
NunaOil A/S (NunaOil) in 1992. NunaOil later became (NunaMinerals).
NunaMinerals held the licence until 2016 when the company went into
liquidation.
Based on the historical data that the Company has now reviewed, exploration
work by Nordisk began on Ymer Island in the 1950s after galena-bearing veins
had been identified in the Noa area (Harpøth, 1986). Pan samples collected in
streams of western Ymer Island in the 1970s led to the discovery of North
Margeries and South Margeries.
These targets were drilled in 1981 and 1983 by Nordisk with a total of 35
holes for 2,240m. Shallower holes were drilled in 1981 using a diamond drill
rig, while in 1983 deeper, percussion holes were drilled. In 1992, NunaOil
took 137 stream samples. Between 2008 and 2014, NunaMinerals flew heliborne
magnetics and electromagnetics surveys over Noa and Margeries valleys. The
Company will revisit and re-analyse the historic drilling data with an aim to
report it in accordance with the JORC Code.
Historic Metallurgical Test Work
Scoping level metallurgical test work by SGS Mineral Services UK in 2012 on a
bulk sample from South Margeries has been obtained by the Company.
GreenX's technical team will continue to review and verify the historical
metallurgical test work, whilst assessing the opportunity to take samples from
historic core for modern day mineralogical analysis and to obtain additional
bulk samples for both tungsten and antimony metallurgical sighter test work,
with an aim to be reported in accordance with the JORC Code.
Historical Estimate
In 1984, a Historical Estimate was prepared by Nordisk for North and South
Margeries using the data collected during the drilling programs of 1981 and
1983.
At South Margeries, the mean value of the Historical Estimate is 58.1kt of
mineralised rock grading at 3.2% W. At North Margeries, the Historical
Estimate is 83kt of antimony-mineralised rock with a mean grade of 4.6% Sb and
32kt of tungsten-mineralised rock grading at 1% W.
The Historical Estimates were calculated by Nordisk using the original data
collected by the same company.
No modern resource estimation compliant with current industry reporting codes
such as JORC has been undertaken in the project area.
Cautionary statement: The Historical Estimates in this announcement are not
reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the Historical Estimate as a mineral resources or
ore reserves 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 resources or ore reserves in accordance
with the JORC Code.
Figure 4: Geological map for the South Margeries target within MEL 2018-19.
The mineralisation is open to the east and dips to the north.
Figure 5: Geological map for the North Margeries target within MEL 2018-19.
The mineralisation is open along strike and dips to the north.
Critical Raw Materials
Both tungsten and antimony are on the USA and EU critical raw materials lists,
with both recently experiencing dramatic supply constraints due to China
announcing restriction of exports between late 2023 and February 2025, with
both commodities being critical to defence, the energy transition and other
industries.
ANTIMONY: Global strategic interest in antimony has significantly increased
over the last 18 months due to several factors:
o China controls ~50% of global antimony mining, most downstream processing
and 32% of global resources according to the Lowy Institute.
o China's previously announced export ban on antimony has caused market
disruption.
o Antimony is a crucial material in the defence supply chain, used in
various military applications including ammunition, flame retardants, and
smart weaponry.
o Antimony is essential in renewable energy technologies including
more-energy-efficient solar panel glass containing and in preventing thermal
runaway in batteries.
The antimony price has now climbed to US$60,000/t from historical prices of
~US$5,000 - 10,000/t. The strategic importance of antimony is such that during
2025 the US government has facilitated development of an investment in US
antimony assets. In September 2025, the DLA awarded U.S. Antimony Corp an
exclusive, sole-source contract for up to US$245 million to supply antimony
metal ingots for the national defence stockpile.
In January 2025, the US government issued final permitting for Perpetua
Resources' Stibnite gold/ antimony project in Idaho. The Pentagon has
committed nearly US$60 million to the project through the Defence Production
Act. In October 2025 JPMorgan Chase (JP Morgan) announced that it will
invest $75 million of its own funds for a ~3% stake in Perpetua from its
recently announced $1.5 trillion investment fund for U.S. national security, a
move underscoring the Perpetua's key role in producing a metal which is used
to make bullets and other weaponry.
TUNGSTEN: Global strategic interest in tungsten significantly increased in
February 2025 when China announced sweeping export controls targeting tungsten
and four other metals used across defence, clean energy and other industries.
China's export controls were announced minutes after an additional 10% tariff
on Chinese goods imposed by U.S. President Donald Trump came into effect.
About 90% of global tungsten comes from Russia, China and North Korea, with
China alone accounting for about 80 per cent of the world's tungsten output.
The US has not had domestic tungsten production since 2015.
Geology
The Project is centred around the >10 km thick, unmetamorphosed Late
Precambrian Eleonore Bay Group (EBG) sedimentary package. Replacement type
tungsten-antimony-gold mineralisation is hosted within wide sulphide-bearing
hydrothermal veins and east to west fault systems (>10 km in length) which
cuts sandstones, siltstones and shales of the Quartzitic Series of the EBG at
Noa. The multicoloured series of the EBG (limestone, dolomite and dolomitic
shale) hosts separate, high grade lenses of scheelite (tungsten) and stibnite
(antimony) mineralisation at South Margeries and North Margeries,
respectively.
The tungsten and antimony mineralisation in the Margeries Prospects occurs in
silicified lensoid breccia zones in the central portions of graben like fault
structures associated with E-W faults. The very high grades of tungsten and
antimony and their restriction to discrete strata within the EBG is inferred
to result from chemical traps offered by the availability of calcium within
limestones and dolomites (scheelite mineralisation) and similarly the high
concentrations of sulphur within the dolomite-shales (stibnite
mineralisation). The vertical expression of the hydrothermally zoned
mineralised system is upwards of 1,500 metres.
Exploration Potential
In 2008, NunaMinerals commissioned SkyTEM to conduct a helicopter-borne
combined time domain electromagnetic (EM) and magnetic geophysical survey,
comprising of 2,250 line kilometres. This resulted in the delineation of
several significant geophysical targets within the area, many of which may
correspond to known geochemical sediment anomalies. Hyperspectral surveying by
NunaMinerals could potentially identify a unique spectral signature occurring
with the structures hosting further mineralisation. This could be an important
dataset for delineating the strike continuity of existing targets and the
potential identification of additional mineralisation within the region
(although no forecast is made of whether that may occur).
GreenX has acquired the historical hyperspectral data from the Danish and
Greenlandic Geological Survey (GEUS) in Copenhagen and will appoint a
geophysics contractor to process the data.
Drill core from the Historical Estimate at the Margeries Prospects exists in
government archives and is available for inspection and sampling.
NEXT STEPS FOR THE ELEONORE NORTH PROJECT
Noa Prospect:
· Process the historical hyperspectral survey;
· Field mapping and sampling to ground-truth RIRGS targets and
identify drill targets.
Margeries Prospects:
· Collect bulk sample material for both tungsten and antimony
metallurgical sighter test work;
· Inspect the archive core with a view to obtaining samples for
re-analysis and metallurgical sighter test work.
· Reprocessing of historic geophysics / hyperspectral data and
field mapping to identify drill targets.
ELN COMMERCIAL TERMS
As announced on 15 July 2024 regarding the revised commercial terms for GreenX
to acquire the Eleonore North Project, a final payment of A$1,000,000 in cash
or GreenX shares was required for GreenX to retain the ELN Project after 31
December 2025.
GreenX now intends to retain its interest in ELN and accordingly will issue
A$1,000,000 in value of GreenX shares (subject to 12 months escrow and based
on the 5 trading day VWAP to 1 January 2026) in due course, but no later than
31 January 2026.
ARCTIC RIFT COPPER PROJECT (ARC) AND JOINT VENTURE
Given the prospectivity and focus on the Tannenberg Copper Project in Germany
and at Eleonore North, and following a review of its portfolio of projects and
the most efficient and effective use of the Company's resources, GreenX has
decided to withdraw from the ARC Joint Venture, which in accordance with the
terms of the Earn-in and Joint Venture Agreement (JVA) between GreenX Metals
Limited, its wholly owned subsidiary Mineral Investments Pty Ltd, and
Greenfields Exploration Limited (GEX) dated 6 October 2021, will become
effective in 90 days. As a result of the withdrawal from the JVA, the
Company will recognise an impairment expense of A$7.77 million relating to the
impairment of the exploration and evaluation asset previously recognised in
relation to the ARC project.
ENQUIRIES
+44 207 478 3900 Sapan Ghai
ir@greenxmetals.com Chief Commercial Officer - UK
Kim Eckhof Kazimierz Chojna
Investor Relations - UK / Germany Investor Relations - Poland
Competent Person Statement - Historical Estimate
The information in this announcement that relates to the Historical Estimates
is based on information reviewed and compiled by Dr Matt Jackson, a Competent
Person who is a member of the Australian Institute of Geoscientists. Dr
Jackson is a consultant engaged by GreenX. Dr Jackson 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
Jackson consents to the inclusion in this announcement of the matters based on
his information in the form and context in which it appears. Dr Jackson
confirms that the information in this announcement provided under ASX Listing
Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and
studies relating to the Eleonore North Project.
Competent Person Statement - EXPLORATION RESULTS
The information in this report that relates to exploration results were
extracted from the ASX announcements dated 10 July 2023, 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 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 announcements.
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 Mr Ben Stoikovich,
Director.
References and sources
Cook, M.R. (2012). Scoping level testing on a scheelite ore sample Nuna
Minerals. SGS. Internal company report.
Harpøth, O. (1986). The Noa Dal antimony-gold vein on Ymers, central East
Greenland. (Nordisk Mineselskab A/S, internal company report).
Pedersen, J.L. & Olesen B.L. (1984). Vein Type Tungsten and Antimony
Mineralisation in Central East Greenland. (Nordisk Mineselskab A/S, internal
company report). Historical Estimate Original Source Document
(i)
https://chemical.chemlinked.com/news/chemical-news/china-restricts-export-of-antimony-and-related-products
(https://chemical.chemlinked.com/news/chemical-news/china-restricts-export-of-antimony-and-related-products)
(1) Previously reported - refer to announcement dated 27 November 2024
(2) Previously reported - refer to announcement dated 10 July 2023
(3) Previously reported - Refer to announcement dated 15 July 2024
SCHEDULE 1 - HISTORICAL ESTIMATE
Details of Non-JORC Historical Estimates in relation to ASX Listing Rule
Chapter 5
Listing Rules 5.10 to 5.12: Requirements applicable to reports of Historical
Estimates of mineralisation for material mining projects:
5.10 - An entity reporting historical estimates or foreign estimates of For the Non-JORC Historical Estimate included in this market release, GreenX
mineralisation in relation to a material mining project to the public is not is not required to comply with Listing Rule 5.6 (JORC Code) as all relevant
required to comply with rule 5.6 (The JORC Code) provided the entity complies and requested disclosures are stated in this announcement and tabulated below.
with rules 5.12, 5.13 and 5.14 The Company complies with Listing Rule 5.12 requirements for the statement of
Non-JORC Historical Estimates, as discussed below.
5.11- An entity must not include historical estimates or foreign estimates GreenX is not applying any economic analysis or commentary to the Historical
(other than qualifying historical estimates) of mineralisation in an economic Estimate in this Announcement. The Historical Estimates should not be relied
analysis (including a scoping study, preliminary feasibility study, or a upon for any economic evaluation.
feasibility study) of the entity's mineral resources and ore reserves
holdings.
5.12 - Subject to rule 5.13, an entity reporting historical estimates or
historical estimates of mineralisation in relation to a material mining
project must include all of the following information in a market announcement
and give it to ASX for release to the market:
5.12.1 - The source and date of the historical estimates or foreign estimates. In 1984 a Historical Estimate was estimated by Nordisk for North and South
Margeries using the data collected during the drilling programs of 1981 and
1983. The original source document was entitled "Vein Type Tungsten and
Antimony Mineralisation in Central East Pedersen" by Pedersen, J.L. &
Olesen B.L. (1984).
The original source document was discovered in the archives of the Geological
Survey of Denmark and Greenland. Report File 20730.
5.12.2 - Whether the historical estimates or foreign estimates use categories The Historical Estimate did not use categories of mineralisation. The practice
of mineralisation other than those defined in Appendix 5A (JORC Code) and if of the reporting codes and categories in Greenland/Denmark was only introduced
so, an explanation of the differences. in the 1990's and common practice from the 2000's onwards.
The Historical Estimate were made prior to the JORC Code reporting guidelines
being formulated and do not conform to the requirements in the JORC Code.
The Historical Estimates were referred to as "Ore Reserves". Both the terms
"ore" and "reserve" are considered to be inappropriate in line with the JORC
Code, as there has been insufficient consideration of modifying factors.
5.12.3 - The relevance and materiality of the historical estimates or foreign The Historical Estimates at the Margeries Prospects are relevant and material
estimates to the entity. to GreenX's ongoing exploration efforts at ELN, with the data to be used for
future exploration work programs and efforts to be made by the Company to aim
to evaluate the mineralisation in accordance with the JORC Code. Further, the
Historical Estimate lies within the Eleonore North exploration licences and
are relevant to understanding the extent of mineralisation and W and Sb grades
present at the project.
Following further exploration work, the Company plans to aim to prepare an
exploration target (in accordance with the JORC Code), prepare for a future
drill program and conduct metallurgical testwork to report results in
accordance with the JORC Code
5.12.4 - The reliability of the historical estimates or foreign estimates, The Historical Estimates are not reported in accordance with the JORC Code. A
including by reference to any of the criteria in Table 1 of Appendix 5A (JORC competent person has not completed sufficient work to classify the Historical
Code) which are relevant to understanding the reliability of the historical Estimates as a Mineral Resource Estimate in accordance with JORC Code. The
estimates or foreign estimates. Historical Estimates were made prior to the JORC Code reporting guidelines
being formulated and do not conform to the requirements in the JORC Code.
The Historical Estimate was produced using robust and well qualified methods
that were unusually advanced for the time. The source data used for the
estimate was produced using carefully planned quality control and quality
assurance processes. Where percussion drilling was used, holes were rejected
from the estimate where sample recovery was not sufficient, showing an
understanding of grouping and segregation error. Drilling recovery was near
100%. Sub sampling procedures were designed using Gy sampling theory, errors
were calculated and adjusted to keep within acceptable limits. Custom-made
standards were produced for the project to remove instrumentation bias. Also
of note was that the project used an umpire lab to test for inter-lab bias.
Also unusual for the time was the use of computing to store the data and to
calculate the estimates. This shows an attempt to prevent transcription errors
and use statistically valid estimation methodologies.
The Company has completed a Table 1 of Appendix 5A (JORC Code) which are
relevant to understanding the reliability of the Historical Estimates. Please
refer below.
GreenX is not treating the Historical Estimate as a Mineral Resource Estimate
or Ore Reserve and considers the Historical Estimate to represent an
exploration project that requires verification. However, nothing has come to
the attention of the Company or the Competent Person that causes it to
question the accuracy or reliability of the Historical Estimate and it is on
this basis that the Company and Competent Person consider the Historical
Estimate to be reliable. However, the Company and Competent Person has not
independently validated the Historical Estimates and therefore is not to be
regarded as reporting, adopting or endorsing the Historical Estimate. It is
possible that following evaluation and/or further exploration work the
currently reported Historical Estimate may materially change and at this point
the Company will need to be update the reporting in accordance with the JORC
Code (or it may never become reportable at all in accordance with the JORC
Code).
5.12.5 - To the extent known, a summary of the work programs on which the Refer to the "Previous Tungsten-Antimony Exploration" "Historic Metallurgical
historical estimates or foreign estimates are based and a summary of the key Test Work" and "Historical Estimate" sections of this Announcement.
assumptions, mining and processing parameters and methods used to prepare the
historical estimates or foreign estimates. The Historical Estimate was based on 25 diamond drill-holes completed between
1981 and 1983 at the Margeries Prospects. The holes resulted in a total of
2,081 m of core with a diameter of 35.3 mm (129). Fourteen of the holes are at
the South Margeries prospect, and eleven at the North Margeries prospect.
The resulting assays were used to determine the Historical Estimate, with a
polygonal method. The Company has not been able to verify the assays in
accordance with the JORC Code and no exploration results are included in this
announcement.
5.12.6 - Any more recent estimates or data relevant to the reported To the extent known to the Company, historical reports indicate no follow up
mineralisation available to the entity. drilling has occurred on the property since the Historical Estimate was made.
Scoping level metallurgical test work completed by SGS Mineral Services UK in
2012 on a bulk sample from South Margeries has been obtained by the
Company.
GreenX's technical team will continue to review and verify the historical
metallurgical test work, whilst assessing the opportunity to take samples from
historic core for modern day mineralogical analysis and to obtain additional
bulk samples for both tungsten and antimony metallurgical sighter test work,
with an aim to be reported in accordance with the JORC Code.
5.12.7 - The evaluation and/or exploration work that needs to be completed to The Company plans to take the following next steps to further seek to verify
verify the historical estimates or foreign estimates as mineral resources or the Historical Estimate identified at the Margeries Prospects:
ore reserves in accordance with Appendix 5A (JORC Code)
· Further review and verification of historical data (to aim for it
be reported in accordance with the JORC Code), including recently acquired
historical hyperspectral data;
· Conduct a site visit to Greenland to inspect the historic core
with a view to obtaining samples for further mineralogical analysis;
· Seek to prepare an exploration target (in accordance with the
JORC Code) to support a future drill program; and
· Take additional samples for both tungsten and antimony
metallurgical sighter test work.
Ther is no certainty that further exploration work will result in the
Historical Estimate being reported in accordance with the JORC Code.
5.12.8 - The proposed timing of any evaluation and/or exploration work that The Company expects to complete the next steps identified above in the
the entity intends to undertake and a comment on how the entity intends to following 12 months. GreenX recently reported cash reserves of approximately
fund that work. $3.7 million (30 September 2025 - unaudited).
5.12.9 - A cautionary statement proximate to, and with equal prominence as, A cautionary statement, proximate to, and with equal prominence as, the
the reported historical estimates or foreign estimates stating that: the reported Historical Estimates has been stated on pages 1, 4 and 5 of this
estimates are historical estimates or foreign estimates and are not reported announcement.
in accordance with the JORC Code; a competent person has not done sufficient
work to classify the historical estimates or foreign estimates as mineral
resources or ore reserves in accordance with the JORC Code; and it is
uncertain that following evaluation and/or further exploration work that the
historical estimates or foreign estimates will be able to be reported as
mineral resources or ore reserves in accordance with the JORC Code
5.12.10 - A statement by a named competent person or persons that the A statement by a named competent person is included on page 9 of this
information in the market announcement provided under rules 5.12.2 to 5.12.7 announcement.
is an accurate representation of the available data and studies for the
material mining project. The statement must include the information referred
to in rule 5.22(b) and (c).
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 Work comprised a total of 14 x 35mm or 52mm diameter diamond drill holes (1981
specialised industry standard measurement tools appropriate to the minerals to 1983) At South Margeries a total of 24 diamond drill holes were
under investigation, such as down hole gamma sondes, or handheld XRF completed. At North Margeries a systematic surface sampling using chip
instruments, etc). These examples should not be taken as limiting the broad samples and percussion drilling was completed.
meaning of sampling.
Chip samples were taken on 0.5 m-spaced profiles were carried out at South
Margeries ; and percussion-drilled dust samples along the vein at North
Margeries (0.5 m spacing along strike; holes to 1.5 m, collected in 0.5 m
sections).
Include reference to measures taken to ensure sample representivity and the Unknown.
appropriate calibration of any measurement tools or systems used.
Aspects of the determination of mineralisation that are Material to the Public Work was not conducted to modern industry standards.
Report. In cases where 'industry standard' work has been done this would be
relatively 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 cases more explanation may be required, such as where there Sub-sampling workflow designed using a sampling nomogram graph; half-core
is coarse gold that has inherent sampling problems. Unusual commodities or (~0.75 kg mass) was crushed to a nominal size of 1 mm then split and
mineralisation types (eg submarine nodules) may warrant disclosure of detailed pulverised to less than 0.1 mm then split to generate 40 g for assay.
information.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, Work was not conducted to modern industry standards. Diamond drilling, chip
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard sampling and percussion drilling was used. Chip sampling and percussion
tube, depth of diamond tails, face-sampling bit or other type, whether core is drilling was carried out on a systematic grid and percussion samples were only
oriented and if so, by what method, etc). taken where sample recovery was sufficient.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Work was not conducted to modern industry standards. Details of the method
assessed. of drill core recovery are not available but was reported to be close to 100%
at South Margeries.
Measures taken to maximise sample recovery and ensure representative nature of No information available. Except that it is noted that where percussion
the samples. drilling was used and water or rock quality affected sample recovery, the hole
was abandoned and not sampled.
Whether a relationship exists between sample recovery and grade and whether No information available.
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 No complete logging data is available. Historic reports show computerised
to a level of detail to support appropriate Mineral Resource estimation, drilling profiles including logging codes. JORC Mineral Resource not reported.
mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, Logging was believed to be qualitative. No core photographs available.
channel, etc) photography.
The total length and percentage of the relevant intersections logged. Not known.
Sub-sampling techniques If core, whether cut or sawn and whether quarter, half or all core taken. Samples from half core in 50 cm intervals
and sample preparation
If non-core, whether riffled, tube sampled, rotary split, etc and whether Not reported
sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample Sub-sampling procedure designed using a sampling nomogram;. Steps: half-core
preparation technique. (50 cm) crushed to −1 mm; split; one portion to −0.1 mm (ring mill); split
to ~40 g for analysis. Relative subsampling error ~1% at 2.7% W
Sub-sampling workflow designed using Gy's "safe sampling" graph; half-core 50
cm (~0.75 kg) → −1 mm → split → −0.1 mm → ~40 g for assay.
Quality control procedures adopted for all sub-sampling stages to maximise Statistical accuracy was calculated frequently throughout sample preparation
representivity of samples. and minimised. Report frequently refers to Gy sampling theory. Sub-sampling
relative error was reported to be ca 10% and as such more than acceptable for
this program
Measures taken to ensure that the sampling is representative of the in situ No details of the frequency or type of duplicates is mentioned. It is implied
material collected, including for instance results for field from the calculation of sub-sampling error that crush and/or pulp duplicates
duplicate/second-half sampling. were analysed. The original report includes discussion of inter-laboratory
duplicates which shows a low level of error.
Whether sample sizes are appropriate to the grain size of the material being Nominal sample sizes were reported to be 0.75Kg and believed to be suitable
sampled. given the high concentrations of Sb and W being analysed.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory All samples are historical in nature and do not comply with modern QAQC
procedures used and whether the technique is considered partial or total. protocols.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the N/A
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks, It is inferred that sub-sampling duplicates were used, but no mention of field
duplicates, external laboratory checks) and whether acceptable levels of duplicates is made in the original report. A total of three project specific
accuracy (ie lack of bias) and precision have been established. artificial standards were made up and used for the program.
The report states that low levels of error were encountered, it is therefore
unlikely that significant bias was present.
Verification of sampling and assaying The verification of significant intersections by either independent or N/A
alternative company personnel.
The use of twinned holes. No twinned holes reported
Documentation of primary data, data entry procedures, data verification, data All data was stored in a computer data base and no details of verification
storage (physical and electronic) protocols. protocols is available.
Discuss any adjustment to assay data. No adjustments made.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and Location accuracy is unknown. But collar locations were lodged onto a local
down-hole surveys), trenches, mine workings and other locations used in grid and z-values calculated from a topographic map.
Mineral Resource estimation.
Specification of the grid system used. Project specific local grid.
Quality and adequacy of topographic control. Not known
Data spacing and distribution Data spacing for reporting of Exploration Results. Drilling was carried out on an approximate 25-50m grid. Although in some cases
2-3 holes fanned out from one collar.
Chip samples were taken on a systematic grid of channels. Each channel was
spaced 0.5m from the next and samples were taken along 50m intervals.
Percussion dust sampling was carried out on 0.5m intervals along each outcrop.
Whether the data spacing and distribution is sufficient to establish the Data spacing was sufficient for the purposes of this announcement. JORC
degree of geological and grade continuity appropriate for the Mineral Resource Mineral Resources are not reported here.
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied. N/A
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible The orientation of the drilling was oblique to the mineralisation in some
structures and the extent to which this is known, considering the deposit cases. This announcement does not provide individual intercepts and only
type. historical resource information.
If the relationship between the drilling orientation and the orientation of Drill core recovery was near 100%, so no sampling bias is possible. Percussion
key mineralised structures is considered to have introduced a sampling bias, drilling was abandoned where sample recovery was not considered sufficient. So
this should be assessed and reported if material. all possible steps to remove bias have been taken.
Sample security The measures taken to ensure sample security. Not known.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Not known.
Section 2 Reporting of Exploration Results
(Criteria 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 Eleonore North Project is a result of a scientific and systematic
material issues with third parties such as joint ventures, partnerships, reduction of Greenfield Exploration's (GEX) 'Frontier' Project. Eleonore North
overriding royalties, native title interests, historical sites, wilderness or comprises two Exploration Licences (MEL2023-39 and MEL 2018-19). The
national park and environmental settings. combined spatial area of licences is 1,220.81 km(2).
The boundaries of Eleonore North Project are defined by the points:
MEL2023-39 (two polygons: 1,189.77 km(2))
73.98333 °N 25.30000 °W
73.98333 °N 25.13333 °W
73.95000 °N 25.13333 °W
73.95000 °N 25.01667 °W
73.91667 °N 25.01667 °W
73.91667 °N 24.86667 °W
73.88333 °N 24.86667 °W
73.88333 °N 24.51667 °W
73.86667 °N 24.51667 °W
73.86667 °N 24.48333 °W
73.85000 °N 24.48333 °W
73.85000 °N 24.43333 °W
73.70000 °N 24.43333 °W
73.70000 °N 24.48333 °W
73.68333 °N 24.48333 °W
73.68333 °N 25.01667 °W
73.70000 °N 25.01667 °W
73.70000 °N 25.05000 °W
73.71667 °N 25.05000 °W
73.71667 °N 25.08333 °W
73.73333 °N 25.08333 °W
73.73333 °N 25.21667 °W
73.75000 °N 25.21667 °W
73.75000 °N 25.26667 °W
73.76667 °N 25.26667 °W
73.76667 °N 25.33333 °W
73.78333 °N 25.33333 °W
73.78333 °N 25.38333 °W
73.80000 °N 25.38333 °W
73.80000 °N 25.48333 °W
73.91667 °N 25.48333 °W
73.91667 °N 25.25000 °W
73.95000 °N 25.25000 °W
73.95000 °N 25.30000 °W
73.41667 °N 25.31667 °W
73.41667 °N 25.03333 °W
73.43333 °N 25.03333 °W
73.43333 °N 24.60000 °W
73.23333 °N 24.60000 °W
73.23333 °N 25.60000 °W
73.26667 °N 25.60000 °W
73.26667 °N 25.53333 °W
73.30000 °N 25.53333 °W
73.30000 °N 25.45000 °W
73.31667 °N 25.45000 °W
73.31667 °N 25.31667 °W
MEL 2018-19 (two polygons: 31.04 km(2))
73.16667 °N 25.11667 °W
73.16667 °N 25.01667 °W
73.15000 °N 25.01667 °W
73.15000 °N 25.05000 °W
73.13333 °N 25.05000 °W
73.13333 °N 25.15000 °W
73.15000 °N 25.15000 °W
73.15000 °N 25.11667 °W
73.23333 °N 25.05000 °W
73.23333 °N 24.76667 °W
73.21667 °N 24.76667 °W
73.21667 °N 25.01667 °W
73.20000 °N 25.01667 °W
73.20000 °N 25.05000 °W
The licences are currently in credit due to previous expenditure. Expenditure
above the minimum regulatory requirement is carried forward for a maximum of
three years. Eleonore North is in good standing and GreenX owns 100% of the
licences following conclusion of a revised option agreement as announced on 15
July 2024..
GreenX will issue a 1.5% NSR for Eleonore North.
The security of the tenure held at the time of reporting along with any known The licences are in good standing.
impediments to obtaining a licence to operate in the area.
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. The historical work on the
tungsten and antimony is not material to the understanding of the project's
gold potential.
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. GEX expects the gold content to increase, and
antimony to decrease at depth towards the causative pluton.
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 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 pluton at Noa, and on areas typified by magnetic
highs rather than the lows which define the pluton's circular magnetic
signature. Despite this, quartzite mineralisation reminiscent of Holmesø
was identified but no mineralogy is recorded in the documentation. While in
the field with IGO in 2019, GEX alerted IGO to the presence of antimony and
gold in the south side of the valley, but no commensurate sampling was
performed. During the IGO earn-in period, GEX located the historical
drillhole collars at North and South Margeries tungsten/antimony deposits.
The Holmesø prospect was visited by IGO in 2018, 2019 and 2022. IGO's
Holmesø sampling did not replicate Nordisk's high-grade blast/bulk sample, or
the drill results. Regional sampling identified diagenetic copper, as well
as remobilised epigentic copper that expresses as course blebs of chalcocite
within porous, bed-cutting, vuggy conduits.
2022: IGO conducted a structural and geochemical sampling program in
Strindbergland (no activity on Ymer Island). This program correctly
concluded that the 'sediment-hosted copper deposit model' is not a suitable
analogy. IGO returned to GEX the licences that were in good standing, with
the indebted licences being relinquished by IGO. The remaining licences
became the 'Eleonore North' project, which is a subset of the original
'Frontier' project area.
2023: In May, GEX installed an array of passive seismic nodes on Ymer Island
within the licence 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 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 mineral 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 No new exploration drilling results are being reported.
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 No new exploration drilling results are being reported.
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 N/A.
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration No new exploration drilling results are being reported.
Results. 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 No new exploration drilling results are being reported.
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 and tables are included in the main body of this
should be included for any significant discovery being reported These should announcement. Please also refer to diagrams included in announcements dated 10
include, but not be limited to a plan view of drill hole collar locations and July 2023, 15 July 2024 and 24 November 2024.
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, N/A. No new exploration drilling results are being reported.
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported All substantive results are reported. Geological logs and downhole gamma logs
including (but not limited to): geological observations; geophysical survey are not reported here.
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 Included in main body of announcement.
or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the These diagrams are included in the main body of this release. Please also
main geological interpretations and future drilling areas, provided this refer to diagrams included in announcements dated 10 July 2023, 15 July 2024
information is not commercially sensitive. and 24 November 2024.
Section 3 Estimation and Reporting of Mineral Resources
Given the Company is reporting non-JORC Historical Estimates, further
exploration and evaluation activities are required to be completed to aim to
verify the Historical Estimates as mineral resources in accordance the JORC
Code. Accordingly, the Company cannot complete the Section 3 Estimation and
Reporting of Mineral Resources JORC table unless and until a mineral resource
estimate can be verified and estimated. There is no certainty that further
exploration work will result in the Historical Estimate being reported in
accordance with the JORC Code.
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