REG - GreenX Metals Ltd - Encouraging Results from Initial ARC Site Visit
09/11/2022 07:00
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RNS Number : 7637F GreenX Metals Limited 09 November 2022
greenx metals limited
NEWS RELEASE 9 NOVEMBER 2022
HIGHLY ENCOURAGING RESULTS FROM INITIAL ARC SITE VISIT
· High-grade copper sulphides verified at the ARC Discovery Zone prospect hosted
within a Black Earth fault zone
· An insitu peak sample grading 53.8% copper and 1,074 g/t silver, located along
strike from historically reported float sample also grading 53.8% Cu with
2,480 g/t Ag
· Further along strike to the west, a well exposed zone is visually estimated to
be around 5m wide, from which a pXRF analysis yielded a median of 4.47% Cu and
91 g/t Ag, verifying a historical report of 4.42% Cu and 187.5 g/t Ag from a
3m long trench
· Mineralisation was also identified in sandstones flanking the Black Earth
zone, with pervasive veins and veinlets of chalcocite being observed
· High grade 'fissure' containing visible native copper located at Neergaard Dal
· Site visit provided confirmation of the opportunity to establish a logistical
base in Greenland which will expedite future exploration programs
GreenX Metals Ltd (GreenX or the Company) and its joint-venture (JV) partner
Greenfields Exploration Ltd (Greenfields) are pleased to announce the results
from the first site visit to the Arctic Rift Copper Project (ARC) in
Greenland. The results of this work program have demonstrated the high-grade
nature of the known copper sulphide mineralization, and wider copper
mineralization in fault hosted Black Earth zones and adjacent sandstone units.
The exact position of a native copper fissure at the Neergaard Dal prospect
was also identified. This new information is key to future targeting of
stratabound copper of both types.
The field team completed a site visit to the Discovery Zone and Neergaard Dal
prospects in the northern half of ARC.
A sample at the Discovery Zone prospect yielded a peak reading of 53.8% Cu
with 1,074 g/t Ag; and an average reading of 39.3% Cu and 1,065 g/t Ag (refer
to Appendix 1). Other samples at the Discovery Zone yielded 12.09% Cu and 373
g/t Ag; with a median result of some being 5.82% Cu and 448 g/t Ag.
One of the objectives of the site visit was to verify the Discovery Zone,
given the extremely high grades reported historically. The location of the
high-grade material was apparent from over 150m altitude and on the ground.
Finding the native copper mineralisation at Neergaard Dal was similarly easy.
Historically, a copper fissure was noted but this was recorded prior to GPS
and so the exact location was unknown. A well-mineralised fissure was quickly
identified, which bodes well for finding additional fissures in this area and
further afield. Portable XRF (pXRF) readings were taken of the collected
samples. These results are summarized below and presented in Appendix 1.
Dr Bell, Project Leader said: "The historically reported high grade copper
sulphides and fissure copper were located with relative ease during the site
visit. Both were immediately apparent on the first pass flying over the sites.
The ease with which the historically reported mineralisation was identified
in the field bodes well for in terms of forward work programs to locate and
map stratabound mineralisation that may have bulk tonnage potential."
DISCOVERY ZONE
Samples were collected from the Discovery Zone fault-hosted 'Black Earth' and
sandstone-hosted mineralisation. Historical sampling from
this area demonstrates 4.5m true width of 2.15% Cu, 35.5 g/t Ag (see the
Company's news release dated 6 October, 2021). The dominant copper mineral
is chalcocite, which occurs as pervasive thin veins that sometimes produce
visually obvious green oxides like malachite. The primary trend of the
mineralisation appears to be bounded by a sub-vertical sandstone fault that
produces a prominent ~2m ledge (5). As the mineralised fault is softer than
the sandstone, it has a negative relief and is superficially obscured in
places.
The Black Earth material comprises a variety of different rock types hosted by
fine-grained material. There appear to be at least four subtly different
sandstones and mudstones, as well as fragments of very dense, almost complete
chalcocite. This dense material is almost the same as that is historically
reported to grade 53.8% copper ('Cu') and 2,480 silver ('Ag'). A handheld XRF
unit was used to conduct multiple scans of sample A1199a, which also yielded a
peak reading of 53.8% Cu with 1,074 g/t Ag; and average reading of 39.3% Cu
and 1,065 g/t Ag (6). This high-grade sample was recovered from 35m along
strike to the west of where a similar grading float sample was historically
collected. The Company cautions that pXRF readings are indicative and not
absolute. It is possible that surface oxidation and contamination produced
lower readings than may be recorded from the central mass of A1199a. The shape
of sample A1199a is suggestive of something tabular, like that of the
historical sample with extreme grades. This tabular shape could result from
a vein, like the fine-grained chalcocite veinlets seen throughout the area or
a layer within the sedimentary horizon. Notably, the other Black Earth
material hosting this high-grade material is also mineralised, as is the
surrounding sandstone. The median XRF reading of the six fragments (A1199a to
A1199f) is 12.09% Cu and 373 g/t Ag; and the median of all the 49 Black Earth
readings (including A1197a-d, A1198a-d) is 5.48% Cu and 89 g/t Ag. The
samples 1197 and 1198 are of interest as they are from an area where the Black
Earth is well exposed, and has an apparent width around 5 m.
In addition to an analysis of the largest clasts above from the Black Earth
samples that were washed cleaned, XRF readings were taken directly of the
material inside the sample bag. Visually, this material is dominated by
loose, individual quartz grains, and grey clay (7) and was expected to give
very low copper and silver readings. However, seven XRF readings of sample
A1199a indicate that the fine-grained material has a median grade of 5.82% Cu
and 448 g/t Ag. As this fine-grained material coats all the larger grains, the
Company interprets that there is chalcocite within the clays. Similarly, the
median XRF readings of all the fines (not just clay-rich material) is 4.86%
Cu, 124.5 g/t Ag. This is important as it means that significant
mineralisation is present in all the apparent size fractions, which may reduce
any 'nugget effect' of the clasts in the Black Earth. The Company will
undertake further analysis to assess the distribution of copper and silver
throughout the various size fractions of the Black Earth material.
The sandstone flanking the fault that hosts the Black Earth is also
mineralised. Samples from this material show veins and veinlets of
chalcocite that lead to prominent malachite stains. In some instances, the
veins are millimetres thick (8), but often they are thinner and more pervasive
throughout zones in the rock mass (9). This extends the search space for
copper mineralisation to the outside of the immediate area of the fault zone.
NEERGAARD DAL
The fissure investigated by the Company at Neergaard Dal is one of several
fissures reported in the area. The fissure is estimated to be around 20m
thick and strikes in a north-south orientation. The fissure is well
mineralised in the western half, with native copper and cuprite. The
investigated area also exposes a portion of what may be the 'Red Marker'
(historically called the Red Flow). A sketch from the year 1979 shows that a
fissure extends vertically from a stratigraphic position above the Red Marker,
topographically higher than that observed by the Company. At surface, this
gives the fissure more than 200m vertical extent and a strike of more than
600m. By comparing the position of the Red Marker, the Company also
identifies the stratabound "copper-containing gas cavities" is exposed in the
southern slope of the same valley. Such stratabound 'amygdaloidal'
mineralisation contained significant tonnages of copper in other regions such
as Keweenaw, USA. This will be verified as a priority in future field
programs.
Samples collected from the newly located fissure at Neergaard Dal weighed up
to ~ 10kg. The samples were collected from scree that derived from the
fissure. The western margin of the scree contains extensive, largely
disseminated copper mineralisation. The visually dominant copper mineral is
cuprite which coats the native copper. The samples collected by the Company
contain pervasive fine-grained, sub-millimetre cuprite, and more occasional
millimetre-scale grains with unaltered native copper at their core. In turn,
the cuprite is associated with haloes of malachite, making the mineralisation
visually distinctive in the field. The pXRF analysis of the most westerly,
and mineralised samples (A1196b, c) resulted in median readings of 4.78% Cu
and 5.0 g/t Ag; and 1.44% Cu and 7.0 g/t Ag.
LOGISTICS
The main thrust of the 2022 site visit was to establish a logistical base in
Greenland. The Company successfully established depots, and field trialed the
Sherp vehicles and advanced satellite communications systems. However, the
expansion of war in Ukraine directly impacted and exacerbated the worst global
logistical framework in 75 years and this was further compounded by the
densest sea-ice conditions in thirty years. Accordingly, much of this field
season's planned geological work has been deferred until the next field
season. However, having the explorations assets already in Greenland will
benefit and expedite the next field program at ARC.
ABOUT THE ARCTIC RIFT COPPER PROJECT
ARC is an exploration joint venture between GreenX and Greenfields. GreenX can
earn up to 80% by spending a total of A$10 M by October 2026. The ARC Project
is targeting large-scale copper in multiple settings across a 5,774 km(2)
Special Exploration Licence in eastern North Greenland. It sits within the
newly identified, and underexplored Kiffaanngissuseq metallogenic province.
This province is considered analogous to the Keweenaw Peninsula of Michigan,
USA, which contained a pre-mining endowment of +7 Mt of copper in sulphides
and 8.9 Mt of native copper. Like Keweenaw, ARC contains, high-grade copper
sulphides, 'fissure' native copper, and native copper contained in what were
formerly gas bubbles and layers between lava flows.
-ENDS-
Competent Persons Statement
Information in this announcement that relates to Exploration Results is based
on information compiled by Dr Jonathan Bell, a Competent Person who is a
member of the Australian Institute of Geoscientists (AIG). Dr Bell is the
Managing Director of Greenfields Exploration Limited and holds an indirect
interest in performance rights in GreenX. Dr Bell has sufficient experience
that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken, to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves'. Dr Bell
consents to the inclusion in this announcement of the matters based on his
information in the form and context in which it appears.
To view this announcement in full, including all illustrations, figures and
notes, please refer to www.greenxmetals.com (http://www.greenxmetals.com) .
Appendix 1: Portable XRF RESULTS
Sample Sub Reading No Location Lat_Y Long''_X Cu % Ag ppm Pb ppm Pd ppm Sn ppm As ppm Hg ppm Cd ppm Fe % S ppm K %
WGS84 WGS84
A1197 d 235 Discovery Zone 81.95527 -26.20158 56.6 1371 110 Recent news on GreenX Metals
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