REG - GreenX Metals Ltd - Extension Of Option Agreement for Eleonore North

GreenX MetalsAnnouncement

28/06/2024 07:00

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RNS Number : 3167U  GreenX Metals Limited  28 June 2024

NEWS RELEASE 28 JUNE 2024

Extension Of Option Agreement for Eleonore North Gold Project

GreenX Metals Limited (GreenX or the Company) advises that it has agreed an
extension of the Option Agreement (Agreement) with Greenfields Exploration Pty
Ltd (GEX), to acquire up to 100% of the Eleonore North gold project (Eleonore
North or the Project) in eastern Greenland, from 30 June 2024 to 15 July 2024,
while GreenX and GEX negotiate to vary the commercial terms of the
Agreement.

As previously announced, Eleonore North 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 mineralisation has been documented at the high-priority Noa Pluton
prospect within Eleonore North including:

·  Geophysical "bullseye" anomaly 6 km wide co-incident with elevated gold
mineralisation from historical geochemical sampling.

·     Anomalous gold mineralisation associated with quartz veining
exposed at surface over a length of up to 15 km.

·     Historical sampling includes 4 m chip sample grading 1.93 g/t Au and
1.9% Sb (refer to Appendix 1 of the Company's announcement on 10 July 2023).

Eleonore North has potential to host large scale, shallow, bulk tonnage gold
deposits. Eleonore North remains underexplored, with the existence of a
possible RIRGS being a relatively new geological interpretation based on the
historical data. Initial field work consists of a seismic survey to determine
the depth from surface to the Noa Pluton to aid in drill targeting.

Figure 1: Eleonore North licence area showing the 6km diameter geophysical
anomaly co-incident with gold veining visible at surface over some 15km at the
high priority Noa Pluton prospect

 

The Eleonore North license area contains other gold targets as well as copper,
antimony and tungsten prospects. At Holmesø there is copper and antimony
mineralisation outcropping at surface. Historical mapping and sampling in the
1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with
per cent level grades for both metals.

Eleonore North provides GreenX with gold exposure in Greenland and complements
GreenX's existing exploration prospect in Greenland, the ARC. There are
significant synergies with regards to personnel, logistics and equipment in
having multiple exploration projects in Greenland. Field works were conducted
during the 2023 field season at Eleonore North, with data collected from the
seismic survey presently being analysed to inform follow-on exploration
program design.

Greenland is a mining friendly jurisdiction with strong Government support for
expanding its mining industry, simple laws and regulations, and a competitive
fiscal regime.

The primary target in Eleonore North is the Noa Pluton, followed by the
Holmesø prospect and its source intrusion.  The Noa Veins provide a
near-term drill target, however, the Company's 2023 field work was focussed on
determining the depth of the causative intrusion with greater precision using
a passive seismic survey. Once analysed, this information will validate the
magnetic interpretation, provide more certainty for a future exploration
program, and help identify the size of the intrusion within the well-defined
hornfels.

 Figure 2: Map of Greenland showing GreenX's ARC and Eleonore North license  Figure 3: Map showing prospects and geological features within the Eleonore
 areas                                                                       North license areas

 

-ENDS-

Competent Persons Statement

The information in this report that relates to exploration results were
extracted from the ASX announcement dated 10 July 2023 which is available to
view at www.greenxmetals.com (http://www.greenxmetals.com) .

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

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