REG - GreenX Metals Ltd - Historical Database Discovered From the 1930s

GreenX MetalsAnnouncement

11/09/2025 07:00

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RNS Number : 9109Y  GreenX Metals Limited  11 September 2025

 

 

NEWS RELEASE  11 SEPTEMBER 2025

TANNENBERG - MAJOR HISTORICAL DRILL DATABASE DISCOVERED FROM 1930s EXPLORATION

HIGHLIGHTS

·      Historical Tannenberg drilling database comprising 95 drillholes
from 1930s exploration discovered in German archives, providing data that
represents significant cost and time savings for the ongoing Tannenberg
exploration program

·      Drillholes formed geological basis for construction of the
Richelsdorf Mining District, comprised of a smelting complex and three
Kupferschiefer copper mines that were developed within GreenX's Tannenberg
licence area between the late 1930s and the end of World War 2: the
Reichenberg, Wolfsberg, and Schnepfenbusch mines

·      The discovery of the 95 drillhole database significantly
increases GreenX's confidence in the potential for delineating
sedimentary-hosted copper resources at the Tannenberg Project

·      Original detailed geological documentation recovered for 43
drillholes to date, including lithological descriptions, stratigraphic
interpretations and other comprehensive data

·      Historical assay results located so far for 35 drillholes
covering copper, silver, lead, and zinc, with additional sporadic assays for
nickel, cobalt, molybdenum, and vanadium

·      Archive search program expanded to locate additional drillhole
data including German national archives, provincial archives in former East
German states and private collections

·      Integration of digitised drill logs into GreenX drillhole
database and 3D geological models underway to support ongoing exploration
activities

GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany - FSE:A3C9JR)
(GreenX or Company) is pleased to announce that 95 historical drillhole
records covering the Tannenberg Copper Project (Tannenberg or Project) have
been identified in historical archives.

These 1930s drillholes are significant because they provided the geological
foundation for opening three previously operated Kupferschiefer copper mines -
Reichenberg, Wolfsberg, and Schnepfenbusch (Figure 1). The National Socialist
government opened these mines during the late 1930s to provide domestic copper
supply for the Second World War. These 95 drill logs from the National
Socialist era are separate and distinct from the modern era 47 historical
cores (typically drilled post 1970) that the Company is in the process of
re-logging and sampling (refer to announcement dated 16 June 2025).

GreenX's Chief Executive Officer, Mr Ben Stoikovich, commented: "There is
tremendous value to be gained from this historical drill database, which had
up until very recently been lost to history. These holes were drilled between
1935 and 1938 to establish increased domestic production of copper in the
lead-up to the Second World War. Alongside the modern 47 cores from the Hessen
state geological archive that are currently being re-logged and sampled by
GreenX, this additional 95-hole 1930s drill database represents a significant
saving in both cost and time to advance our geological understanding of the
Tannenberg Project and further emphasises that Tannenberg is a highly
compelling brownfields opportunity."

Figure 1: Location map of the 95 drill holes from the 1930s drill database at
Tannenberg

1930s Drill database

Drilled between 1935 and 1938, the 95 holes tested two concepts (Figure 1).
The southern holes tested the downdip continuation of known Kupferschiefer
mining sites from the mid-1800s and led to the opening of the Wolfsberg and
Schnepfenbusch mines. In the northern area, drilling revealed previously
unknown down-faulted Kupferschiefer that does not outcrop and had not
previously been exploited. This discovery led to the opening of the
Reichenberg mine (Figure 2). The three mines formed the "Richelsdorf Mining
District" and are located on the  Tannenberg exploration licences.

Some of the original records of these drill holes were recently found by
GreenX in a regional archive. To date, of the 95 holes indicated to exist in
the 1930s database, the Company has found logs for 43 holes, including
historical assay results for 35 of these. The archives have not been
digitised, and the search process involves manually reviewing the database and
scanning relevant records. GreenX is continuing its archive search to recover
further data within the database.

Drilling up to 95 holes today is estimated to cost in excess of €25 million
and take several years, given modern permitting requirements. The discovery of
the historic drill database not only represents a significant saving in both
time and money for GreenX, but it also provides valuable data points for its
current exploration work program including exploration targeting and 3D
modelling. Combined with the modern era 47 drill cores GreenX is currently
re-logging and sampling (Figure 2), the quantity of previous exploration data
available at Tannenberg is quickly growing, and underscores Tannenberg as a
significant brownfield exploration opportunity.

Figure 2: Location Map of GreenX's Tannenberg project area showing the newly
discovered 95 1930s drillholes, the location of the three underground copper/
silver mines opened during the late 1930s, and the location of the modern era
47 archive core holes that GreenX now has access to for re-logging and
sampling

 
HISTORICAL CONTEXT

In an effort to bolster domestic supply of strategic metals, copper
exploration was initiated by the National Socialist regime in the Richelsdorf
District in the mid-1930s. The Richelsdorf District was chosen as the primary
focus for exploration because copper, silver, cobalt and baryte mining was
known in the region since the Middle Ages up until the mid-1800s. This earlier
extraction of Kupferschiefer copper ores in the Richelsdorf District had taken
place at surface outcrop and progressively gotten deeper with isolated bell
pits until that point in time. The 1930s exploration program and the
subsequent development of the three Richelsdorf district copper mines are
believed to have been part of the government's Four-Year plan (see below).
Historical production from the Richelsdorf District is estimated at 416,500
tonnes of copper and 1,050 tonnes (33.7 million ounces) of silver.

In 1936, the National Socialist regime announced a Four-Year Plan for Germany,
gearing its economic policy towards rearmament and preparing the country for
industrial independence by 1940. The primary purpose of the Four-Year plan was
to prepare the nation for war by achieving self-sufficiency in raw materials
like copper and reducing reliance on international trade. This strategy was
adopted because many believed that trade embargoes and naval blockades against
Germany were a key reason for defeat during the First World War. To mitigate
the impacts of future trade blockades and embargoes, the 1936 Four-Year Plan
called for increasing domestic production of non-ferrous metals, developing
synthetic substitutes, promoting conservation, stockpiling materials, and
regulating imports to ensure Germany had the resources needed for rearmament.

Up until the 1930s, German domestic copper production was centred on the
Mansfeld region in Sachsen-Anhalt, where Kupferschiefer copper had been mined
for more than 800 years. As a result of the Great Depression, in 1933, the
government amalgamated numerous Mansfeld mining and smelting operations into
one company, Mansfelder Kupferschieferbergbau AG (Mansfeld AG). This company
encapsulated the geological, exploration, mining and metallurgical expertise
of the German copper mining industry. The ore deposit of the Mansfeld District
was becoming depleted, which necessitated exploration in new regions including
Richelsdorf and Sangerhausen. Due to historic production from the district,
Mansfeld AG was tasked with conducting the copper exploration drilling in the
Richelsdorf District, which was completed between 1935 and 1938 and funded by
the government.

Following the partition of West and East Germany at the end of the Second
World War, the Mansfeld copper mining district was located in
Soviet-controlled East Germany. East Germany, officially the German Democratic
Republic (GDR), was a communist state that existed from 1949 to 1990 (Figure
3). Copper mining continued in the former East Germany at Sangerhausen up
until 1990. It is also understood that the pre-war administrative centre for
the Richelsdorf District became part of the neighbouring state of Thuringia,
which was part of the GDR.

This offers one explanation as to why the 95 hole 1930s historical drill
database was lost to history since 1945, as much of the knowledge of the drill
database for the Richelsdorf mines existed behind the Iron Curtain in former
East Germany, whereas the Richelsdorf mines were located just over the West
German side of the border (Figure 3). Under these circumstances, the drillhole
database and knowledge of exploration and mining of the Richelsdorf Mining
District appear to have been mainly forgotten by industry and academia until
now. Accordingly, GreenX is continuing its archival search in out-of-state
archives of the former East Germany and in private collections. It is likely
that these documents have not been looked at since they were archived decades
ago.

Figure 3: Political map of Germany post Second World War, divided into West
and East Germany (GDR), and showing the relative locations of Mansfeld and
Richelsdorf copper mining districts

 
Upcoming Work Programs

The discovery of the National Socialist era drill database is part of the
Company's continued search for historical mining and production data in German
archives, which are part of a broader exploration program at Tannenberg, which
includes:

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

·    Reprocessing and analysis of historical geophysical data; and

·    Collation of historic geological, mine development and production
data.

 

ENQUIRIES

 +44 207 478 3900                    Sapan Ghai

 info@greenxmetals.com               Chief Commercial Officer - UK

 Kim Eckhof                          Kazimierz Chojna

 Investor Relations - UK / Germany   Investor Relations - Poland

 

Competent Persons Statement

The information in this announcement that relates to exploration results were
extracted from the ASX announcements dated 2 August 2024 and 28 April 2025
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

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.

 

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