REG - GreenX Metals Ltd - Acquiring Large Scale Copper Project in Germany
02/08/2024 07:00
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RNS Number : 9609Y GreenX Metals Limited 02 August 2024
NEWS RELEASE 2 August 2024
GREENX TO ACQUIRE LARGE SCALE SEDIMENT-HOSTED COPPER PROJECT IN CENTRAL
GERMANY
GreenX Metals Limited ("GreenX" or "Company") is pleased to advise that it has
entered into an Earn-in Agreement through which GreenX can earn a 90% interest
in Group 11 Exploration GmbH, a private German company which holds the
Tannenberg exploration licence ("Project") and is highly prospective for
sediment-hosted (Kupferschiefer type) copper deposits.
The Project
· The Tannenberg exploration licence covers 272 km(2) in the State
of Hesse in central Germany, encompassing the historical "Richelsdorf" copper
- silver mines.
· Prior to closure in the 1950's, the Richelsdorf mines produced
416,500 t of copper and 33.7 Moz of silver from Kupferschiefer type deposits.
These historic mines consisted of shallow underground workings originally
accessed from surface outcrops.
· The Project also contains multiple drill intercepts over the high
priority 14 km-long Richelsdorf Dome target, including:
o 2.1 m at 2.7% Cu and 48g/t Ag from 365.48 m; 1.5 m at 3.7% Cu and 33 g/t
Ag from 209.50 m; 2.5 m at 1.8% Cu and 19 g/t Ag from 339.5 m in the southwest
of the license area.
o 2.0 m at 1.6% Cu and 19 g/t Ag from 268 m in the north-east of the license
area.
Figure 1: The Project is located in the industrial centre of Europe.
· Kupferschiefer style deposits are a well-known and prolific
subtype of sediment-hosted copper deposit that:
o are the second most prevalent source of copper production and reserves in
the world; and
o have been historically mined in Germany and are still mined in Poland
where KGHM produced 592 kt of electrolytic copper in 2023.
· Excellent potential for new discoveries of shallow (50 m to 500
m), large scale and high grade Kupferschiefer style copper and silver
mineralisation, with much of licence area remaining untested by modern
exploration whereby thicker sections of footwall/ hanging wall mineralisation
will be targeted.
· Modern understanding of Kupferschiefer mineralisation from
prolific mining in Poland places new emphasis on hanging wall and footwall
mineralisation, structural controls and metal zonation.
o In Polish Kupferschiefer mines, mineralisation typically forms within the
Kupferschiefer shale and in strata up to 60 m below and 30 m above the shale.
E.g., KGHM's Rudna Mine in Poland, where footwall sandstone hosts 80% of the
total copper resource, hanging wall limestone hosts 15%, and Kupferschiefer
shale hosts only 5%.
GERMANY & EU MINING INDUSTRY
· Germany has been a significant mining jurisdiction in the past
and continues its mining tradition, including:
o The K+S potash mines which operate 4 km away from the license area and are
located in the State of Hesse.
o Anglo American are actively exploring the Löwenstern and Leine-Kupfer
copper projects nearby. Löwenstern is 25 km away to the south in the German
state of Thüringia, where drilling targeting the Kupferschiefer commenced in
2023. Leine-Kupfer was granted in January 2024 and is 60 km away to the north
in the state of Lower Saxony.
o AMG Graphite operates a graphite mining and processing complex at
Kropfmühl near Passau, Bavaria
o Vulcan Energy is successfully permitting lithium brine and geothermal
power projects in the German states of Rheinland-Pfalz, Baden-Württemberg,
and Hesse.
· Copper is a designated a Strategic Raw Material ("SRM") under the
EU's Critical Raw Material Act, that entered into force on 23 May 2024. The
CRMA signals the EU's political commitment to strengthen EU supply of SRM's
(including copper) by giving the European Commission the power to designate
Strategic Projects that will benefit from easier access to financing,
expedited permitting processes and matchmaking with off-takers.
· The manufacturing sector, including the automotive, mechanical
engineering, chemical and electrical industries, accounts for over 25% of
Germany's economic output, and 18% of GDP; these figures are significantly
higher than in most other advanced economies
o The manufacturing sector provides 16% of national employment, some 8
million jobs, with mechanical engineering being the largest segment and
dominated by SMEs.
o The automotive sector is a key industry and with around four million
automobiles produced in 2023. Electric Vehicles are being adopted in Germany
with numerous OEM's investing in new production facilities and supply chains,
such as Volkswagen's Battery and Electric Drive production facilities and
Tesla's Berlin Gigafactory.
o Many of these industries are reliant on critical raw materials such as
copper.
· German government recently announced creation of a EUR 1.1
billion (A$1.8 billion) investment fund to fortify Germany's access to SRM's
(including copper) essential for high-tech and green projects. The fund will
be managed by the state-owned KfW Development Bank.
GreenX Metals' Chief Executive Officer, Mr Ben Stoikovich, commented:
"We are very excited to be adding the Tannenberg project to our exploration
portfolio. Kupferschiefer style deposits are widely acknowledged as the most
prolific source of modern-day copper production, with copper mining from the
Polish Kupferschiefer deposits (KGHM) presently being Europe's largest
domestic source of strategic copper supply. We believe that Tanneberg has the
potential to host large scale and high-grade copper deposits located in the
heartland of German industry in the vicinity of major OEM's such as
Volkswagen's Battery and Electric Drive production facilities and Tesla's
Berlin Gigafactory.
Copper is officially recognised by the EU as a strategic raw material for
European industry and ongoing decarbonisation in Europe. This acquisition
comes at a time when the German government and the EU have recently announced
major policy initiatives to enhance security of supply of strategic raw
materials such as copper by facilitating expedited permitting processes and
access to project development funding. Germany, and in particular the State of
Hesse, has a well-established mining industry with practical and efficient
mine permitting processes. Furthermore, we anticipate increased political
support for new copper projects in accordance with Germany's Federal Ministry
of Economic Affairs and Climate Action critical raw materials policies and the
EU's newly introduced Critical Raw Material Act.
Tannenberg is complementary to our Arctic Rift Copper project in Greenland and
provides GreenX shareholders with enhanced exposure to strategic raw materials
that are now a policy priority in both Germany and the wider EU. We are
looking forward to updating shareholders over the coming months as we commence
our exploration activities in Germany."
Classification: 2.2 Inside Information
2.5 Total number of voting rights and capital
ENQUIRIES
Ben Stoikovich Sapan Ghai
Chief Executive Officer
Business Development
+44 207 478 3900 +44 207 478 3900
SUMMARY OF TERMS
GreenX has entered into an Earn-in Agreement ("Agreement") through which
GreenX can earn a 90% interest in Group 11 Exploration GmbH ("Group 11"). Key
terms of the Agreement are as follows:
· GreenX to issue the vendor 500,000 fully paid ordinary shares
("Shares") upfront.
· GreenX will fund a Work Program up to EUR 500,000 by 31 December
2025 ("Minimum Commitment"). The Work Program will be sufficient to satisfy
requirements for the grant of an extension of the exploration license.
· Once the Minimum Commitment has been discharged, GreenX can elect
to acquire 90% of the fully diluted share capital of Group 11 on or before 31
December 2025 in return for:
o GreenX paying A$3,000,000 to the vendor in Shares (based on the higher of
the 10-day VWAP or A$0.30 per Share).
o The vendors' 10% interest in Group 11 will then be free carried until
completion of a feasibility study by Group 11 or GreenX.
o The Agreement also includes usual drag along and tag along rights, and an
Area of Influence provision.
o Once GreenX has earned its 90% interest, the vendor may elect to exchange
their remaining 10% interest in return for a 0.5% Net Smelter Royalty.
· If a Scoping Study is published by GreenX on the ASX regarding
the license area or any area within the Area of Influence within 5 years of
execution of the Agreement, GreenX will issue the vendor 5 million Shares on
the completion of the first such Scoping Study.
· GreenX will act as the project manager.
Project Geology
Historical drilling and mine workings confirm the widespread presence of the
crucial Kupferschiefer sequence within the Tannenberg licence (Figure 2). The
sedimentary sequence forms a broad dome that outcrops near the centre of the
licence area and extends down to approximately 500 m at the periphery (Figure
3). Regional and small-scale faults cut the licence area with the dominant
orientation trending northwest-southeast, perpendicular to the Variscan
Orogen. Zones of copper enrichment within the licence area correspond to fault
intersections. Structure is a key targeting consideration at the Project.
Figure 2: The Kupferschiefer is gently folded to form the Richelsdorf Dome
that extends from surface down to 500 m depth within the licence area.
Historical mining around Richelsdorf exploited mineralisation near the
surface. Historical drilling intercepted mineralised Kupferschiefer down to
436 m. Much of the Kupferschiefer between 50 to 500 m remains untested.
Figure 3: Interpreted cross-section through Tannenberg exploration licence
with simplified stratigraphy. The historical Richelsdorf District is located
at the apex of a large-scale anticline, the Richelsdorf Dome. The approximate
extent of historical mining is shown. The cross-section passes between drill
holes Ro23 and Ro45.
In the south of the licence area near the town of Ronshausen, drill holes
intersected mineralised Kupferschiefer sequence at depths ranging from 211 to
368 m below the surface (e.g., Ro18 and Ro23). Near the town of Nentershausen
in the north, an isolated drill hole intersected 2 m at 1.6% Cu (Ro45).
Table 1: Selected Drill Holes.
Locality Hole ID Intersect (m) Cu (%)
From To Interval
Ronshausen Ro23 365.48 367.58 2.10 2.7
Ro18 209.50 211.00 1.50 3.7
Ro19 339.50 342.00 2.50 1.7
Ro15 285.86 289.31 3.45 1.0
Nentershausen Ro45 268.00 269.63 2.00 1.6
Historical exploration and sampling might have been too focussed on the
Kupferschiefer shale horizon. For example, in Ro45, the isolated drill hit
near Nentershausen, the last sample from the footwall assayed at 1% Cu (Figure
4). In bothRo45 and Ro23 shown in Figure 4, the historical sampling only
covers one mineralised interval. Drilling at the Rudna Mining in Poland shows
that copper mineralisation can occur in multiple intervals, above and below
the Kupferschiefer shale.
Figure 4: Selected historical drill results from the Richelsdorf Dome target
with comparison to drilling at the Rudna Mine, Poland. Sample coverage did not
typically extend much above or below the shale unit.
Kupferschiefer copper deposits feature a distinct metal zonation pattern. The
zonation transitions from iron, to copper, lead then zinc (Figure 5). Adjacent
to every known copper deposit is the iron rich zone known as "Rote Fäule", or
"red rot" in English. Within the Tannenberg licence, a distinct zone of red
rot has been identified in the south near Ronshausen. As well as the copper,
historical drill core was also assayed for lead and zinc. This data will allow
the Company to identify important metal zonations in the Project area.
Figure 5: Metal zonation pattern associated with Kupferschiefer type copper
deposits. The zonation cuts across stratigraphy and progresses from iron to
copper, lead, then zinc. Note: hem = hematite, cc = chalcocite, bo = bornite,
cpy = chalcopyrite, ga = galena, sph = sphalerite, py = pyrite. Modified from
Borg, 2017.
GreenX's exploration hypothesis for the Project is that historical exploration
was mainly based on an outdated deposit model that focussed on the 30-60
cm-thick Kupferschiefer shale horizon. Modern understanding of the
Kupferschiefer deposit model now shows that up to 95% of mineable copper can
be hosted in the footwall sandstone and hanging wall limestone.
Project History
Pre-industrial mining in central Germany dates back to the 12(th) Century.
Copper was exploited from the Kupferschiefer in the Mansfield, Sangerhausen,
and Richelsdorf mining districts. Most of the historical copper mining in
central Germany was prior to the Industrial Revolution and well-before
mechanised mining technology was widely available. Once surface accessible
deposits were depleted, adits and shallow shafts were used to access deeper
underground Kupferschiefer copper ores (Figure 6).
In the Richelsdorf district, historical production is estimated at 416,500 t
of copper and 1,050 t (33.7 Moz) of silver. Production commenced in the 13(th)
Century and ceased in 1955.
The Project area remains ostensibly undeveloped, comprised predominantly of
small-holding farmland and woodland, since it was located in the Cold-War
border zone between West and East Germany. During the Cold War (1947-1991),
the Richelsdorf district sat within the strategically-important Fulda Gap. The
Fulda Gap hosts two lowland corridors through which NATO military planners
believed the Soviet Union could launch a land attack. The US military
observation post "Romeo" was active at the Hesse-Thuringia border in the
vicinity of the Project area during the Cold War and was only disbanded in
1991.
Between 1980 and 1987, St Joes Exploration GmbH ("St Joes Exploration") were
active in the region. St Joes Exploration's drilling campaigns identified
Kupferschiefer mineralisation near the towns of Ronshausen and Nentershausen
(Appendix 1, Table 2).
The major mining activity in Hesse is potash mining operated by K+S Group, an
international fertiliser company with production sites in Europe and North
America. The major potash mining complex "Werra" has been operating for over
100 years and produces some 19 Mtpa of crude salt from underground workings
between 700 - 1000m depth. K+S Group's Werra plant is recognised as an
important pillar for the economic and demographic development of the region.
In 2021, Anglo American's 'Kupfer Copper Germany GmbH' ("Anglo") began
exploration activities in Thuringia, 25 km from the Tannenberg licence. There,
historical drilling intercepted 0.5 m at 1.4% Cu from 761.9 m. Anglo initiated
seismic, gravity, and magnetic surveys in 2021 and exploratory drilling in
2023.
Figure 6: Left: Underground extraction of the Kupferschiefer shale at the
Wolfsberg mine in 1954. Miners laid on their sides to excavate the ore-bearing
material. Right: Schematic of pre-industrial underground mining in Germany.
Modified from Zientek et al., 2015.
EU CrITICAl RAW MATERIAL ACT
On 23 May 2024, the EU's Critical Raw Materials Act ("CRMA"), published as
Regulation (EU) 2024/1252, entered into force following its adoption by the
Council of the EU and European Parliament. The main objective of the CRMA is
to maintain and establish a secure and sustainable supply of Critical Raw
Materials to the EU. The CRMA lists Strategic Raw Materials (SRM's), which are
those most crucial for strategic technologies used for the green, digital,
defence and aerospace applications. Copper is a designated a Strategic Raw
Material (SRM's) under the act
The CRMA sets benchmarks for domestic capacities along the strategic raw
material supply chain and for diversifying EU supply by 2030:
· EU extraction capacity of at least 10% of the EU's annual
consumption of strategic raw materials;
· EU processing capacity of at least 40% of the EU's annual
consumption of strategic raw materials;
· EU recycling capacity of at least 25% of the EU's annual
consumption of strategic raw materials; and
· Not more than 65% of the Union's annual consumption of each
strategic raw material relies on a single third country for any relevant stage
of the value chain.
The CRMA further demonstrates the EU's political commitment to strengthening
supply of SRM's (including copper) by giving the European Commission the power
to designate Strategic Projects that will benefit from easier access to
financing, expedited permitting processes and matchmaking with off-takers.
In terms of permitting processes, under the CRMA EU Member States will be
required to give priority to Strategic Projects in their administrative
processes. The Act sets clear timelines for decisions to be taken on
permitting applications linked to Strategic Projects. i.e., for Strategic
Projects, the total duration of the permit granting process should not exceed
27 months for extraction projects or 15 months for processing and recycling
projects.
To help companies through permitting, Member States are also required to
designate single points of contact for critical raw materials projects. The
single point of contact will provide guidance to project promoters on
administrative issues and will serve as the sole contact point throughout the
permit granting process.
Exploration Targeting Model
The Project is prospective for Kupferschiefer style copper-silver
mineralisation. Kupferschiefer is a subtype of the sediment-hosted copper
deposit model. Mineralisation typically forms around the Kupferschiefer shale,
but is known to occur up to 60 m below and 30 m above the shale in Poland
(Figure 7). In KGHM's Rudna Mine in Poland, footwall sandstone hosts 80% of
the total resource, hanging wall limestone hosts 15%, and Kupferschiefer shale
hosts only 5%. Modern insights from mining the Kupferschiefer in Poland will
be applied to our exploration strategy in Germany.
Figure 7: Comparison of current-day Kupferschiefer mining in Poland with
historical mining in Germany.
Note: Modified from Zientek et al., 2015.
Historical mining and exploration in Germany mainly focussed on the
Kupferschiefer shale unit (Figure 6 & 7). The Company's exploration
hypothesis is that as in Poland, significant footwall and hanging wall
accumulations of Kupferschiefer copper are potentially present at the Project.
The historical thinking about Kupferschiefer deposits in Germany was that
mineralisation was syngenetic with the sediments. Meaning that the copper was
deposited at the same time as the shale. Accordingly, historical mining and
exploration was highly focussed on the shale. Modern mining and research
challenges the historical deposit model. In Poland, copper is being mined up
to 60 m below and 30 m above the Kupferschiefer shale.
The modern understanding of Kupferschiefer mineralisation recognises
epigenetic deposition. This means that the copper mineralisation came after
the sediments were deposited (Figure 8). Modern Kupferschiefer mining
recognises the importance of structures, metal zonation patterns, and footwall
and hanging wall host rocks.
Figure 8: Deposit model of Kupferschiefer mineralisation and alteration. Note:
Compared to pre-industrial times, copper mineralisation is now known to extend
from the hanging wall limestone, through the Kupferschiefer shale, and well
into the footwall sandstone. Source: Zientek et al., 2015.
Regional Geological Setting
The Project is hosted in the Southern Permian Basin ("SPB") of Europe. The SPB
is an intracontinental basin that developed on the northern foreland of the
Variscan Orogen. Two Groups make up the SPB, the Rotliegend and the Zechstein
(Figure 9). The Lower Rotliegend Group marks the boundary between the Permian
and Carboniferous and is comprised of bi-modal volcanics with interbedded
sedimentary rocks. After a 20- to 30-million-year-long- hiatus, the Upper
Rotliegend Group was deposited towards the end of the Permian. The Upper
Rotliegend Group strata transitions from terrestrial to a shallow marine
environment.
The Zechstein Group formed in the late Permian when the Barents Sea flooded
the continental SPB. The organic-rich reduced Kupferschiefer shale marks the
base of the Zechstein Group. "Kupferschiefer" is German for "Copper Shale" and
is also called "T1" by geologists. The shale is typically 30-60 cm thick but
can also be missing from the stratigraphy.
Very high-grade copper mineralisation is generally associated with the
Kupferschiefer shale unit. However, minable copper mineralisation also occurs
in the footwall sandstone and hanging wall limestone units in Poland.
Mineralisation can also be offset from the shale by up to 30 m above and 60 m
below. Pre-industrial mining in Germany focussed on the high-grade but thin
shale. Modern mining in Poland extracts copper from the footwall sandstone,
shale, and hanging wall limestone. Mining intervals at the Rudna mine is 3 m
on average but reach over 12 m in places.
Figure 9: Generalised Kupferschiefer stratigraphic sequence from Germany and
Poland. Mineralisation can extend below and above the T1 shale. Source: Borg,
2017.
In Poland, copper deposits are hosted in the Fore-Sudetic Monocline, a
sub-basin of the SPB. KGHM's current mining operations take place over
multiple adjacent deposits at depths ranging from 844 m to 1,385 m below
ground. In 2023, KGHM's Polish operations produced 592 kt of electrolytic
copper and 1,403 t of silver (45.8 Moz).
Upcoming Work Programs
Future work programs at the Project will aid drill targeting. Initially, an
in-country search for additional historical drilling and mining records will
be undertaken. Geophysical methods such as seismic and magnetic surveys will
be evaluated for their effectiveness in delineating subsurface structures at
the high-priority Richelsdorf Dome target. Historical drill assays will be
used to identify metal zonation patterns useful for exploration targeting. The
area of primary interest covers 14 km-long stretch of the Richelsdorf Dome
where Kupferschiefer strata outcrop at surface in the centre and extend down
to approximately 500 m at the periphery.
A European based technical team will be assembled to manage exploration
activities at the Project.
Risk Factors
Whilst GreenX has undertaken a due diligence process (including title and
other risks) with respect to the Project, it should be noted that the usual
risks associated with companies undertaking exploration and development
activities of projects in Germany will remain at completion of the
acquisition.
A number of additional risk factors specific to the Project and associated
activities have also been identified, including, but not limited to:
(a) The Project is located in Germany, and as such, the
operations of the Company will be exposed to related risks and uncertainties
associated with the country, regional and local jurisdictions. Opposition to
the Project, or changes in local community support for the Project, along with
any changes in mining or investment policies or in political attitude in
Germany and, in particular to the mining, processing or use of copper, may
adversely affect the operations, delay or impact the approval process or
conditions imposed, increase exploration and development costs, or reduce
profitability of the Company.
(b) The Company's exploration and any future mining activities
are dependent upon the grant, maintenance and/or renewal from time to time of
the appropriate title interests, licences, concessions, leases, claims,
permits and regulatory consents which may be withdrawn or made subject to new
limitations. Maintaining title interests or obtaining renewals of or getting
the grant of title interests often depends on the Company being successful in
obtaining and maintaining required statutory approvals for its proposed
activities (including a licence for mining operations) and that the title
interests, licences, concessions leases, claims, permits or regulatory
consents it holds will be maintained and when required renewed.
There is no assurance that such title interests, licences, concessions,
leases, claims, permits or regulatory consents will be granted, or even if
granted, not be revoked, significantly altered or granted on terms or with
conditions not acceptable to the Company, or not renewed to the detriment of
the Company or that the renewals thereof will be successful.
Shareholders should note that some of the risks may be mitigated by the use of
appropriate safeguards and systems, whilst others are outside the control of
the Company and cannot be mitigated. Should any of the risks eventuate, then
it may have a material adverse impact on the financial performance of the
Project, the Company and the value of the Company's securities.
TENEMENT INFORMATION
Table 2: Tenement information.
Licence Name Commodities Area (km(2)) Issue Date Expiry Date
Tannenberg (1)copper, silver 271.92 07.06.2022 07.06.2025
(2)antimony, arsenic, lead, gallium, germanium, gold, indium, cadmium, cobalt,
molybdenum, nickel, palladium, platinum, rhodium, selenium, thallium,
vanadium, bismuth, and zinc
Notes
(1) Target commodities
(2) Commodities included in the licence
ISSUE OF SHARES
GreenX Metals Limited has today issued 600,000 Shares in relation to the
Agreement.
An application will be made for admission of the Shares to the standard
listing segment of the Official List of the FCA (Official List) and to trading
on the main market of the London Stock Exchange for listed securities (LSE
Admission). LSE Admission is expected to take place on or before 9 August
2024.
For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules (DTRs), following LSE Admission, the Company's issued
ordinary share capital will be 279,501,032 ordinary shares. The above figure
of 279,501,032 may be used by shareholders as the denominator for the
calculations by which they can determine if they are required to notify their
interest in, or a change to their interest in, the Company following LSE
Admission
Following the issue of Shares, GreenX has the following securities on issue:
· 279,501,032 ordinary fully paid shares;
· 4,775,000 unlisted options exercisable at A$0.45 each on or
before 30 November 2025;
· 5,525,000 unlisted options exercisable at A$0.55 each on or
before 30 November 2026; and
· 11,000,000 performance rights that have an expiry date 8 October
2026.
-ENDS-
Competent Persons Statement
Information in this announcement that relates to Exploration Results is based
on information compiled by Mr Thomas Woolrych, a Competent Person who is a
Member of the Australian Institute of Mining and Metallurgy. Mr Woolrych is a
Director Group 11 Exploration GmbH and will hold an indirect interest in
GreenX shares and deferred consideration for the Project. Mr Woolrych 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 Woolrych consents to the inclusion in this announcement of
the matters based on his information in the form and context in which it
appears.
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 by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain
(1) Production numbers sourced from Zientek et al., 2015, Table 4.
Appendix 1: Exploration Results and JORC Tables
Table 1: Historical drill hole information
Hole ID Easting Northing Elevation Dip (°) Depth (m) Assay available
(m MSL)
Bebra-1 4346428 5649690 n/a 90 n/a No
C/77-B10 4353728 5660165 235 90 68.2 No
Cornberg 4349990 5658105 302 90 151.6 No
Iba-1 4349160 5650548 n/a 90 n/a No
Iba-3 4349120 5649684 n/a 90 n/a No
Iba-4 4348366 5649523 n/a 90 n/a No
KB1 4356129 5659867 288.83 90 15 No
Nesselroeden-1 4368324 5655767 252 90 193.7 No
Obergude 4339370 5662062 308.88 90 200.2 Yes
Ro1 4349714 5649065 n/a 90 n/a No
Ro3 4348224 5648740 n/a 90 n/a No
Ro6 4348997 5648337 n/a 90 n/a No
Ro8 4348234 5648558 n/a 90 n/a No
Ro10 4347033 5647996 n/a 90 n/a No
Ro15 4348595 5647200 255 90 351 Yes
Ro18 4348389 5647549 235 90 227 Yes
Ro19 4349107 5647350 280 90 360.5 Yes
Ro21 4348105 5647941 203 90 211 Yes
Ro23 4347684 5647433 300 90 380 Yes
Ro26 4347272 5647775 270 90 400 Yes
Ro27 4346047 5649652 215 90 432 Yes
Ro30 4347604 5647936 240 90 292.3 Yes
Ro31 4346844 5651396 217 90 159.2 Yes
Ro33 4347521 5648340 205 90 251.9 Yes
Ro34 4347363 5651850 220 90 244.75 Yes
Ro36 4347359 5650524 310 90 320.45 Yes
Ro39 4358152 5656842 200 90 197.2 Yes
Ro41 4346982 5647411 250 90 426.2 Yes
Ro42 4348170 5647070 249 90 307 Yes
Ro45 4356946 5656716 407 90 289 Yes
Ro46 4358278 5658088 200 90 228 No
Note: Coordinates are DHDN / 3-degree Gauss-Kruger zone 4.
Table 2: Historical drill hole assays
Hole Intersect (m) Cu Ag
ID (%) (ppm)
From To Interval
Ro15 285.857 286.018 0.161 0.532 10
Ro15 286.018 286.068 0.05 0.846 15
Ro15 286.068 286.243 0.175 0.72 13
Ro15 286.243 286.288 0.045 0.919 16
Ro15 286.288 286.388 0.1 0.638 12
Ro15 286.388 286.438 0.05 0.681 13
Ro15 286.438 286.532 0.094 0.59 12
Ro15 286.532 286.619 0.087 0.562 11
Ro15 286.619 286.695 0.076 0.64 12
Ro15 286.695 286.812 0.117 0.707 13
Ro15 286.812 286.942 0.13 0.811 13
Ro15 286.942 287.043 0.101 0.737 11
Ro15 287.043 287.17 0.127 1.6 21
Ro15 287.17 287.272 0.102 1.437 19
Ro15 287.272 287.372 0.1 0.835 13
Ro15 287.372 287.463 0.091 0.499 11
Ro15 288.021 288.093 0.072 0.313 4
Ro15 288.151 288.206 0.055 0.441 5
Ro15 288.206 288.261 0.055 0.651 5
Ro15 288.261 288.281 0.02 0.506 5
Ro15 288.281 288.323 0.042 0.642 6
Ro15 288.323 288.388 0.065 1.573 12
Ro15 288.388 288.472 0.084 4.708 28
Ro15 288.472 288.51 0.038 3.837 24
Ro15 288.559 288.588 0.029 8.823 57
Ro15 288.588 288.623 0.035 4.774 30
Ro15 288.623 288.651 0.028 4.382 32
Ro15 288.651 288.721 0.07 3.554 98
Ro15 288.721 288.763 0.042 3.511 32
Ro15 288.763 288.793 0.03 2.814 28
Ro15 288.793 288.823 0.03 1.573 11
Ro15 288.823 288.865 0.042 2.313 17
Ro15 288.865 288.883 0.018 0.567 7
Ro15 288.883 288.901 0.018 0.469 7
Ro15 288.901 288.972 0.071 0.645 10
Ro15 288.972 289.004 0.032 0.617 8
Ro15 289.004 289.057 0.053 0.641 9
Ro15 289.057 289.117 0.06 0.523 9
Ro15 289.117 289.129 0.012 0.349 0
Ro15 289.151 289.159 0.008 1.033 18
Ro15 289.159 289.169 0.01 0.641 14
Ro15 289.169 289.179 0.01 0.477 15
Ro15 289.179 289.235 0.056 0.817 10
Ro15 289.235 289.257 0.022 0.312 4
Ro15 289.257 289.312 0.055 0.321 4
Ro18 209.5 210 0.5 0.9 20
Ro18 210 210.25 0.25 7.2 70
Ro18 210.25 210.53 0.28 8.6 50
Ro18 210.53 210.76 0.23 3.3 35
Ro18 210.76 211 0.24 0.3 -2
Ro19 339.5 339.71 0.21 7.6 80
Ro19 339.71 340 0.29 2.5 30
Ro19 340 340.5 0.5 1.5 15
Ro19 340.5 341 0.5 1 10
Ro19 341 341.5 0.5 1.3 10
Ro19 341.5 342 0.5 0.43 10
Ro21 199 199.18 0.18 0.94 10
Ro21 199.18 199.4 0.22 0.49 6
Ro23 365.48 366 0.52 2 21
Ro23 366 366.45 0.45 0.88 17
Ro23 366.45 367 0.55 3.2 78
Ro23 367 367.49 0.49 5 80
Ro23 367.49 367.58 0.09 0.97 12
Ro26 388.3 388.48 0.18 2.1
Ro26 388.48 388.72 0.24 0.88
Ro26 388.72 389 0.28 0.74
Ro33 242.5 243.1 0.6 1.2 35
Ro33 243.1 243.5 0.4 0.31 10
Ro34 196.75 197 0.25 0.45 10
Ro41 414.35 414.85 0.5 0.45 10
Ro45 268 268.5 0.5 0.35 2
Ro45 268.5 269 0.5 2.3 25
Ro45 269 269.28 0.28 4.8 75
Ro45 269.28 269.63 0.35 0.59 3
Ro45 269.63 270 0.37 1 5
Note: Only assay results equal to or greater than 0.3% copper are reported.
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 Due to the historic nature of the drilling results reported herein, it is not
specialised industry standard measurement tools appropriate to the minerals possible to comment on the quality of the sampling used to produce the results
under investigation, such as down hole gamma sondes, or handheld XRF described. It is known from historic reports that the drill core was sawn.
instruments, etc). These examples should not be taken as limiting the broad Sampling of ¼ core was conducted during multiple exploration phases between
meaning of sampling. 1980 and 1987 within the licence area by St Joes Exploration GmbH ("St Joes
Exploration"). The information shown here was collated from scans of hard copy
reports from that era and a State Survey Database. Assays, geological logging
and gamma ray logs were conducted by St Joes Exploration.
Include reference to measures taken to ensure sample representivity and the No QAQC was reported.
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
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, St Joes Exploration
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 · 10 cm drill cores were collected, further specifications
oriented and if so, by what method, etc). are not known.
State Survey Database
· Unknown drilling techniques.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Due to the historic nature of the drilling results reported herein, it is not
assessed. possible to comment on the recoveries achieved at the time.
Measures taken to maximise sample recovery and ensure representative nature of Not reported.
the samples.
Whether a relationship exists between sample recovery and grade and whether Not reported.
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 Information available is not appropriate for a Mineral Resource estimate.
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, Available logs are qualitative only.
channel, etc) photography.
The total length and percentage of the relevant intersections logged. The entire hole was logged, the target zone is typically 2 m thick.
Sub-sampling techniques If core, whether cut or sawn and whether quarter, half or all core taken. A reference to ¼ core is reported by St Joes Exploration however this is not
specific to every hole/phase.
and sample preparation If non-core, whether riffled, tube sampled, rotary split, etc and whether N/A
sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample N/A
preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximise N/A
representivity of samples.
Measures taken to ensure that the sampling is representative of the in situ N/A
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 N/A
sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory A St Joes Exploration reference reports that geochemical analysis was carried
procedures used and whether the technique is considered partial or total. out by Robertson Research Ltd, Wales, however it is not specified if this was
for each hole/phase.
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, N/A
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying The verification of significant intersections by either independent or No verification carried out.
alternative company personnel.
The use of twinned holes. No twinned holes.
Documentation of primary data, data entry procedures, data verification, data Limited data is available via hard copy reports. Data was digitised by Group
storage (physical and electronic) protocols. 11 Exploration and merged with State/Federal databases.
Discuss any adjustment to assay data. N/A
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and Location accuracy is unknown. The location of holes drilled by St Joes
down-hole surveys), trenches, mine workings and other locations used in Exploration comes from collar tables in historical reports. All other collar
Mineral Resource estimation. locations come from State/Federal databases.
Specification of the grid system used. Latitude and Longitude in degree, minutes and seconds were provided by St Joes
Exploration. All drill collar coordinates are reported here in the DHDN /
3-degree Gauss-Kruger zone 4 grid system.
Quality and adequacy of topographic control. N/A
Data spacing and distribution Data spacing for reporting of Exploration Results. Drillholes within the Ronshausen mineralised area are spaced between 400 -
700m. Outside of this area the drilling is sparce.
Whether the data spacing and distribution is sufficient to establish the Not sufficient for the establishment of a JORC compliant resource.
degree of geological and grade continuity appropriate for the Mineral Resource
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 target Kupferschiefer layer is flat to slightly dipping, vertical drilling
structures and the extent to which this is known, considering the deposit therefore intercepts at right angles and is appropriate.
type.
If the relationship between the drilling orientation and the orientation of No sampling bias.
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. N/A
Audits or reviews The results of any audits or reviews of sampling techniques and data. N/A
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 "Tannenberg" exploration licence is held 100% by Group 11 Exploration
material issues with third parties such as joint ventures, partnerships, GmbH. The licence was granted on the 7(th) of June 2022 and is valid for 3
overriding royalties, native title interests, historical sites, wilderness or years. The licence is free from overriding royalties and native titles
national park and environmental settings. interests. There are historical mine workings within the licence area, but no
known historical sites of cultural significance outside of mining.
Within and surrounding the licence area, there are environmental protections
zones with differing levels of protections. There are small areas identified
as Natura 2000 Fauna Flora Habitat Areas and Bird Sanctuaries. Other
environmental protection designated areas include Nature Reserves, National
Natural Monuments, Landscape Protection Area, and Natural Parks. Based on due
diligence and discussions with various stakeholders and consultants, the
presence of environmental protection areas does not preclude exploration or
eventual mining if conducted in accordance with applicable standards and
regulations.
The landform across the license area comprises mostly of farmland, forested
areas, and small towns and villages.
The security of the tenure held at the time of reporting along with any known The licence is 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. Exploration was carried out by St Joes Exploration (in JV with the Broken Hill
Pty Co Ltd later BHP-Utah) between 1980 and 1987. Two projects were
undertaken. The Richelsdorf project within the licence area as well as the
Spessart-Rhoen project 85 km to the south. Hole IDs starting with 'Ro' were
drilled by St Joes Exploration.
All other drill holes come from State Survey databases with unknown history.
Historical mining took place within the licence area. Mining activities ceased
in the 1950's. Comprehensive records of all mine workings are not available to
the Company (and may not exist).
Geology Deposit type, geological setting and style of mineralisation. Mineralisation is of the classic Kupferschiefer type (copper slate) within the
Permian Zechstein Basin of Germany and Poland.
The Zechstein Basin is hosted within the Southern Permian Basin ("SPB") of
Europe. The SPB is an intracontinental basin that developed on the northern
foreland of the Variscan Orogen.
Very high-grade copper mineralisation is generally associated with the
Kupferschiefer shale unit. However, minable copper mineralisation also occurs
in the footwall sandstone and hanging wall limestone units in Poland.
Mineralisation can be offset from the shale by up to 30 m above and 60 m
below.
Drill hole Information A summary of all information material to the understanding of the exploration Appendix 1 contains all relevant drillhole information.
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 All available drill collars are provided. The availability of historical assay
information is not Material and this exclusion does not detract from the results are listed in Appendix 1 Table 1. Assay results less than 0.3% Cu
understanding of the report, the Competent Person should clearly explain why are not reported.
this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum N/A
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 N/A
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 Drilling is perpendicular to mineralisation. Detailed sampling was done to
Results. If the geometry of the mineralisation with respect to the drill hole lithological contacts on a range of scales from 1-50cm.
angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should Intercepts are true width.
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 diagrams, including a maps, cross sections, and tables are
should be included for any significant discovery being reported These should included in the main body of this announcement.
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, All available results are reported. Only assays above or equal to 0.4% Cu are
representative reporting of both low and high grades and/or widths should be reported for practical reasons.
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 Infill and step out drilling required to assess the full potential of
or depth extensions or large-scale step-out drilling). mineralisation near Ronshausen is planned. The search for additional archive
material and historical records will continue. Desktop analysis and drill
targeting will be conducted in consultation with subject-matter experts.
Geophysical methods (such as seismic, magnetic, electrical, and gravity) will
be evaluated and used if deemed appropriate for the project.
Diagrams clearly highlighting the areas of possible extensions, including the These diagrams are included in the main body of this release.
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
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