REG - GreenX Metals Ltd - GreenX to Continue Exploration at Eleonore North
15/07/2024 07:00
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RNS Number : 3487W GreenX Metals Limited 15 July 2024
NEWS RELEASE 15 JULY 2024
GREENX TO CONTINUE EXPLORATION AT ELEONORE NORTH GOLD PROSPECT
GreenX Metals Ltd (GreenX or the Company) is pleased to announce that it has
entered into a revised agreement with Greenfields Exploration Pty Ltd (GEX) to
acquire up to 100% in the Eleonore North gold project (Eleonore North or the
Project) in eastern Greenland.
REVISED TERMS
Following renegotiation with GEX, GreenX will acquire a 100% interest in the
Eleonore North project through a revised Option Agreement. Having spent the
required amount on an agreed work exploration program for the Project; GreenX
will now acquire the Project on revised terms as follows:
o an issue of 1.5% Net Smelter Royalty (NSR); plus
o a payment of A$300,000 in GreenX shares (escrowed for 12 months from
date of issue). There will be no cash payment as in the original option
agreement; plus
o a further deferred payment of A$1,000,000 in cash or shares (with a
floor price of A$0.30) in GreenX, at the Company's election, if GreenX decides
to retain the Project after 31 December 2025 subsequent to having completed
further exploration work.
GreenX will now act as the project manager for Eleonore North.
These revised terms provide GreenX with the opportunity to retain the Project
with no further cash payments and conduct further exploration work before
making a decision to continue with the Project by 31 December 2025.
RESULTS FROM SEISMIC SURVEY
The Company commissioned a passive seismic survey over the Noa Pluton target
at Eleonore North licence for the 2023 field season. Passive seismic surveys
use ambient noises generated by nature instead of active noise sources.
Natural noise sources include waves crashing in the ocean or creaking glaciers
whereas active noise sources include vibration trucks or explosives. Passive
seismic surveys with ambient noise are therefore much less impactful on the
environmental.
Fieldwork was completed by GEX in conjunction with the Institute of Mine
Seismology (IMS). Eleonore North is prospective for reduced intrusion related
gold systems (RIRGS) similar to the Fort Knox and Dublin Gulch/Eagle Gold
deposits. The RIRGS deposit style hosts structurally-controlled gold in
plutons as well as in the surrounding hornfels aureole. The purpose at of the
survey at Eleonore North was to identify plutons that are blind to the surface
in the target area.
Data collected from the array of passive seismic nodes was processed by IMS.
As shown in the conceptual 3D velocity model below, multiple blind plutons may
be situated in the target area (Figure 1). Hornfels have been mapped at Noa
Dal, but the causative plutons have not yet been identified. Noa Dal has only
been mapped at 1:250,000 scale by GEUS, so it is possible that detailed
mapping could identify the currently unknown plutons. More likely however, the
causative plutons are blind to the surface (as shown in the cross-section in
Figure 1).
The results from 2023's passive seismic survey have significantly reduced the
exploration search space at Eleonore North. Future fieldwork will target these
sites where plutons approach the surface. Within a RIRGS setting, 1-2 km-wide
elongated plutons rising from a deeper batholith are very favourable
exploration targets.
Figure 1: IMS's conceptual 3D velocity model from Noa Dal target area with
GreenX's interpretation of target plutons. Inset shows survey location in Noa
Dal. Velocity values above 2,900 m/s are considered to be igneous material.
The A-A' section shows three potential plutons extending upwards towards the
surface.
Planned 2024 Activities
GreenX is again collaborating with the Geological Survey of Denmark and
Greenland (GEUS). For the last two years, GEUS has conducted fieldwork in the
region surrounding and within the Eleonore North licence. GEUS has a
multi-year project working to update the geological maps to a higher level of
detail. This work is primarily being done with traditional field mapping,
sample collection, and helicopter-based photography. Based on previous
discussions with GEUS, there is the possibility to commission GEUS to
fast-track production of an updated geological map at Eleonore North based on
helicopter photography collected in 2023. Samples collected by GEUS are also
available in Copenhagen for inspection and analysis. These samples may provide
a new regional perspective on the gold systems present in NE Greenland.
Figure 2: Map showing regional historical samples collected by GUES as
publicly available from GUES, a subset of which are available for inspection.
ELEONORE NORTH SUMMARY
The Eleonore North gold project comprises of two exploration licences covering
an area of 1,221 km(2) in an arid part of north-eastern Greenland,
approximately 1,000 km south of the Company's Arctic Copper Project (ARC)
(Figure 3).
The two exploration licences are located on Ymer Island in the south and the
Strindberg Land peninsula in the north (Figure 4). The 300 m deep fjords in
this area are around 6 km wide, sailed annually by large container ships, and
aircraft frequent the area. The Company had identified no significant
environmental, archaeological, or social challenges in the area.
Figure 3: Map of Greenland showing GreenX's ARC and Eleonore North license Figure 4: Map showing prospects and geological features within the Eleonore
areas North license areas
Eleonore North has the potential to host a "reduced intrusion-related gold
system" (RIRGS). RIRGS can host large scale, shallow, bulk tonnage gold
deposits, analogous to large bulk-tonnage deposit types found in Canada
including Fort Knox and Dublin Gulch. The Project remains underexplored, with
the existence of a possible RIRGS being a relatively new geological
interpretation based on the historic data.
Gold mineralisation is documented at the high-priority Noa Pluton prospect
within Eleonore North. There is a geophysical "bullseye" anomaly 6 km wide
co-incident with elevated gold mineralisation from historical geochemical
sampling with anomalous gold mineralisation associated with quartz veining
exposed at surface over a length of up to 15 km (Figure 5). Historical
sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to
Appendix 1 and previously reported in ASX announcement dated 10 July 2023)
Field work during 2023 consisted of a seismic survey to determine the depth
from surface to the Noa Pluton to aid in future drill targeting.
Figure 5: 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
ENQUIRIES
Ben Stoikovich Sapan Ghai
Chief Executive Officer
Business Development
+44 207 478 3900 +44 207 478 3900
-ENDS-
Competent Persons Statement
Information in this announcement that relates to Exploration Results is based
on information compiled by Mr Joel Burkin, a Competent Person who is a member
of the Australian Institute of Geoscientists. Mr Burkin is a consultant
engaged by GreenX. Mr Burkin 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 Burkin 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 Statement
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.
Appendix 1
NOA PROSPECT
Type Northing Easting Length (m) Au Maximum Au (g/t) Sb Maximum
(Sample ID) (g/t) (%) Sb (%)
Chip Profile 15 73.29321 -25.04009 40 0.78 1.80 0.01 0.03
(104,436-104,443)
Subset of chip Profile 15 73.29321 -25.04009 15 1.62 1.80 0.02 0.03
(104,440-104,442)
Chip Profile 2 73.29147 -25.00803 35 0.39 1.01 0.01 0.05
(104,610-104,616)
Subset of Chip Profile 2 73.29169 -25.00415 15 0.71 1.01 0.27 0.53
(104,610-104,612)
Chip Profile 1 73.29158 -25.00411 45 0.24 0.51 0.25 10.4
(104,601-104,609)
Subset of Chip Profile 1 73.29134 -25.00408 15 0.33 0.51 0.01 0.01
(104,607-104,609)
Chip Profile 18 73.29385 -25.04448 25 0.57 2.01 0.16 0.61
(104,639-104,643)
Subset of Chip Profile 18 73.29379 -25.0445 5 2.01 N/A 0.01 0.01
(104,642)
Chip Profile 73.2913 -25.00699 14 0.53 N/A 7.23 N/A
(CP-C)
Chip Profile 16 73.29336 -25.04158 30 0.22 0.3 0.00 0.00
(104,444-104,449)
Subset of Chip Profile 16 73.29336 -25.04158 15 0.35 0.60 0.00 0.00
(104,446-104,448)
Chip Profile 3 73.29138 -25.00908 23 0.29 0.50 0.29 1.34
(104,401-104,405)
Chip Profile 17 73.29368 -25.04273 15 0.31 0.71 0.01 0.01
(104,644-104,646)
Chip Profile 25 73.29086 -24.94675 15 0.34 0.39 1.13 2.11
(104,708-104,710)
Chip Profile 73.2913 -25.00933 14 0.22 N/A 2.00 N/A
(CP-B)
Chip Profile 73.29129 -25.01012 10 0.31 N/A 0.01 N/A
(CP-A)
Chip Profile 35 73.30168 -25.06504 21 0.21 0.29 1.84 6.65
(104,471-104,474)
Chip Profile 19 73.29275 -25.0635 30 0.17 0.39 0.00 0.00
(104,451-104,456)
Subset of Chip Profile 19 (104,454) 73.29268 -25.06352 5 0.39 N/A 0.00 N/A
Chip Profile 73.29129 -25.00854 4 1.93 N/A 0.9 N/A
(CP-D)
Chip Profile 37 73.29968 -25.06443 2 0.20 0.59 0.08 0.24
(104,718-104,720)
Subset of Chip Profile 37 73.29968 -25.06443 ~0.67 0.59 N/A 0.24 N/A
(104,719)
Grab sample 73.29896 -25.06436 N/A 0.97 N/A 0.02 N/A
(104,475)
Grab sample 73.29128 -25.00923 N/A 3.6 N/A 1.60 N/A
(G7-3)
Grab sample 73.29703 -25.03214 N/A 2 N/A 0.02 N/A
(G10-1)
Grab sample 73.29703 -25.03214 N/A 1.1 N/A 0.11 N/A
(G10-3)
Grab sample 73.29703 -25.03214 N/A 0.91 N/A 19.00 N/A
(G10-2)
Grab sample 73.29128 -25.00923 N/A 0.71 N/A 31.00 N/A
(G7-4)
HOLMESØ PROSPECT
Type Northing Easting Cu Sb Ag Zn
(Sample ID) (%) (%) (g/t) (%)
Bulk sample 73.77164 -24.83429 0.97 0.88 36 0.05
(6162/1+2)
Bulk sample 73.77164 -24.83429 1.98 1.48 2 0.24
(6162/5)
Bulk sample 73.77164 -24.83429 1.09 0.85 14 0.12
(6162/6)
Drill core 73.77231 -24.83292 1.3 0.7 28 0.1
(N/A)
Appendix 2
JORC Table 1, section 2: Reporting of Exploration Results
Criteria Eleonore North Project
Mineral tenement and land tenure status The Eleonore North Project is a result of a scientific and systematic
reduction of GEX's 'Frontier' Project. Eleonore North comprises two
Exploration Licences (MEL2023-39 and MEL 2018-19). The combined spatial area
of licences is 1,1281 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 73.41667 °N 25.31667 °W
73.98333 °N 25.13333 °W 73.41667 °N 25.03333 °W
73.95000 °N 25.13333 °W 73.43333 °N 25.03333 °W
73.95000 °N 25.01667 °W 73.43333 °N 24.60000 °W
73.91667 °N 25.01667 °W 73.23333 °N 24.60000 °W
73.91667 °N 24.86667 °W 73.23333 °N 25.60000 °W
73.88333 °N 24.86667 °W 73.26667 °N 25.60000 °W
73.88333 °N 24.51667 °W 73.26667 °N 25.53333 °W
73.86667 °N 24.51667 °W 73.30000 °N 25.53333 °W
73.86667 °N 24.48333 °W 73.30000 °N 25.45000 °W
73.85000 °N 24.48333 °W 73.31667 °N 25.45000 °W
73.85000 °N 24.43333 °W 73.31667 °N 25.31667 °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
MEL 2018-19 (two polygons: 31.04 km(2))
73.16667 °N 25.11667 °W 73.23333 °N 25.05000 °W
73.16667 °N 25.01667 °W 73.23333 °N 24.76667 °W
73.15000 °N 25.01667 °W 73.21667 °N 24.76667 °W
73.15000 °N 25.05000 °W 73.21667 °N 25.01667 °W
73.13333 °N 25.05000 °W 73.20000 °N 25.01667 °W
73.13333 °N 25.15000 °W 73.20000 °N 25.05000 °W
73.15000 °N 25.15000 °W
73.15000 °N 25.11667 °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 minimum expenditure obligation for a MEL-S is DKK500/km2 indexed to Danish
CPI as of January 1992. The Company estimates the expenditure requirement in
the base case will be approximately AUD650,000 per annum if the current
licence shape is retained, and aerial reductions are possible to reduce this
obligation. The licences are currently in significant 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 will own 100% of the licence.
GreenX will issue a 1.5% NSR for Eleonore North.
Exploration done by other parties 1953 - lead, copper and zinc bearing veins were discovered in Noa Valley 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 Dal and North Margeries Dal. These deposits were drilled
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 Noa
Valley. 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.
2009: NunaMinerals A/S, a public-private spinout from NunaOil A/S, conducted a
heliborne magnetic survey over Margeries Valley and Noa Valley. 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 Valley. This
magnetic feature was interpreted to be a granitic/intermediate intrusion.
During this time, samples from the South Margeries Dal 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 three 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 Valley in 2018 and 2019 but
focussed on the north slope away from Noa Pluton, and on areas typified by
magnetic highs rather than the lows which define Noa 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 relocated the
historical drillhole collars at North and South Margeries Dal
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. The reason for the discrepancy is not clear to GEX,
however GEX representatives did inspect the site in 2019 and attest to it
being well mineralised. It is possible that due to the hardness of the
quartzite host, rockchip sampling is unreliable. 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 Eleonore North licences, for the most part, covers Neoproterozoic-aged
sediments belonging to the Eleonore Bay Supergroup. These sediments trend
from clastics up to carbonates. The lithology of the sediments is not a
primary consideration in the targeting of reduced intrusion related golds
systems. These sediments are intruded by granites and intermediate
intrusives that are somewhat shallowly sourced due the Caledonian Orogenic
event. However, geochronology of the South Margeries Dal tungsten indicates
that post-orogenic fluid flow occurred. Post-orogenic granitic intrusions
are consistent with RIRGS mineralisation, as the decompression allows for the
fluidisation of gold in the mantle while providing conduits to surface.
Elsewhere, such post-orogenic emplacement is associated with deeply sourced
lamprophyres, like those mapped in Noa Valley and Brogetdal. GEX identified
for the first time, that ~373 Ma post-orogenic mineralisation event is related
to the 385 Ma Kiffaanngissuseq hydrothermal event some 1,000 km to the north.
In the north at Kiffaanngissuseq the post-orogenic event was characterised
by an east-west fluid flow. In the south in the Frontier region that hosts
Elenore North, the post orogenic event was dominated by magmatic intrusions
and little hydrothermal activity. Separating the two areas is the poorly
understood, high-metamorphic grade Eclogite Province where peak metamorphism
is of similar age to the Frontier and Kiffaanngissuseq processes.
An interactive Government portal that contains the geology, and supporting
reports can be accessed via:
https://data.geus.dk/geusmap/?mapname=greenland_portal
(https://data.geus.dk/geusmap/?mapname=greenland_portal)
A detailed review of the regional geology is presented in GEX's report titled
'FRONTIER PROJECT Technical Assessment. this report is available from DOI:
10.13140/RG.2.2.11673.24165.
Drill hole information Drilling programs have previously been conducted at the South Margeries Dal,
North Margeries Dal, and Holmesø prospects.
Between 1981 and 1983 the North, and South Margeries Dal tungsten-antimony
deposits on Ymer Island were subject to drilling activity. The first year
involved thirteen shallow diamond holes totalling 96 m (excluding three holes
that failed to penetrate the cover, and the second year eighteen holes for
1986.4 m. Of these, fourteen holes were at South Margeries Dal, and eleven
at North Margeries Dal. Over the course of 2018 and 2019 GEX established the
collar location of most of these drillholes. These drillholes are not the
primary focus of the Eleonore North project and are not presented in detail in
this Table.
In 1974, Nordisk attempted a solitary 21.1 m long diamond drill-hole at the
Holmesø prospect in the northern reaches of the Eleonore North licence.
However, the drill-rig broke down at 21m after penetrating only 1.4 m into a
targeted 17m thick mineralised zone, and the hole was never completed or
revisited. Assays of the core returned grades of 1.33% Cu, 0.67% Sb, 0.06%
Zn, 0.003% Pb and 28 g/t Ag.
Data aggregation methods GreenX has relied upon historical public domain information. The aggregation
of data underlying this information is uncertain. These data are not relied
upon and are not material in terms of the Project's status and present
understanding.
Relationship between mineralisation width and intercept lengths. The tungsten/antimony mineralisation was drilled from pads from which multiple
holes were 'fanned'. These drillholes all intersect the mineralisation in
perpendicular to sub-perpendicular angles. No down dip drilling was
performed. At Holmesø, the single drillhole was drilled approximately
perpendicular to the mineralised horizon. The rock chip lines in Noa Dal are
likely to be orthogonal to the veining, although it is not presently known to
what extent The sub-perpendicular rockhip sampling is not considered
material to the potential of the Noa Intrusion.
Diagrams All relevant maps are presented in the main body of this release.
Balanced reporting GreenX has presented all the results that relate to the gold, antimony, and
tungsten mineralisation in Eleonore North. It has not presented IGO's
sediment-hosted copper work as it was largely focussed in other areas of
interest, for a different purpose that has little bearing on the economic
potential of Eleonore North. The inclusion of this work would reduce this
document's concision and clarity, and therefore effectiveness.
Other substantive exploration data The 2023 passive seismic survey with IMS was commissioned by GEX. IMS
designed the survey, provided the nodes, training, and processed the results.
GEX undertook the fieldwork component of the survey. In the body of this
report, a depth slice and cross-section of IMS's 3D velocity model is shown.
GreenX interpreted the plutons in IMS's 3D velocity model.
Further work In Noa Valley, the target pluton(s) is constrained by seismic, magnetic and
geochemical data. The depth to the pluton is thought to be around 150m below
surface based on the seismic results. Field confirmation of potential host
structures is warranted ahead of a subsequent drilling program. Future
fieldwork will be planned and/or undertaken in conjunction with expert
consultant(s).
At the South and North Margeries Dal prospects, a higher resolution digital
terrain model should be obtained prior to generating Exploration Targets based
on the historical drilling.
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 minimum expenditure obligation for a MEL-S is DKK500/km2 indexed to Danish
CPI as of January 1992. The Company estimates the expenditure requirement in
the base case will be approximately AUD650,000 per annum if the current
licence shape is retained, and aerial reductions are possible to reduce this
obligation. The licences are currently in significant 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 will own 100% of the licence.
GreenX will issue a 1.5% NSR for Eleonore North.
Exploration done by other parties
1953 - lead, copper and zinc bearing veins were discovered in Noa Valley 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 Dal and North Margeries Dal. These deposits were drilled
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 Noa
Valley. 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.
2009: NunaMinerals A/S, a public-private spinout from NunaOil A/S, conducted a
heliborne magnetic survey over Margeries Valley and Noa Valley. 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 Valley. This
magnetic feature was interpreted to be a granitic/intermediate intrusion.
During this time, samples from the South Margeries Dal 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 three 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 Valley in 2018 and 2019 but
focussed on the north slope away from Noa Pluton, and on areas typified by
magnetic highs rather than the lows which define Noa 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 relocated the
historical drillhole collars at North and South Margeries Dal
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. The reason for the discrepancy is not clear to GEX,
however GEX representatives did inspect the site in 2019 and attest to it
being well mineralised. It is possible that due to the hardness of the
quartzite host, rockchip sampling is unreliable. 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
Eleonore North licences, for the most part, covers Neoproterozoic-aged
sediments belonging to the Eleonore Bay Supergroup. These sediments trend
from clastics up to carbonates. The lithology of the sediments is not a
primary consideration in the targeting of reduced intrusion related golds
systems. These sediments are intruded by granites and intermediate
intrusives that are somewhat shallowly sourced due the Caledonian Orogenic
event. However, geochronology of the South Margeries Dal tungsten indicates
that post-orogenic fluid flow occurred. Post-orogenic granitic intrusions
are consistent with RIRGS mineralisation, as the decompression allows for the
fluidisation of gold in the mantle while providing conduits to surface.
Elsewhere, such post-orogenic emplacement is associated with deeply sourced
lamprophyres, like those mapped in Noa Valley and Brogetdal. GEX identified
for the first time, that ~373 Ma post-orogenic mineralisation event is related
to the 385 Ma Kiffaanngissuseq hydrothermal event some 1,000 km to the north.
In the north at Kiffaanngissuseq the post-orogenic event was characterised
by an east-west fluid flow. In the south in the Frontier region that hosts
Elenore North, the post orogenic event was dominated by magmatic intrusions
and little hydrothermal activity. Separating the two areas is the poorly
understood, high-metamorphic grade Eclogite Province where peak metamorphism
is of similar age to the Frontier and Kiffaanngissuseq processes.
An interactive Government portal that contains the geology, and supporting
reports can be accessed via:
https://data.geus.dk/geusmap/?mapname=greenland_portal
(https://data.geus.dk/geusmap/?mapname=greenland_portal)
A detailed review of the regional geology is presented in GEX's report titled
'FRONTIER PROJECT Technical Assessment. this report is available from DOI:
10.13140/RG.2.2.11673.24165.
Drill hole information
Drilling programs have previously been conducted at the South Margeries Dal,
North Margeries Dal, and Holmesø prospects.
Between 1981 and 1983 the North, and South Margeries Dal tungsten-antimony
deposits on Ymer Island were subject to drilling activity. The first year
involved thirteen shallow diamond holes totalling 96 m (excluding three holes
that failed to penetrate the cover, and the second year eighteen holes for
1986.4 m. Of these, fourteen holes were at South Margeries Dal, and eleven
at North Margeries Dal. Over the course of 2018 and 2019 GEX established the
collar location of most of these drillholes. These drillholes are not the
primary focus of the Eleonore North project and are not presented in detail in
this Table.
In 1974, Nordisk attempted a solitary 21.1 m long diamond drill-hole at the
Holmesø prospect in the northern reaches of the Eleonore North licence.
However, the drill-rig broke down at 21m after penetrating only 1.4 m into a
targeted 17m thick mineralised zone, and the hole was never completed or
revisited. Assays of the core returned grades of 1.33% Cu, 0.67% Sb, 0.06%
Zn, 0.003% Pb and 28 g/t Ag.
Data aggregation methods
GreenX has relied upon historical public domain information. The aggregation
of data underlying this information is uncertain. These data are not relied
upon and are not material in terms of the Project's status and present
understanding.
Relationship between mineralisation width and intercept lengths.
The tungsten/antimony mineralisation was drilled from pads from which multiple
holes were 'fanned'. These drillholes all intersect the mineralisation in
perpendicular to sub-perpendicular angles. No down dip drilling was
performed. At Holmesø, the single drillhole was drilled approximately
perpendicular to the mineralised horizon. The rock chip lines in Noa Dal are
likely to be orthogonal to the veining, although it is not presently known to
what extent The sub-perpendicular rockhip sampling is not considered
material to the potential of the Noa Intrusion.
Diagrams
All relevant maps are presented in the main body of this release.
Balanced reporting
GreenX has presented all the results that relate to the gold, antimony, and
tungsten mineralisation in Eleonore North. It has not presented IGO's
sediment-hosted copper work as it was largely focussed in other areas of
interest, for a different purpose that has little bearing on the economic
potential of Eleonore North. The inclusion of this work would reduce this
document's concision and clarity, and therefore effectiveness.
Other substantive exploration data
The 2023 passive seismic survey with IMS was commissioned by GEX. IMS
designed the survey, provided the nodes, training, and processed the results.
GEX undertook the fieldwork component of the survey. In the body of this
report, a depth slice and cross-section of IMS's 3D velocity model is shown.
GreenX interpreted the plutons in IMS's 3D velocity model.
Further work
In Noa Valley, the target pluton(s) is constrained by seismic, magnetic and
geochemical data. The depth to the pluton is thought to be around 150m below
surface based on the seismic results. Field confirmation of potential host
structures is warranted ahead of a subsequent drilling program. Future
fieldwork will be planned and/or undertaken in conjunction with expert
consultant(s).
At the South and North Margeries Dal prospects, a higher resolution digital
terrain model should be obtained prior to generating Exploration Targets based
on the historical drilling.
JORC Table 1, section 1: Sampling Techniques and Data
Criteria Eleonore North Project
Sampling techniques Nordisk undertook drilling, rock sampling, and stream sediment sampling.
Pasminco undertook rock sampling, and stream sediment sampling.
Avannaa collected rock samples.
IGO collected rock samples and portable XRF readings.
GEX undertook a passive seismic survey.
Drill techniques Nordisk used diamond drilling methods. At Holmesø, an Atlas Copco 75 D was
used to drill a 46 mm collar that yielded a core of 37-38 mm diameter;
followed by a 36 mm bit that produced 28 mm core. At North and South
Margeries Dal the core diameter is 35.3 mm.
Drill sample recovery Core recovery was close to 100% for all drillholes.
Logging All core was lithologically logged in a qualitative manner. Only summary
logs are currently available and it is unknown if the original logs are
available.
Sub-sampling techniques and sample preparation It is unknown the sampling regimen was for the Holmesø core.
Half-core sampling was performed on the samples from South Margeries Dal and
North Margeries Dal. Beyond this, it is unknown what sample preparation was
performed.
Quality of assay data and laboratory tests All drill samples are historical in nature and do not comply with modern QAQC
protocols. However, a review of numerous Nordisk programs and found them to
be highly professional and reliable. Avannaa and IGO used reputable
laboratories with suitable QAQC controls. It is unknown what Pasminco did,
however being a large mining company, reasonable assumption had been made that
Pasminco used acceptable practices for that time.
Verification of sampling and assaying No verification sampling has been performed.
GEX has previously verified the drillhole collars at North and South Margeries
Dal.
Location of data points The data locations and topographic control are based on information the
Government publicly discloses. GEX has previously verified the drillhole
collars at North and South Margeries Dal. These holes were historically set
out on a local grid, for which some survey reference points still exist.
Avannaa records the position at 73.77231°N, 24.83292°W.
Present day grids are based on the WGS84 Datum.
Data spacing and distribution At South Margeries Dal, fourteen holes were drilled fin fans from four pads.
At North Margeries Dal, eleven holes were drilled from three pads. All other
sampling within the licences is erratically spaced. The passive seismic
survey had a node spacing of approximately 400 m.
Orientation of data in relation to geological structure The Holmesø drillhole was drilled close to perpendicular to the lithological
hosted mineralisation. The South and North Margeries Dal mineralisation was
drilled at variable orthogonal orientations, and sub-perpendicular angles.
Sample security IGO practiced good chain of custody with oversight from senior personnel.
GreenX is satisfied and can vouch for the professionalism of the IGO
practices. The practices of Avannaa, Pasminco and Nordisk are unknown, but
not considered material for the present potential of Eleonore North.
Audits or reviews GreenX is unaware if any audits or reviews were performed but has no concerns
about their absence.
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