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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Greenx Metals Limited | LSE:GRX | London | Ordinary Share | AU0000198939 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.00 | 40.00 | 44.00 | 42.00 | 42.00 | 42.00 | 39,218 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 417k | -4.55M | -0.0199 | -39.70 | 95.91M |
From Nov 2022 to Nov 2024
TIDMGRX
RNS Number : 4746F
GreenX Metals Limited
10 July 2023
GREENX METALS LIMITED
NEWS RELEASE 10 JULY 2023
GREENX ACQUIRES OPTION OVER POTENTIALLY LARGE-SCALE, SHALLOW BULK TONNAGE GOLD PROSPECT
GreenX Metals Limited (GreenX or the Company) is pleased to announce that it has entered into an Option Agreement (Agreement) with Greenfields Exploration Limited (GEX) to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland.
-- Eleonore North has the potential to host a "reduced intrusion-related gold system" (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
-- Gold mineralisation documented at the high-priority Noa Pluton prospect within Eleonore North.
o Geophysical "bullseye" anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
o Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
o Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1).
-- Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. The Project remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
-- Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
-- Option to earn 100% of the Project vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX's election.
-- Transaction provides GreenX with gold exposure in Greenland and complements GreenX's existing exploration prospect in Greenland, the Arctic Rift Copper project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works for the 2023 have already commenced at Eleonore North, with follow-on exploration field activities for the ARC project currently being planned.
-- Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.
Mr Stoikovich, Chief Executive Officer of GreenX said: "The Eleonore North project diversifies GreenX with an exposure to gold and the bulk-tonnage target fits with the Company's strategy of pursuing globally significant discoveries. Its location allows us to unlock significant operational synergies in future field seasons with our ARC copper project in northern Greenland in conjunction with our JV partner and project manager Greenfields Exploration. We believe the mineral potential of Greenland is enormous, and we are progressively working on unlocking this potential."
Classification: 2.2 Inside Information
ELEONORE NORTH SUMMARY
The Eleonore North 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 ARC project.
The Project comprises two licences, located on Ymer Island in the south and the Strindberg Land peninsula in the north. 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 identifies no significant environmental, archaeological, or social challenges in the area.
Analogous to Canadian Bulk Tonnage Gold Deposits
Eleonore North has all the hallmarks of a "reduced intrusion-related gold system" (RIRGS). This type of bulk-tonnage deposit is found in Canada, including the 45 Moz Au Donlin Creek, 13 Moz Au Fort Knox, and 6.4 Moz Dublin Gulch).
RIRGS deposits are often associated with tin-tungsten provinces. The gold may express in various environments ranging from within an intrusion, a skarn, an overlying alteration halo ('hornfels'), and distal veins.
The most advanced prospect within the Project is the Noa Pluton, where extensive gold mineralisation is well documented and coincident with a geophysical anomaly. The Noa Pluton is obvious in magnetic data and is at the centre of a multi-element 'bullseye', which is consistent with the deposit type. While gold is the primary motivator, the mineral system includes standalone deposits of the critical metals antimony and tungsten. This project is more advanced than the Company's existing portfolio.
GEOLOGY
Eleonore North covers a sedimentary basin(1) that is intruded by granite and intermediate plutons of multiple ages (refer to Appendix 2). The plutons of interest intruded shortly after a mountain-building event(2) , releasing the compressive forces allowing deeply sourced, gold-bearing fluids to rise to the surface(3) . There is strong evidence for the occurrence of a RIRGS process. The first clue to the potential presence of a gold deposit is the presence of tungsten and antimony-tungsten deposits. These deposits often form a circular and predictable zone around gold anomalism. This metal zonation is consistent with RIRGS, as these deposits are often found in established tin or tungsten provinces. At Eleonore North, tungsten deposits are located up to 20 km away, which gives an indication to the intensity of the mineralising event.
Noa Pluton
A circular magnetic feature is at the centre of the regional geochemical zonation.
This geophysical signature is interpreted to be the alteration halo/hornfels of a pluton (the Noa Pluton). The geophysical anomaly has a diameter of 6 km and is likely to closely approximate the hornfels. Based on the magnetic data, the top of the intrusion is interpreted to be around 200 m to 300 m below the surface. The gold mineralisation may extend from surface into the intrusion, giving a substantial vertical target area to the 28 km(2) aerial extent.
Geochemical anomalism is coincident with a circular geophysical anomaly. A gold vein is exposed at the surface, and the associated anomalism has a strike extent of at least 10 km and possibly up to 15 km. As there is little in the way of a weathering profile, the anomalism is thought to represent in situ mineralisation.
This Noa Valley vein varies in width from 5 to 25m and is associated with economically attractive levels of antimony(4) . Based on limited sampling undertaken in 1983 and 1992, the best results are:
-- 40 m chip line with a length weighed average of 0.78 g/t Au and 0.01% Sb, including 15m with a grade of 1.62 g/t Au and 0.02% Sb (Chip Profile 15);
-- 35 m chip line with a grade of 0.39 g/t Au and 0.01% Sb, within which there is 15m grading 0.71 g/t Au and 0.27% Sb;
-- 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (profile CP-D); and
-- 14 m long chip sample grading 7.2% Sb and 0.53 g/t Au (Profile CP-C) refer to Appendix 1 and 2).
At least one other vein is in the valley floor, and others are likely. While these veins are interesting, they represent evidence towards targeting a much larger prospect, the Noa Pluton.
As the exposed mineralisation has an arsenic-antimony-gold affinity and there are lead-zinc veins in the area, the Company interprets that the exposed mineralisation is just above the inner hornfels(5) zone. The position in the outer hornfels means the gold content is likely to increase towards the Noa Pluton.
HOLMESØ
Some 50 km to the north-northwest of Noa Pluton is a strong geochemical anomaly at a location known as Holmesø. At this prospect, significant antimony-and copper outcrops at the surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades(6) for both metals.
The well-exposed mineralisation at Holmesø shares similarities with an anomaly on the north side of Noa Valley, some 5 km from the Noa Pluton. Consequently, Holmesø is interpreted as being caused by a second RIRGS-intrusion, whereby the antimony incorporates the sedimentary(7) copper found in the region. While the grades and thickness of the Holmesø mineralisation are attractive and the prospect is drill ready (refer to Appendix 1 and 2), the Company aims to prioritise locating the source RIRGS pluton.
Path forward
The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion. The Noa Veins provide a near-term drill target, however, the Company plans to determine the depth of the intrusion with greater precision using a passive seismic survey. This information will validate the magnetic interpretation, provide more certainty for a future drilling program, and help identify the size of the intrusion within the well-defined hornfels.
SUMMARY OF TERMS
GreenX will acquire a 100% interest in the Eleonore North project through the Option Agreement. Key terms of the Agreement are as follows:
-- The option to acquire the Project vests once GreenX has spent A$600,000 on an agreed work exploration program for the Project within 12 months;
-- Once the option has vested, GreenX can secure the Project on or before 30 June 2024 in return for:
o a 1.5% Net Smelter Royalty (NSR); plus
o a payment of A$250,000 in cash; plus
o a further payment of A$250,000 in cash or shares (with a floor price of A$0.30) in GreenX, at the Company's election.
GEX will act as the project manager until 30 June 2024, with the option, under certain circumstances, to act as the project manager thereafter.
The Agreement provides GreenX with a low-cost entry point into gold exploration in Greenland, given the synergies of established team, infrastructure and equipment in Greenland for the ARC project. Eleonore North remains underexplored, and the existence of a possible Intrusion Related Gold system is a relatively new geological interpretation based on the historic data.
Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime. The country is increasingly recognised as one of the last great mineral resource frontiers having recently attracted interest from Anglo American, Glencore, Trafigura, as well as KoBold Metals which is exploring for materials critical for the electric vehicle and renewable energy revolutions.
--S-
Competent Persons Statement
Information in this announcement that relates to Exploration Results is based on information compiled by Dr Jonathan Bell, a Competent Person who is a member of the Australian Institute of Geoscientists (AIG). Dr Bell is the Executive Director (Technical) of Greenfields Exploration Limited and holds an indirect interest in shares and performance rights in GreenX that are unaffected by Eleonore North. Dr Bell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Bell consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
To view this announcement in full, including all illustrations and figures, please refer to https://wcsecure.weblink.com.au/clients/greenxmetals/headline.aspx?headlineid=61157660 .
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Sources:
(1) Primarily the sediments of Neoproterozoic-age Eleonore Bay Supergroup.
(2) The mountain building event is the Caledonian Orogeny, and the tungsten mineralisation associated with the Noa Pluton has an age of 373 Ma. The Company's ARC project within the Kiffaanngissuseq Metallogenic Belt contains a copper sulphide mineralisation even that is also related to the waning Caledonian Orogeny and has an age of 385 Ma.
(3) The deep-seated source of magmas is evidenced by the presence of lamprophyres close the known mineral occurrences in Eleonore North. The correlation between gold deposits and lamprophyres is well established elsewhere on Earth.
(4) Antimony and tungsten are on the critical metals lists of the European Union, United Kingdom, and United State of America.
(5) A hornfels is a sedimentary rock that is metamorphosed by contact with a pluton.
(6) A 100 kg bulk sample yielded grades of 1.07% Sb and 1.35% Cu. A drillhole that penetrated the top 1.4 m of the target horizon, before breaking down, yielded a grade of 0.67% Sb and 1.33% Cu (refer to Appendix 1).
(7) Strindbergland contains extensive diagenetic chalcocite bands that have several strike kilometres of extent.
Appendix 1
Hot Features
Premium
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
(CP-C) 73.2913 -25.00699 14 0.53 N/A 7.23 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
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
(CP-B) 73.2913 -25.00933 14 0.22 N/A 2.00 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
Chip Profile
(CP-A) 73.29129 -25.01012 10 0.31 N/A 0.01 N/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
(CP-D) 73.29129 -25.00854 4 1.93 N/A 0.9 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
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
(104,475) 73.29896 -25.06436 N/A 0.97 N/A 0.02 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
Grab sample
(G7-3) 73.29128 -25.00923 N/A 3.6 N/A 1.60 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
Grab sample
(G10-1) 73.29703 -25.03214 N/A 2 N/A 0.02 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
Grab sample
(G10-3) 73.29703 -25.03214 N/A 1.1 N/A 0.11 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
Grab sample
(G10-2) 73.29703 -25.03214 N/A 0.91 N/A 19.00 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
Grab sample
(G7-4) 73.29128 -25.00923 N/A 0.71 N/A 31.00 N/A
---------- ----------- ----------- ------- ----------------- ------ --------
HOLMESØ PROSPECT
Type Northing Easting Cu Sb Ag Zn
(Sample ID) (%) (%) (g/t) (%)
--------- ---------- ----- ----- ------- -----
Bulk sample
(6162/1+2) 73.77164 -24.83429 0.97 0.88 36 0.05
--------- ---------- ----- ----- ------- -----
Bulk sample
(6162/5) 73.77164 -24.83429 1.98 1.48 2 0.24
--------- ---------- ----- ----- ------- -----
Bulk sample
(6162/6) 73.77164 -24.83429 1.09 0.85 14 0.12
--------- ---------- ----- ----- ------- -----
Drill core
(N/A) 73.77231 -24.83292 1.3 0.7 28 0.1
--------- ---------- ----- ----- ------- -----
Appendix 2
JORC Table 1, section 2: Reporting of Exploration Results
======================================================================================================
Criteria Eleonore North Project
Mineral tenement The Eleonore North Project is a result of a scientific
and land tenure and systematic reduction of Greenfields 'Frontier'
status Project. Eleonore North comprises two Exploration
Licences (MEL2023-39 and MEL 2018-19). The combined
spatial area of licences is 1,220.81 km(2) .
The boundaries of Eleonore North Project are
defined by the points:
MEL2023-39 (two polygons: 1,189.77 km(2) )
73.98333 degN 25.30000 degW 73.41667 degN 25.31667 degW
73.98333 degN 25.13333 degW 73.41667 degN 25.03333 degW
73.95000 degN 25.13333 degW 73.43333 degN 25.03333 degW
73.95000 degN 25.01667 degW 73.43333 degN 24.60000 degW
73.91667 degN 25.01667 degW 73.23333 degN 24.60000 degW
73.91667 degN 24.86667 degW 73.23333 degN 25.60000 degW
73.88333 degN 24.86667 degW 73.26667 degN 25.60000 degW
73.88333 degN 24.51667 degW 73.26667 degN 25.53333 degW
73.86667 degN 24.51667 degW 73.30000 degN 25.53333 degW
73.86667 degN 24.48333 degW 73.30000 degN 25.45000 degW
73.85000 degN 24.48333 degW 73.31667 degN 25.45000 degW
73.85000 degN 24.43333 degW 73.31667 degN 25.31667 degW
73.70000 degN 24.43333 degW
73.70000 degN 24.48333 degW
73.68333 degN 24.48333 degW
73.68333 degN 25.01667 degW
73.70000 degN 25.01667 degW
73.70000 degN 25.05000 degW
73.71667 degN 25.05000 degW
73.71667 degN 25.08333 degW
73.73333 degN 25.08333 degW
73.73333 degN 25.21667 degW
73.75000 degN 25.21667 degW
73.75000 degN 25.26667 degW
73.76667 degN 25.26667 degW
73.76667 degN 25.33333 degW
73.78333 degN 25.33333 degW
73.78333 degN 25.38333 degW
73.80000 degN 25.38333 degW
73.80000 degN 25.48333 degW
73.91667 degN 25.48333 degW
73.91667 degN 25.25000 degW
73.95000 degN 25.25000 degW
73.95000 degN 25.30000 degW
------------------------------------
MEL 2018-19 (two polygons: 31.04 km(2) )
73.16667 degN 25.11667 degW 73.23333 degN 25.05000 degW
73.16667 degN 25.01667 degW 73.23333 degN 24.76667 degW
73.15000 degN 25.01667 degW 73.21667 degN 24.76667 degW
73.15000 degN 25.05000 degW 73.21667 degN 25.01667 degW
73.13333 degN 25.05000 degW 73.20000 degN 25.01667 degW
73.13333 degN 25.15000 degW 73.20000 degN 25.05000 degW
73.15000 degN 25.15000 degW
73.15000 degN 25.11667 degW
------------------------------------
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 Greenfields
owns 100% of the licence.
There are no third-party royalties or other rights
relating to Eleonore North.
Exploration 1953 - lead, copper and zinc bearing veins were
done by other discovered in Noa Valley as part of a regional
parties 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 to GEX
given that the veins are above the hornfels and
correspondingly yield high-grade antimony and
low-gold content. Greenfields 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.
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 identifies for the first time, that 373
Ma post-orogenic mineralisation event is related
to the 385 Ma Kiffaanngissuseq hydrothermal event
some 1000 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: http://www.greenmin.gl/home.seam . 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 Drilling programs have previously been conducted
information 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. However,
GEX intends to produce a full Technical Assessment
Report on Eleonore North which will contain such
detail.
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 GEX has relied upon historical public domain
methods 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 The tungsten/antimony mineralisation was drilled
between mineralisation from pads from which multiple holes were 'fanned'.
width and intercept These drillholes all intersect the mineralisation
lengths. 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 document.
Balanced reporting GEX has sourced and reasonably 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 Aside from Nordisk and NunaOil's work outlined
exploration above, there has been no significant work on
data the gold potential of the region or licence area.
Further work In Noa Valley, the target pluton is well constrained
by magnetic and geochemical data. The depth to
the pluton is thought to be around 200m to 300m
below surface based on the geophysical response.
Confirmation and higher precision of the pluton's
depth is warranted ahead of a subsequent drilling
program. GEX recommends drilling down dip of
the known mineralisation where the antimony dominant
phase is expected to become gold dominant.
At Holmesø drillholes are recommended to
confirm the thickness and grade of the outcropping
mineralisation. A passive seismic survey is also
recommended along the length of Brogetdal to
determine the location of the proposed intrusion
that produced the Holmesø occurrence.
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.
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 Core recovery was close to 100% for all drillholes.
recovery
Logging All core was lithologically logged in a qualitative
manner. Only summary logs are currently available
to GEX, and it is unknown if the original logs
are available.
Sub-sampling It is unknown the sampling regimen was for the
techniques Holmesø core.
and sample Half-core sampling was performed on the samples
preparation from South Margeries Dal and North Margeries Dal.
Beyond this, it is unknown to GEX what sample
preparation was performed.
Quality of All drill samples are historical in nature and
assay data do not comply with modern QAQC protocols. However,
and laboratory GEX has reviewed numerous Nordisk programs and
tests found them to be highly professional and reliable.
Avannaa and IGO used reputable laboratories with
suitable QAQC controls. It is unknown to GEX what
Pasminco did, however being a large mining company,
GEX makes a reasonable assumption that Pasminco
used acceptable practices for that time.
Verification No verification sampling has been performed.
of sampling GEX relocated and verified the drillhole collars
and assaying at North and South Margeries Dal.
Location of The data locations and topographic control are
data points based on information the Government publicly discloses.
GEX relocated and 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 73.77231degN,
24.83292degW .
Present day grids are based on the WGS84 Datum.
Data spacing At South Margeries Dal, fourteen holes were drilled
and distribution 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.
Orientation The Holmesø drillhole was drilled close to
of data in perpendicular to the lithological hosted mineralisation.
relation to The South and North Margeries Dal mineralisation
geological was drilled at variable orthogonal orientations,
structure and sub-perpendicular angles.
Sample security IGO practiced good chain of custody with oversight
from senior personnel. GEX is satisfied and can
vouch for the professionalism of the IGO practices.
The practices of Avannaa, Pasminco and Nordisk
are unknown to GEX, but not considered material
for the present potential of Eleonore North.
GEX
Audits is
or unaware
reviews if
any
audits
or
reviews
were
performed
but
has
no
concerns
about
their
absence.
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