GreenX Metals (ASX:GRX) has secured two new exploration licences covering approximately 1,600km2 in Greenland, expanding its Eleonore North Project portfolio to around 2,100km2 across four licences.
The new licences target reduced intrusion-related gold systems associated with Caledonian intrusions that have never been tested under this geological model.
Historical exploration by Nordisk Mineselskab in the 1970s and 1980s identified gold assays up to 50 grams per tonne from grab samples, along with anomalous tungsten, silver, and arsenic in regional sediment sampling.
CEO Ben Stoikovich says the new tenure gives GreenX ‘exclusive rights’ to prospective Caledonian intrusions with documented gold and scheelite anomalies that have remained unexplored since the 1980s.
“Securing 1,600km2 of new gold and critical minerals tenure takes our Eleonore North portfolio to approximately 2,100km2 across four licences and gives us exclusive rights to a suite of Caledonian intrusions that have never been tested against the reduced intrusion-related gold model,” Stoikovich explains.
The company has completed reconnaissance sampling and mapping during July fieldwork, with first results expected this quarter. Historical data show gold-mineralised boulders and quartz veins hosted in granitic intrusions were discovered in 1975.
The new licences sit along a 160km mineralised structural corridor. The corridor includes the Malmbjerg Climax-type molybdenum porphyry deposit 60km to the southeast and GreenX’s North Margeries antimony-tungsten and South Margeries tungsten historical deposits 100km to the north.
Under the revised option agreement terms, GreenX must issue the original Eleonore North vendor shares valued at $250,000, calculated using the five-trading-day volume-weighted average price prior to this announcement.
The company expects results from its July fieldwork in the coming months, with data synthesis and exploration targeting to follow.
GreenX Metals is a Perth-based explorer advancing a portfolio of critical minerals projects, including the Tannenberg Copper Project in Germany and the Arctic Rift Copper Project in Greenland.
Write to JC Villarba at Mining.com.au
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