GRX Greenx Metals Limited

Eleonore North Project

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 km².  The boundaries of Eleonore North Project are defined by the points:

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.

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.   

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

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.

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. 

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.

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.

All relevant maps are presented in the main body of this release.

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.

 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.     

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.