NEWS RELEASE 27 NOVEMBER 2024
HIGH GRADE ANTIMONY IDENTIFIED AT ELEONORE NORTH PROJECT
| · | GreenX receives outstanding antimony results at Eleonore North project in Greenland. |
| · | Antimony price now US$37,500/t from historical prices of ~US$5,000 to 10,000/t. |
| · | Critical mineral crisis escalating - China has now restricted export of critical and strategic antimony, graphite, gallium, germanium, tungsten, titanium and rare earths. |
GreenX Metals Limited (GreenX or the Company) is pleased to announce that high grade antimony mineralisation has been identified at the Company's Eleonore North project (Eleonore North or ELN) in Greenland, based on historical results recently released by the Geological Survey of Denmark and Greenland (GEUS). The historical results indicate the potential for a high-grade antimony-gold mineral system at ELN. Antimony prices have been on a rapid uptrend since China announced antimony export controls from 15 September 2024, with antimony prices in the US having rocketed to US$37,500/t from US$18,300/t1 in the past week.
· Historical results from GEUS 2008 fieldwork at ELN have been made available and include grab samples from outcropping mineralised veins with individual specimens grading up to 23% antimony (Sb), and other samples up to 4g/t gold (Au).
· Previously reported historical data confirmed the presence of gold and high-grade antimony in outcropping veins at ELN including:
o 14m long chip sample grading 7.2% Sb and 0.53g/t Au2
o 40 m chip line with a length weighed average of 0.78g/t Au2
· Antimony mineralisation has been identified along a ~4km trend in veins and structures, that broadly aligns with previously identified gold veining at surface within a 15km trend.
Figure 1: Newly released GEUS assay results show evidence for high-grade antimony and gold mineralisation above the interpreted Noa Pluton.
· Significantly, GEUS geologist's identified stibnite (Sb2S3) as the antimony mineral. Stibnite is well-understood and the predominant ore mineral for commercial antimony production.
· Antimony is designated a Critical Raw Material by both the EU and the US, with China being the world's major antimony ore producer and major exporter of refined antimony oxides and metallic antimony.
· Global strategic interest in antimony has significantly increased in 2024 due to several factors:
o China controls ~50% of global antimony mining, most downstream processing and 32% of global resources according to the Lowy Institute.
o China's recent export ban on antimony, effective from 15 September 2024, has caused market disruption3.
o Antimony is a crucial material in the defence supply chain, used in various military applications including ammunition, flame retardants, and smart weaponry.
o Antimony is essential in renewable energy technologies including more-energy-efficient solar panel glass and in preventing thermal runaway in batteries.
· The antimony market is expected to grow by 65% between 2024 and 20324. However, the supply side, declining antimony grades and depleting resources for existing mines are becoming increasingly relevant.
o In terms of new deposits, antimony is harder to find than most metals because stibnite has no geophysical electrical or magnetic response
· To aid the Company's exploration targeting and fieldwork planning for ELN, GreenX's technical team intend to locate, analyse, and study further historical samples and data within GEUS's archives in the coming weeks.
GreenX Metals' Chief Executive Officer, Mr Ben Stoikovich, commented: "Antimony is of critical importance in multiple defence applications and for the energy transition. Antimony features on both the EU and US critical raw materials lists due to China's dominance of global antimony supply. Whilst we had previously focussed on the ELN project primarily for gold mineralisation, the newly published historical results with out-cropping vein samples grading up to 23% antimony, indicate the potential for ELN to host viable antimony mineralisation. We plan to now re-focus our exploration program at ELN on both gold and antimony targets."
The Announcement Contains Inside Information
Figure 2: Noa Pluton prospect area within the Eleonore North Licence.
ANTIMONY RESULTS FROM NEWLY PUBLISHED GEOLOGICAL SURVEY ARCHIVE MATERIAL
GEUS's archives host an extensive collection of rock samples (with and without assays), maps, as well as government and company reports going back many decades. A sub-set of the archive material is available in digital format. GEUS is continuously digitising and publishing its archive material. The newly released data covers 2008 field work at the Noa Dal valley within the Company's ELN project. Government geologists collected mineralised samples from outcropping veins and scree near to the interpreted Noa Pluton. Selected highlights are presented in Table 1 below.
| Table 1: Selected antimony and gold results from 2008 GEUS fieldwork | |||
| Sample # | Sb (%) | Au (g/t) | Field description |
| 469506 | 23.40 | 0.00 | Quartz vein with stibnite. Sample from boulder or scree |
| 496901 | 22.20 | 0.44 | Massive stibnite from mineralised zone |
| 496918 | 15.10 | 0.54 | Quartz vein + galena + chalcopyrite |
| 469504 | 6.65 | 0.83 | Shale with stibnite |
| 496912 | 0.10 | 4.10 | Clay alteration: hanging wall |
| 496904 | 0.11 | 4.70 | Clay alteration: footwall |
| 496910 | 0.04 | 2.20 | Intense clay alteration |
These newly released results conform with previously released historical results from the Noa Dal area (previously reported in ASX announcement dated 10 July 2023).
GEOLOGICAL SIGNIFICANCE OF ANTIMONY
GreenX is targeting Reduced Intrusion-related Gold Systems (RIRGS) at ELN. The hypothesised blind-to-the-surface Noa Pluton forms the basis for the RIRGS exploration model. Antimony-gold veins at surface were considered to be supporting evidence for RIRGS at ELN. With the favourable shift in the antimony market, the outcropping veins have become a potentially viable and attractive target.
The antimony-gold mineralisation at ELN could be analogous to Perpetua Resources' Stibnite Gold Project in Idaho, USA. There, RIRGS and orogenic gold mineralisation styles overprint each other. Prior to the RIRGS model at ELN, the gold-bearing veins at Noa Dal were thought to be of orogenic origin. It is relatively common in gold deposits which are proximal to intrusions to feature characteristics of RIRGS and orogenic gold mineralisation styles.
The scale and potential of the antimony-gold veins will be evaluated with a follow-up investigation in the next phase of fieldwork.
GEUS is in the process of releasing results from regional mapping and sampling surveys from field seasons in 2022 and 2023 across East Greenland. GreenX plans to use the soon-to-be-released data as part of ongoing evaluation of the antimony and gold potential at ELN and the region.
Given recent developments in the antimony market, GreenX's exploration strategy at the ELN project in East Greenland will continue with a renewed focus on the known Sb-Au mineral systems at the Noa pluton.
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 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.
Sources:
1 Source: SP Angel 22/11/24 & Asianmetals.com
2 Previously reported - refer to ASX announcement dated 10 July 2023
3 https://chemical.chemlinked.com/news/chemical-news/china-restricts-export-of-antimony-and-related-products
4 https://www.fortunebusinessinsights.com/antimony-market-104295
Appendix 1: Exploration results and JORC Tables
Table 1: Historical GEUS rock samples from 2008
| Sample ID | Easting | Northing | Sb (ppm) | Au (g/t) | Field Description |
| 469501 | -25.0093 | 73.29184 | 85,100 | 0 | Silicified quartzite with stibnite |
| 469502 | -25.0078 | 73.29173 | 39,600 | 0.55 | Silicified quartzite with stibnite |
| 469503 | -25.0054 | 73.29182 | 96,500 | 0 | Silicified quartzite with stibnite |
| 469504 | -24.9471 | 73.2908 | 66,500 | 0.83 | Shale with stibnite |
| 469505 | -25.0675 | 73.30148 | 129,000 | 0 | Quartzite with stibnite |
| 469506 | -25.0675 | 73.30148 | 234,000 | 0 | Vein quartz with stibnite, Sample from boulder or scree |
| 469507 | -25.0669 | 73.30519 | 987 | | Vein quartz with galena and chalcopyrite |
| 469508 | -24.925 | 73.29301 | 577 | | Silicified limestone breccia |
| 496901 | -25.0063 | 73.29178 | 222,000 | 0.44 | Massive stibnite from mineralised zone |
| 496902 | -25.0063 | 73.29178 | 50,900 | 0 | Quartzite breccia + stibnite |
| 496903 | -25.0015 | 73.28947 | 274 | | Footwall quartzite |
| 496904 | -25.0064 | 73.29182 | 1,130 | 4.7 | Clay alteration: footwall |
| 496905 | -25.0063 | 73.29178 | 451 | 1.1 | Clay alteration: footwall |
| 496906 | -25.0063 | 73.29178 | 184 | 0.07 | Quartzite breccia |
| 496907 | -25.0062 | 73.29173 | 62 | 0 | Quartzite breccia + stibnite |
| 496908 | -25.0061 | 73.29168 | 78 | 2 | Stibnite-rich breccia + heavy alteration |
| 496909 | -25.0062 | 73.29166 | 143 | 2.4 | Clay alteration: hanging wall |
| 496910 | -25.0064 | 73.29171 | 383 | 2.2 | Intense clay alteration: hanging wall |
| 496911 | -25.0065 | 73.29166 | 58 | 0.18 | Quartzite hanging wall |
| 496912 | -25.0075 | 73.29166 | 1,080 | 4.1 | Clay alteration: hanging wall |
| 496913 | -24.9465 | 73.29073 | 1,180 | 4 | Quartzite breccia + alteration |
| 496914 | -24.9471 | 73.29088 | 267 | 0.28 | Quartzite breccia + quartz-veining |
| 496915 | -24.947 | 73.29084 | 65,100 | 0.66 | Quartzite breccia + stibnite |
| 496916 | -24.9474 | 73.29085 | 63,700 | 0.65 | Wall rock quartzite |
| 496917 | -25.0657 | 73.30175 | 10,000 | | Stibnite-rich breccia in quartzite. Sample from boulder or scree |
| 496918 | -25.0658 | 73.30178 | 151,000 | 0.54 | Quartz-vein + galena + chalcopyrite |
Note: Coordinates are in WGS 84 decimal degree format.
10,000ppm = 1%
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 specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. | GEUS collected grab samples of in situ and loose rocks. |
|
| Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. | No QAQC was reported. |
|
| Aspects of the determination of mineralisation that are Material to the Public 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. | Work was not conducted to modern industry standards. |
| Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, 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 oriented and if so, by what method, etc). | N/A |
| Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed.
| N/A |
|
| Measures taken to maximise sample recovery and ensure representative nature of the samples. | N/A |
|
| Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | N/A |
| Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | Rock grab samples were described in the field and are not used in any estimates or studies. |
|
| Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. | The logging of rock grab samples was qualitative/descriptive in nature. If photos of the samples exist, they have not been released by GEUS. |
|
| The total length and percentage of the relevant intersections logged. | N/A |
| Sub-sampling techniques and sample preparation | If core, whether cut or sawn and whether quarter, half or all core taken. | N/A |
| If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. | N/A | |
| For all sample types, the nature, quality and appropriateness of the sample preparation technique. | N/A | |
|
| Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. | N/A
|
|
| Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. | N/A |
|
| Whether sample sizes are appropriate to the grain size of the material being sampled. | N/A |
| Quality of assay data and laboratory tests | The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | All samples are historical in nature and do not comply with modern QAQC protocols. |
|
| For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. | N/A |
|
| Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | N/A |
| Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel.
| No verification carried out. |
|
| The use of twinned holes. | N/A |
|
| Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. | N/A |
|
| Discuss any adjustment to assay data. | N/A |
| Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. | Location of samples was collected with a handheld GPS unit. No Mineral Resource estimate is given. |
|
| Specification of the grid system used. | Location data is provided in the World Geodetic System 1984 (WGS 84) in decimal degrees. |
|
| Quality and adequacy of topographic control. | N/A |
| Data spacing and distribution | Data spacing for reporting of Exploration Results. | The samples GEUS collected in 2008 are select rock grab samples. They did not attempt to collect data at regular spacings. |
|
| Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. | N/A |
|
| 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 structures and the extent to which this is known, considering the deposit type. | The grab samples are point data and were likely collected biased to visible mineralisation. They were collected within and adjacent to mineralised veins and fault structures. |
|
| If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | No sampling bias. |
| Sample security | The measures taken to ensure sample security. | The practices of GEUS in 2008 are unknown to GreenX, but are not considered material for the present potential of Eleonore North. |
| Audits or reviews | The results of any audits or reviews of sampling techniques and data. | GreenX is unaware if any audits or reviews were performed but has no concerns about their absence. |
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 material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. | The Eleonore North Project is a result of a scientific and systematic reduction of Greenfield Exploration's (GEX) 'Frontier' Project. Eleonore North comprises two Exploration Licences (MEL2023-39 and MEL 2018-19). The combined spatial area of licences is 1,220.81 km2. The boundaries of Eleonore North Project are defined by the points:
MEL2023-39 (two polygons: 1,189.77 km2) 73.98333 °N 25.30000 °W 73.98333 °N 25.13333 °W 73.95000 °N 25.13333 °W 73.95000 °N 25.01667 °W 73.91667 °N 25.01667 °W 73.91667 °N 24.86667 °W 73.88333 °N 24.86667 °W 73.88333 °N 24.51667 °W 73.86667 °N 24.51667 °W 73.86667 °N 24.48333 °W 73.85000 °N 24.48333 °W 73.85000 °N 24.43333 °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
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 km2) 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 licences are currently in 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 owns 100% of the licences following conclusion of a revised option agreement as announced on 15 July 2024..
GreenX will issue a 1.5% NSR for Eleonore North. | |
|
| The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | The licences are in good standing. | |
| Exploration done by other parties | Acknowledgment and appraisal of exploration 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.
2008 - 2009: GEUS visited Ymer Island and took various rock grab samples in the Noa Dal area. Assay results from these samples were recently made publicly available on the Greenland Portal.
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 located 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. 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 | Deposit type, geological setting and style of mineralisation. | Eleonore North licences, for the most part, cover 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 gold 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. | |
| Drill hole Information | A summary of all information material to the understanding of the exploration 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. | No drilling is reported with these results. | |
|
| If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | No information was excluded from the announcement. | |
| Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. | No data aggregation has been undertaken. | |
|
| Where aggregate intercepts incorporate short lengths of high grade results and 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. | No data aggregation has been undertaken. | |
|
| The assumptions used for any reporting of metal equivalent values should be clearly stated. | No metal equivalent results have been reported. | |
| Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. | No drilling is reported with these results. The reported results are grab samples from within or adjacent to mineralised veins and structures. They do not characterise the geometry of the mineralisation. | |
|
| If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). | N/A | |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | Appropriate maps and tables are included in the main body of this announcement. | |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | All results are reported in Appendix 1: Table 1. | |
| Other substantive exploration data | Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey 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. | All substantive data are reported. | |
| Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). | 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.
Bulk sampling at the prospects will also be considered. | |
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| Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | These diagrams are included in the main body of this release. | |
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