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#GRX GreenX Metals LTD – Extension Of Option Agreement for Eleonore North
Extension Of Option Agreement for Eleonore North Gold Project
GreenX Metals Limited (GreenX or the Company) advises that it has agreed an extension of the Option Agreement (Agreement) with Greenfields Exploration Pty Ltd (GEX), to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland, from 30 June 2024 to 15 July 2024, while GreenX and GEX negotiate to vary the commercial terms of the Agreement.
As previously announced, 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 has been documented at the high-priority Noa Pluton prospect within Eleonore North including:
· Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
· Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
· Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company’s announcement on 10 July 2023).
Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. Eleonore North 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.
Figure 1: 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
The 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.
Eleonore North provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the ARC. There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works were conducted during the 2023 field season at Eleonore North, with data collected from the seismic survey presently being analysed to inform follow-on exploration program design.
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 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’s 2023 field work was focussed on determining the depth of the causative intrusion with greater precision using a passive seismic survey. Once analysed, this information will validate the magnetic interpretation, provide more certainty for a future exploration program, and help identify the size of the intrusion within the well-defined hornfels.
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Figure 2: Map of Greenland showing GreenX’s ARC and Eleonore North license areas |
Figure 3: Map showing prospects and geological features within the Eleonore North license areas |
–ENDS–
Competent Persons Statement
The information in this report that relates to exploration results were extracted from the ASX announcement dated 10 July 2023 which is available to view at www.greenxmetals.com.
GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement.
Pharmas, Builders Supplies and Construction Boom
Today’s mix of results clearly indicate continuing boom conditions in well managed pharma companies with new successful products – (viz AMS yesterday) and in companies which can prosper on the tailcoats of the house builders whose boom seems never ending. ( except for the warning signs in Central London)
Marshall’s MSHL showed a strong rise of 31% in profit before tax for the year to the end of December. Basic earnings per share followed suite with a rise of 32% The final dividend was increased by 22% and the recommended supplementary dividend will be up by 50%, making a total rise for the year of 30%. This was all achieved on a rise in revenue of only 3%. Since the start of the new year both sales and order intake have been strong.
Clinigen CLIN achieved over 30 growth across all its key financial measure in the half year to 31st December and is increasing its interim dividend by 23%. Adjusted gross profit and earnings per share rose by 34% and 31% respectively and more strong growth is promised for 2017.
Forterra FORT A strong second half performance resulted in both revenue and profit increases for the year to the end of December, its first year as a misted company. Profit before tax surged by some 75% from £22.2m to £37.1m. The outlook for the first half of 2017 is good, buoyed by strong activity from the major house builders.
Hikma Pharmaceuticals HIK claims that its business became stronger than ever in 2016, with group revenue rising by 39% and operating profit up by 14%, both in constant currency terms. A final dividend of 22 cents per share is to be paid making a total of 33 cents for the full year, a rise of 1cent. A significant increase in intangibles and exceptional items, led to reported operating profit falling by 9% in constant currency terms.
Somero Emterprises SOM enjoyed an excellent year in 2016 and is increasing its final dividend by 61%. Revenue for the year to the end of December rose by 13%, profit before tax by 22% and adjusted EBITDA by 23%. The company is excited about the prospects for 2017 with more strong growth expected.