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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.
#KAV Kavango Resources PLC – KSZ: B Conductor Drill Contract Signed
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce a drilling campaign on its Kalahari Suture Zone North (“KSZ North”) project.
The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) to drill the cluster of three “B Conductors” it has identified in the project area. Kavango’s technical team prioritised the B Conductors for drill testing after remodelling their conductance to be in the range of possible nickel, copper, platinum group element (“PGE”)-bearing massive sulphides (announced >>> 02 March 2023).
OVERVIEW
– Drill rig mobilisation
· Mindea will deploy a diamond drill rig capable of drilling beyond target depth.
· Kavango selected Mindea, after it successfully drilled two holes into the B Conductors last year as part of the Company’s Proof of Concept campaign (announced >>> 18 August 2022).
– Drill programme details
· Mindea will drill up to 4 holes, targeting the B Conductors at a depth of 600-700m.
· The primary target will be the B1 Conductor, which was recently remodelled with a conductance of 28,700 Siemens using Downhole Electromagnetic (“DHEM”) survey data.
§ This is well into the range accepted by nickel-copper specialised geophysicists for pyrrhotite-bearing massive sulphides.
§ Pyrrhotite is very highly conductive iron sulphide mineral often associated with the nickel-bearing mineral pentlandite in nickel/copper/PGE massive sulphide bodies.
· Secondary targets comprise the B3 and B4 conductors. These have been modelled at 4,100 and 2,760 Siemens respectively, also in the range of possible massive sulphides.
– Preparations underway
· Kavango has mobilised its exploration camp for the drilling campaign.
· The Company is also preparing an access road to the proposed drilling site and preparing the water borehole for the drilling of the B1 Conductor.
· Drilling expected to commence within 3 weeks.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We are delighted to return to drilling the Kalahari Suture Zone. Following last year’s ‘near miss’ of the B1 Conductor, we’ve made thorough preparations for our return to this target.
Mindea successfully drilled two holes in the area last year for us, overcoming difficult ground conditions. We learned a lot together from that campaign and are confident Mindea’s team will give us the greatest chance of making a successful intersection of the 28,700 Siemens B1 Conductor.
This high level of conductance is among the stronger geophysical indicators in nickel/copper exploration, and we look forward to proving the causative source with physical drill core.”
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#KAV Kavango Resources PLC – Ditau – IOCG system confirmed at i10
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce petrological confirmation of an Iron Oxide Copper Gold (“IOCG”) system at the Company’s Ditau Project in southwestern Botswana.
Kavango has received petrology results of core samples taken from Ditau, including exploration hole DITDD004, which the Company successfully drilled in May 2022. Kavango believes this is the first confirmation of IOCG-style mineralisation in Botswana and suggests there is considerable exploration upside at Ditau, both for higher grade IOCG discovery and for carbonatites that may contain rare earth elements (“REEs”).
Kavango has previously identified 12 ‘ring structure’ geophysical anomalies at Ditau, which remain the Company’s focus for exploration.
HIGHLIGHTS
– Petrological analysis confirms IOCG system at Target i10 in Hole DITDD004
– 15 samples from Ditau tested by an internationally recognised laboratory in the UK
– Kavango believes this is an important exploration lead as such IOCG mineralising systems seldom occur in isolation and can be extensive
– Minor amounts of mineral bastnaesite (a REE carbonate) identified in DITDD004
– This may provide evidence for nearby REE mineralisation
– REE hosting intrusions, such as carbonatites, can occur in proximity to IOCG deposits
– Further deeper and lateral drilling at i10 will test this potential
– Kavango’s geophysical data over Target i10 shows the presence of coincident magnetic and gravity anomalies, which are typical of IOCG deposits
– Next steps
– Kavango to prepare an updated exploration plan, incorporating IOCG deposit model
– Final processing, analysis and interpretation of existing Controlled Source Audio MagnetoTelluric (“CSAMT”) data acquired in H1
– Extensive CSAMT and gravity surveys planned across all 12 Ditau targets
– Drill planning
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“These are surprising, positive results for Kavango. The Iron Oxide Copper Gold deposit style has never been considered at Ditau. However, given the project’s geological setting, there is a compelling logic to this model.
Ditau sits towards the western edge of the Kaapvaal Craton and is within an established kimberlite/carbonatite corridor. These are supportive indicators of a potentially favourable environment for IOCG mineralisation.
Sand cover at Ditau has always made this a conceptual geophysical venture, but now that we have physical evidence of hydrothermal mineralising processes occurring here this will help shape future exploration.
Our current strongest lead is Hole DITDD004, which tested Target i10 and remains open in what we believe to be an IOCG breccia at 393m. We believe i10 would benefit from deeper and lateral drilling. However, before we send a rig back to Ditau, we need to conduct more CSAMT and gravity surveys over all 12 targets. Results from these surveys should enhance our updated exploration plan and increase our confidence in future drill targeting.”
Background
The i10 Target is a discrete 2.2km diameter magnetic anomaly (the “i10 Target”) that Kavango drilled two exploration holes into, during April and May 2022 (drill completion announced >>> 18 May 2022). The holes were designated DITDD003 and DITDD004.
DITDD004 was drilled to a depth of 393m and intercepted a Zone of Interest, from which the majority of samples in the hole were taken and sent for petrological investigation. This Zone of Interest was first interpreted to extend from 293m to 321m. However, subsequent analysis confirmed the Zone of interest extended from 293m to the end of hole at 393m and was open at depth. In addition to this, assay results confirmed the presence of a gold mineralising system in the Zone of Interest, with a peak grade of 0.175 parts per million (“ppm”) over 2m from 312m to 314m (announced >>> 30 August 2022).
i10 Petrology Results
Subsequent to this, Kavango has now received a petrology report on samples from Ditau, including hole DITDD004, which confirms brecciation and alteration that are considered to represent part of an Iron Oxide Copper Gold (“IOCG”) system.
Kavango believe this to be the first discovery of an IOCG system in Botswana.
The report, carried out by an internationally recognised petrological laboratory, describes mineralogical studies carried out on thin sections prepared from 15 samples of drill core provided by Kavango. These cover the four holes drilled in the 2022 drill program.
Work consisted of optical mineralogy, augmented on two samples by Scanning Electron Microscope Point and Identification techniques.
Kavango regards this development as an important exploration lead; such IOCG mineralising systems seldom occur in isolation and can be extensive.
Taken together it is interpreted that the protolith (initial rock type) was generally a Banded Iron Formation (“BIF”), laid down in a BIF sedimentary process that this has subsequently been partially re-worked and over-printed by later mineralised brecciation, containing predominantly pyrite and quartz and subordinate magnetite.
There are also a series of samples containing altered intrusives that are assumed to be younger. Some of these contain elevated levels of rare earth elements (“REE”). Point Identification Scanning Electron Microscopy work by the petrology laboratory identified the presence in hole DITDD004 of minor amounts of the mineral bastnaesite, a REE carbonate. This may provide evidence for nearby REE mineralisation.
REE hosting intrusions, such as carbonatites, can occur in proximity to IOCG deposits, and so the presence of more than once deposit style in the area is entirely possible.
Kavango’s geophysical data over the i10 Target, shows the presence of coincident magnetic and gravity anomalies, which are typical of IOCG deposits.
Next exploration steps
There is considerable exploration upside at Ditau, both for higher grade IOCG discovery and for carbonatites.
Multiple attributes of IOCG deposits have been identified as present at Ditau by the petrology laboratory as well as by Kavango. Exploration for both IOCG and intrusive hosted REE mineralisation is considered by Kavango to be best achieved by geophysical means. Accordingly, Kavango is planning further Closed Source Audio MagnetoTelluric, and gravity survey work over across Ditau prior to drilling.
8 of Kavango’s 12 targets remain untested by CSAMT and gravity surveys.
In addition to this the Company is considering next steps for drilling. Kavango believes Target i10 in particular would benefit from deeper and lateral drilling, with hole DITDD004 remaining in breccia at depth (393m). The Company will also assess further drilling on Targets i1 and i8, which were also drilled earlier this year.
Kavango has data queued for analysis and interpretation from the additional CSAMT surveys completed on Targets i10, i1 and i8. Further updates shall be provided in due course.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.