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#GRX GreenX Metals LTD – GreenX Selected for BHP Xplor’s 2025 Program
GREENX SELECTED FOR BHP XPLOR’S 2025 ACCELERATOR PROGRAM
- GreenX is one of eight early-stage exploration companies selected by BHP to participate in the 2025 BHP Xplor program
- BHP Xplor will provide GreenX with approximately US$500,000 in non-dilutive funding to support and accelerate its exploration plans at the Tannenburg Copper Project during the 6-month period of the program
- Selection for BHP Xplor also gives GreenX access to BHP’s global expertise, networks and partnerships
- BHP Xplor is expected to accelerate the geological concept build-out and exploration timeframe at the Tannenberg Copper Project
GreenX Metals Limited (GreenX or Company) is pleased to announce that following a rigorous selection process, it has been selected as one of eight exploration companies to participate in BHP’s 2025 Xplor program.
The Xplor program was established in 2023 to support promising minerals explorers to accelerate the exploration needed to support the energy transition. Over a six-month program period, BHP Xplor targets development of technical, business and operational excellence within participating companies.
As a 2025 BHP Xplor cohort company, GreenX will receive a one-off, non-dilutive grant of up to US$500,000, and in-kind services, mentorship, and networking opportunities with BHP and other industry experts and investors.
There are no obligations or commitments on GreenX beyond the conclusion of the BHP Xplor program attached to the grant, other than certain exclusivity, pre-emption and data sharing rights as disclosed below.
It is expected GreenX’s participation in Xplor will expedite the build-out of geological concepts and the exploration timeframe at the Tannenberg Copper Project (Tannenberg or Project) in Germany. GreenX intends to use the grant to conduct geophysics programs over the Tannenberg licence area.
GreenX Metals’ Chief Executive Officer, Mr Ben Stoikovich, commented:
“This is an exciting opportunity for GreenX and a strong endorsement of the exploration potential of the Tannenberg project targeting Kupferschiefer style copper mineralisation. Kupferschiefer style deposits are a well-known and prolific subtype of sediment-hosted copper deposit that are the second most prevalent source of copper production and reserves in the world. The Tannenberg license area contains historically producing copper mines and multiple historical drill intercepts, with excellent potential for new discoveries of shallow (50 m to 500 m), large scale and high-grade copper and silver mineralisation, with much of the licence area remaining untested by modern exploration.
We are pleased to be recognised for our approach by BHP, a clear industry leader, and look forward to working with the BHP Xplor team going forward.”
The eight BHP Xplor 2025 cohort explorers were selected from hundreds of applicants.
BHP’s Head of Xplor, Marley Palin, congratulated GreenX, saying:
“The field of applicants for BHP Xplor was extremely strong this year. Successful applicants had to demonstrate not only that their critical-mineral projects were highly prospective but also that they were committed to pushing industry boundaries in their geological concepts and data-gathering, testing and processing to realise the project. GreenX more than met these criteria and we look forward to partnering with them.”
ENQUIRIES
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Ben Stoikovich +44 207 478 3900
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Sapan Ghai +44 207 478 3900
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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.
Summary of Exclusivity, Pre-Emption Rights and Data Sharing
Exclusivity
Only in respect of the Project, for the duration of the 6 month program term, GreenX will not, without the prior written consent of BHP:
· undertake or propose to undertake an IPO or any other transaction which is not a Permitted Transaction (Restricted Transaction); or
· solicit or enter into any discussions regarding the foregoing.
A Permitted Transaction is a transaction which doesn’t have the purpose or effect of raising capital in connection with the Project or which is only for general working capital purposes of the business of GreenX.
The Project is the Tannenberg Copper Project in Germany within a defined area as specified in the Xplor program agreement.
Pre-Emption Rights
If during the program term, BHP or a related entity elect to make a non-binding proposal for an investment in the Project or GreenX, BHP has a Right of First Refusal (ROFR) until 12 months after the end of the program term as follows:
· If GreenX or a third party propose a Restricted Transaction, BHP will have the ROFR to negotiate a definitive agreement as the exclusive counterparty regarding any proposed Restricted Transaction on the same terms and conditions as offered in the proposed Restricted Transaction.
Data Sharing
During the program term GreenX commits to provide BHP with certain information including progress reports regarding the Project, technical data obtained and expenditure incurred.
GreenX Option Agreement
The provisions above do not impact GreenX’s rights under the Option Agreement for the Project (refer to announcement dated 2 August 2024).
#KAV Kavango Resources PLC – KCB – Airborne geophysical survey commences
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce the commencement of an airborne geophysical survey on its Kalahari Copper Belt (“KCB”) project in Botswana.
The Company has signed a contract with South Africa-based New Resolution Geophysics (“NRG”) for Time Domain Electromagnetic (“TDEM”), Magnetic, and Gravity surveys combined on one helicopter platform (“the NRG Survey”).
The NRG Survey will consist of 2,374-line kms at a line spacing of 500m x 5,000m across Kavango’s Block 1A and Block 1B Prospecting Licences (“PLs”)
The work expands on airborne geophysical surveying already completed by ENRG Elements (ASX:ENRG) (“ENRG”) on PL203/2016 and PL127/2017, two adjacent PLs recently acquired by Kavango (announced >>> 16 November 2023).
Figure 1: NRG’s planned survey lines across Kavango’s Block 1A and Block 1B licences and airborne survey data covering the PLs acquired from ENRG
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Kavango is targeting the discovery of large-scale copper/silver targets in the Kalahari Copper Belt (KCB) in Botswana.
We recently acquired additional exploration licences from ENRG Elements to complete a large contiguous land package from the town of Ghanzi to the Namibian border. Our interpretation of ENRG’s existing survey data for Prospecting Licences 203/2016 and 127/2017 supports our working theory that this area is prospective for copper/silver. We believe this potential could extend to Kavango’s other licence holdings, which have designated as Blocks 1A and 1B.
As part of our “levelling up” strategy in the KCB, we are compiling a consistent data set for all the ground we control. NRG’s airborne geophysical survey will provide us with some of the final exploration data we need ahead of defining drill targets for next year’s drill campaign.
Our recent work has confirmed physical indicators of a copper mineralising system within our ground, combined with encouraging geophysical anomalies.
Our goal in reprocessing ENRG’s existing data and combining it with the data from the airborne surveys we will fly over Blocks 1A and 1B will be to increase our understanding of the region’s mineralised potential. We will also investigate the interpreted sub-basin that could be a significant control for copper/silver deposits.“
Further details
The NRG Survey will be conducted over five PLs that make up Kavango’s Block 1A (PL046/2020, PL049/2020, PL052/2020, PL053/2020) and Block 1B (PL205/2016) licence areas. The licences are located southwest of the town of Ghanzi and adjacent to PL203/2016 and PL127/2017, two of the KCB PLs Kavango recently acquired from ENRG.
NRG is expected to commence its airborne geophysics survey on 4 December 2023. The survey is expected to take two weeks to complete, with the final data processing and delivery of products anticipated for Q1 2024.
Program objectives
Kavango is currently re-processing data from airborne geophysical surveys already completed by ENRG on PL203/2016 and PL127/2017.
The Company will combine this re-processed data with data from the new NRG surveys to test its working theory that the copper/silver prospective geological and geophysical features, which it interpreted from ENRG’s existing airborne geophysics survey data, extend onto Kavango’s Block 1A and Block 1B licences. Kavango’s geologists and geophysicists believe this could be indicative of a regional copper mineralizing system.
Kavango’s geologists wish to examine whether the stratigraphy and lithology they have begun to map on the former ENRG PLs extend on to these Blocks. They believe that ENRG’s existing data conforms to sequences in the lower D’Kar Formation seen across other parts of the KCB.
The models in Figures 2 and 3 below depict the type of fold geometry and structural trap-sites Kavango believes to underlie areas of Block 1A and 1B.
Figure 2 is a modified version of the fold geometry, showing a “preserved” as opposed to “un-roofed” dome, as well as associated mineralisation present in the fold closure at Khoemacau’s North East Fold (“NEF”) deposit on the nearby Banana Zone. Figure 3 is a schematic cross-section showing both the shear-hosted mineralisation and dilational vein-hosted mineralisation present in Sandfire Resources’ (ASX:SFR) A4 deposit.
Kavango believes there may be scope for either or both models to be present and is optimistic the NRG survey will identify these for further ground geophysics and future drill targeting.
Figure 2 – Regional to deposit scale geologic controls on copper silver mineralisation in the KCB – Wes Hall et al, SEG, Special Publication, no 21, pp207-236
Figure 3 – Schematic cross-section showing high-grade intersection in drill hole MO-A4-003D, interpreted geology, and the mineralisation styles across Sandfire’s A4 deposit
The magnetic component of the NRG Survey will map the structure and lithology of Block 1A and Block 1B. It is anticipated that the EM component of the NRG Survey will highlight prospective subtle conductors within the D’Kar Formation and help identify structural trap sites linked to folds, faults, and shears within Block 1A and Block 1B.
The gravity component of the NRG Survey will seek to identify whether the sub-basin identified in ENRG’s data extends into Kavango’s Block 1A. Kavango believes the margins of this sub-basin could provide priority targets for trap site development and deposit formation.
Kavango will interpret these airborne geophysical data with the goal of identifying target areas for ground geophysical follow-up, which will then lead to drill target identification.
Further information in respect of Kavango 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)
Jason Robertson
+44 207 374 2212
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.