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.
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Geology
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Deposit type, geological setting and style of
mineralisation.
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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.
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Drill hole
Information
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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.
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No drilling is reported with these
results.
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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.
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No information was excluded from the
announcement.
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Data aggregation
methods
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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.
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No data aggregation has been
undertaken.
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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.
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No data aggregation has been
undertaken.
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The
assumptions used for any reporting of metal equivalent values
should be clearly stated.
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No metal equivalent results have been
reported.
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Relationship between
mineralisation widths and intercept lengths
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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.
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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.
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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').
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N/A
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Diagrams
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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.
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Appropriate maps and tables are
included in the main body of this announcement.
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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.
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All results are reported in Appendix
1: Table 1.
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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.
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All substantive data are
reported.
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Further
work
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The
nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out
drilling).
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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.
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These diagrams are included in the
main body of this release.
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