GreenX Metals Ltd (ASX: $GRX) announces revised agreement with GEX for Eleonore North gold project

GreenX Metals Ltd (GreenX) (ASX: $GRX) has entered into a revised agreement with Greenfields Exploration Pty Ltd (GEX) to acquire up to 100% interest in the Eleonore North gold project in eastern Greenland. The revised terms include an issue of 1.5% Net Smelter Royalty (NSR), a payment of A$300,000 in GreenX shares, and a further deferred payment of A$1,000,000 in cash or shares if GreenX decides to retain the project after 31 December 2025. GreenX will now act as the project manager for Eleonore North.

Executive Commentary on Eleonore North Gold Project

The revised agreement with GEX provides GreenX with the opportunity to retain the Eleonore North project with no further cash payments and conduct further exploration work before making a decision to continue with the project by 31 December 2025. The passive seismic survey conducted over the Noa Pluton target at Eleonore North has significantly reduced the exploration search space, and future fieldwork will target these sites where plutons approach the surface. Collaboration with the Geological Survey of Denmark and Greenland (GEUS) is expected to fast-track the production of an updated geological map at Eleonore North based on helicopter photography collected in 2023, providing a new regional perspective on the gold systems present in NE Greenland.

Summary of Eleonore North Gold Project Announcement

GreenX Metals Ltd (ASX: $GRX) has finalized a revised agreement with Greenfields Exploration Pty Ltd (GEX) to acquire up to 100% interest in the Eleonore North gold project in eastern Greenland. The revised terms include an issue of 1.5% Net Smelter Royalty (NSR), a payment of A$300,000 in GreenX shares, and a further deferred payment of A$1,000,000 in cash or shares if GreenX decides to retain the project after 31 December 2025. The passive seismic survey results have significantly reduced the exploration search space at Eleonore North, and future fieldwork will target sites where plutons approach the surface. Collaboration with the Geological Survey of Denmark and Greenland (GEUS) is expected to provide a new regional perspective on the gold systems present in NE Greenland. The Eleonore North project remains underexplored, and the existence of a possible reduced intrusion-related gold system (RIRGS) is a relatively new geological interpretation based on historic data.