GreenX to Continue Exploration at Eleonore North

GreenX Metals Limited

15 July 2024

 

NEWS RELEASE 15 JULY 2024

GREENX TO CONTINUE EXPLORATION AT ELEONORE NORTH GOLD PROSPECT

GreenX Metals Ltd (GreenX or the Company) is pleased to announce that it has entered into a revised agreement with Greenfields Exploration Pty Ltd (GEX) to acquire up to 100% in the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland. 

REVISED TERMS

Following renegotiation with GEX, GreenX will acquire a 100% interest in the Eleonore North project through a revised Option Agreement.  Having spent the required amount on an agreed work exploration program for the Project; GreenX will now acquire the Project on revised terms as follows:

o   an issue of 1.5% Net Smelter Royalty (NSR); plus

o   a payment of A$300,000 in GreenX shares (escrowed for 12 months from date of issue).  There will be no cash payment as in the original option agreement; plus

o   a further deferred payment of A$1,000,000 in cash or shares (with a floor price of A$0.30) in GreenX, at the Company's election, if GreenX decides to retain the Project after 31 December 2025 subsequent to having completed further exploration work.

GreenX will now act as the project manager for Eleonore North.

These revised terms provide GreenX with the opportunity to retain the Project with no further cash payments and conduct further exploration work before making a decision to continue with the Project by 31 December 2025.

RESULTS FROM SEISMIC SURVEY

The Company commissioned a passive seismic survey over the Noa Pluton target at Eleonore North licence for the 2023 field season. Passive seismic surveys use ambient noises generated by nature instead of active noise sources. Natural noise sources include waves crashing in the ocean or creaking glaciers whereas active noise sources include vibration trucks or explosives. Passive seismic surveys with ambient noise are therefore much less impactful on the environmental.

Fieldwork was completed by GEX in conjunction with the Institute of Mine Seismology (IMS). Eleonore North is prospective for reduced intrusion related gold systems (RIRGS) similar to the Fort Knox and Dublin Gulch/Eagle Gold deposits. The RIRGS deposit style hosts structurally-controlled gold in plutons as well as in the surrounding hornfels aureole. The purpose at of the survey at Eleonore North was to identify plutons that are blind to the surface in the target area.

Data collected from the array of passive seismic nodes was processed by IMS. As shown in the conceptual 3D velocity model below, multiple blind plutons may be situated in the target area (Figure 1). Hornfels have been mapped at Noa Dal, but the causative plutons have not yet been identified. Noa Dal has only been mapped at 1:250,000 scale by GEUS, so it is possible that detailed mapping could identify the currently unknown plutons. More likely however, the causative plutons are blind to the surface (as shown in the cross-section in Figure 1).

The results from 2023's passive seismic survey have significantly reduced the exploration search space at Eleonore North. Future fieldwork will target these sites where plutons approach the surface. Within a RIRGS setting, 1-2 km-wide elongated plutons rising from a deeper batholith are very favourable exploration targets.

Figure 1:  IMS's conceptual 3D velocity model from Noa Dal target area with GreenX's interpretation of target plutons. Inset shows survey location in Noa Dal. Velocity values above 2,900 m/s are considered to be igneous material. The A-A' section shows three potential plutons extending upwards towards the surface.

Planned 2024 Activities

GreenX is again collaborating with the Geological Survey of Denmark and Greenland (GEUS). For the last two years, GEUS has conducted fieldwork in the region surrounding and within the Eleonore North licence. GEUS has a multi-year project working to update the geological maps to a higher level of detail. This work is primarily being done with traditional field mapping, sample collection, and helicopter-based photography. Based on previous discussions with GEUS, there is the possibility to commission GEUS to fast-track production of an updated geological map at Eleonore North based on helicopter photography collected in 2023. Samples collected by GEUS are also available in Copenhagen for inspection and analysis. These samples may provide a new regional perspective on the gold systems present in NE Greenland.

Figure 2: Map showing regional historical samples collected by GUES as publicly available from GUES, a subset of which are available for inspection.

ELEONORE NORTH SUMMARY

The Eleonore North gold project comprises of two exploration licences covering an area of 1,221 km² in an arid part of north-eastern Greenland, approximately 1,000 km south of the Company's Arctic Copper Project (ARC) (Figure 3).

The two exploration licences are located on Ymer Island in the south and the Strindberg Land peninsula in the north (Figure 4). The 300 m deep fjords in this area are around 6 km wide, sailed annually by large container ships, and aircraft frequent the area. The Company had identified no significant environmental, archaeological, or social challenges in the area.

Figure 3: Map of Greenland showing GreenX's ARC and Eleonore North license areas	Figure 4: Map showing prospects and geological features within the Eleonore North license areas

Eleonore North has the potential to host a "reduced intrusion-related gold system" (RIRGS). RIRGS can host large scale, shallow, bulk tonnage gold deposits, analogous to large bulk-tonnage deposit types found in Canada including Fort Knox and Dublin Gulch. The Project remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historic data.

Gold mineralisation is documented at the high-priority Noa Pluton prospect within Eleonore North. There is a geophysical "bullseye" anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling with anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km (Figure 5). Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 and previously reported in ASX announcement dated 10 July 2023)

Field work during 2023 consisted of a seismic survey to determine the depth from surface to the Noa Pluton to aid in future drill targeting.

Figure 5: 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

ENQUIRIES

Ben Stoikovich Chief Executive Officer [phone]

Sapan Ghai Business Development [phone]

-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 Statement

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.

Appendix 1

NOA PROSPECT
Type (Sample ID)	Northing	Easting	Length (m)	Au (g/t)	Maximum Au (g/t)	Sb (%)	Maximum Sb (%)
Chip Profile 15 (104,436-104,443)	73.29321	-25.04009	40	0.78	1.80	0.01	0.03
Subset of chip Profile 15  (104,440-104,442)	73.29321	-25.04009	15	1.62	1.80	0.02	0.03
Chip Profile 2 (104,610-104,616)	73.29147	-25.00803	35	0.39	1.01	0.01	0.05
Subset of Chip Profile 2  (104,610-104,612)	73.29169	-25.00415	15	0.71	1.01	0.27	0.53
Chip Profile 1 (104,601-104,609)	73.29158	-25.00411	45	0.24	0.51	0.25	10.4
Subset of Chip Profile 1 (104,607-104,609)	73.29134	-25.00408	15	0.33	0.51	0.01	0.01
Chip Profile 18 (104,639-104,643)	73.29385	-25.04448	25	0.57	2.01	0.16	0.61
Subset of Chip Profile 18  (104,642)	73.29379	-25.0445	5	2.01	N/A	0.01	0.01
Chip Profile (CP-C)	73.2913	-25.00699	14	0.53	N/A	7.23	N/A
Chip Profile 16 (104,444-104,449)	73.29336	-25.04158	30	0.22	0.3	0.00	0.00
Subset of Chip Profile 16 (104,446-104,448)	73.29336	-25.04158	15	0.35	0.60	0.00	0.00
Chip Profile 3 (104,401-104,405)	73.29138	-25.00908	23	0.29	0.50	0.29	1.34
Chip Profile 17 (104,644-104,646)	73.29368	-25.04273	15	0.31	0.71	0.01	0.01
Chip Profile 25 (104,708-104,710)	73.29086	-24.94675	15	0.34	0.39	1.13	2.11
Chip Profile (CP-B)	73.2913	-25.00933	14	0.22	N/A	2.00	N/A
Chip Profile (CP-A)	73.29129	-25.01012	10	0.31	N/A	0.01	N/A
Chip Profile 35 (104,471-104,474)	73.30168	-25.06504	21	0.21	0.29	1.84	6.65
Chip Profile 19 (104,451-104,456)	73.29275	-25.0635	30	0.17	0.39	0.00	0.00
Subset of Chip Profile 19 (104,454)	73.29268	-25.06352	5	0.39	N/A	0.00	N/A
Chip Profile (CP-D)	73.29129	-25.00854	4	1.93	N/A	0.9	N/A
Chip Profile 37 (104,718-104,720)	73.29968	-25.06443	2	0.20	0.59	0.08	0.24
Subset of Chip Profile 37 (104,719)	73.29968	-25.06443	~0.67	0.59	N/A	0.24	N/A
Grab sample (104,475)	73.29896	-25.06436	N/A	0.97	N/A	0.02	N/A
Grab sample (G7-3)	73.29128	-25.00923	N/A	3.6	N/A	1.60	N/A
Grab sample (G10-1)	73.29703	-25.03214	N/A	2	N/A	0.02	N/A
Grab sample (G10-3)	73.29703	-25.03214	N/A	1.1	N/A	0.11	N/A
Grab sample (G10-2)	73.29703	-25.03214	N/A	0.91	N/A	19.00	N/A
Grab sample (G7-4)	73.29128	-25.00923	N/A	0.71	N/A	31.00	N/A

HOLMESØ PROSPECT
Type (Sample ID)	Northing	Easting	Cu (%)	Sb (%)	Ag (g/t)	Zn (%)
Bulk sample (6162/1+2)	73.77164	-24.83429	0.97	0.88	36	0.05
Bulk sample (6162/5)	73.77164	-24.83429	1.98	1.48	2	0.24
Bulk sample (6162/6)	73.77164	-24.83429	1.09	0.85	14	0.12
Drill core (N/A)	73.77231	-24.83292	1.3	0.7	28	0.1

Appendix  2

JORC Table 1, section 2: Reporting of Exploration Results
Criteria	Eleonore North Project
Mineral tenement and land tenure status	The Eleonore North Project is a result of a scientific and systematic reduction of GEX's 'Frontier' Project.  Eleonore North comprises two Exploration Licences (MEL2023-39 and MEL 2018-19).  The combined spatial area of licences is 1,1281 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 minimum expenditure obligation for a MEL-S is DKK500/km2 indexed to Danish CPI as of January 1992.  The Company estimates the expenditure requirement in the base case will be approximately AUD650,000 per annum if the current licence shape is retained, and aerial reductions are possible to reduce this obligation.  The licences are currently in significant 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 will own 100% of the licence.  GreenX will issue a 1.5% NSR for Eleonore North.
Exploration done 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. 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 relocated 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.  The reason for the discrepancy is not clear to GEX, however GEX representatives did inspect the site in 2019 and attest to it being well mineralised.  It is possible that due to the hardness of the quartzite host, rockchip sampling is unreliable.  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.
Geology	Eleonore North licences, for the most part, covers 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 golds 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. An interactive Government portal that contains the geology, and supporting reports can be accessed via: https://data.geus.dk/geusmap/?mapname=greenland_portal A detailed review of the regional geology is presented in GEX's report titled 'FRONTIER PROJECT Technical Assessment.  this report is available from DOI: 10.13140/RG.2.2.11673.24165.
Drill hole information	Drilling programs have previously been conducted at the South Margeries Dal, North Margeries Dal, and Holmesø prospects.  Between 1981 and 1983 the North, and South Margeries Dal tungsten-antimony deposits on Ymer Island were subject to drilling activity.  The first year involved thirteen shallow diamond holes totalling 96 m (excluding three holes that failed to penetrate the cover, and the second year eighteen holes for 1986.4 m.  Of these, fourteen holes were at South Margeries Dal, and eleven at North Margeries Dal.  Over the course of 2018 and 2019 GEX established the collar location of most of these drillholes.  These drillholes are not the primary focus of the Eleonore North project and are not presented in detail in this Table. In 1974, Nordisk attempted a solitary 21.1 m long diamond drill-hole at the Holmesø prospect in the northern reaches of the Eleonore North licence.  However, the drill-rig broke down at 21m after penetrating only 1.4 m into a targeted 17m thick mineralised zone, and the hole was never completed or revisited.  Assays of the core returned grades of 1.33% Cu, 0.67% Sb, 0.06% Zn, 0.003% Pb and 28 g/t Ag.
Data aggregation methods	GreenX has relied upon historical public domain information.  The aggregation of data underlying this information is uncertain.  These data are not relied upon and are not material in terms of the Project's status and present understanding.
Relationship between mineralisation width and intercept lengths.	The tungsten/antimony mineralisation was drilled from pads from which multiple holes were 'fanned'.  These drillholes all intersect the mineralisation in perpendicular to sub-perpendicular angles.  No down dip drilling was performed.  At Holmesø, the single drillhole was drilled approximately perpendicular to the mineralised horizon. The rock chip lines in Noa Dal are likely to be orthogonal to the veining, although it is not presently known to what extent  The sub-perpendicular rockhip sampling is not considered material to the potential of the Noa Intrusion.
Diagrams	All relevant maps are presented in the main body of this release.
Balanced reporting	GreenX has presented all the results that relate to the gold, antimony, and tungsten mineralisation in Eleonore North. It has not presented IGO's sediment-hosted copper work as it was largely focussed in other areas of interest, for a different purpose that has little bearing on the economic potential of Eleonore North.  The inclusion of this work would reduce this document's concision and clarity, and therefore effectiveness.
Other substantive exploration data	The 2023 passive seismic survey with IMS was commissioned by GEX. IMS designed the survey, provided the nodes, training, and processed the results. GEX undertook the fieldwork component of the survey. In the body of this report, a depth slice and cross-section of IMS's 3D velocity model is shown. GreenX interpreted the plutons in IMS's 3D velocity model.
Further work	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.

JORC Table 1, section 1: Sampling Techniques and Data
Criteria	Eleonore North Project
Sampling techniques	Nordisk undertook drilling, rock sampling, and stream sediment sampling. Pasminco undertook rock sampling, and stream sediment sampling. Avannaa collected rock samples. IGO collected rock samples and portable XRF readings. GEX undertook a passive seismic survey.
Drill techniques	Nordisk used diamond drilling methods.  At Holmesø, an Atlas Copco 75 D was used to drill a 46 mm collar that yielded a core of 37-38 mm diameter; followed by a 36 mm bit that produced 28 mm core.  At North and South Margeries Dal the core diameter is 35.3 mm.
Drill sample recovery	Core recovery was close to 100% for all drillholes.
Logging	All core was lithologically logged in a qualitative manner.  Only summary logs are currently available and it is unknown if the original logs are available.
Sub-sampling techniques and sample preparation	It is unknown the sampling regimen was for the Holmesø core. Half-core sampling was performed on the samples from South Margeries Dal and North Margeries Dal.  Beyond this, it is unknown what sample preparation was performed.
Quality of assay data and laboratory tests	All drill samples are historical in nature and do not comply with modern QAQC protocols.  However, a review of numerous Nordisk programs and found them to be highly professional and reliable.  Avannaa and IGO used reputable laboratories with suitable QAQC controls.  It is unknown what Pasminco did, however being a large mining company, reasonable assumption had been made that Pasminco used acceptable practices for that time.
Verification of sampling and assaying	No verification sampling has been performed. GEX has previously verified the drillhole collars at North and South Margeries Dal.
Location of data points	The data locations and topographic control are based on information the Government publicly discloses.  GEX has previously verified the drillhole collars at North and South Margeries Dal.  These holes were historically set out on a local grid, for which some survey reference points still exist.  Avannaa records the position at 73.77231°N, 24.83292°W.  Present day grids are based on the WGS84 Datum.
Data spacing and distribution	At South Margeries Dal, fourteen holes were drilled fin fans from four pads.  At North Margeries Dal, eleven holes were drilled from three pads.  All other sampling within the licences is erratically spaced.  The passive seismic survey had a node spacing of approximately 400 m.
Orientation of data in relation to geological structure	The Holmesø drillhole was drilled close to perpendicular to the lithological hosted mineralisation.  The South and North Margeries Dal mineralisation was drilled at variable orthogonal orientations, and sub-perpendicular angles.
Sample security	IGO practiced good chain of custody with oversight from senior personnel. GreenX is satisfied and can vouch for the professionalism of the IGO practices.  The practices of Avannaa, Pasminco and Nordisk are unknown, but not considered material for the present potential of Eleonore North.
Audits or reviews	GreenX is unaware if any audits or reviews were performed but has no concerns about their absence.

 

END