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Greenx Expands Tannenberg Copper Project
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GreenX Metals (ASX:GRX) Has scheduled an extension for its Tannenburg Copper Project in Germany, increasing the project area to 1,900 square kilometers—a significant increase from the initial 272 square kilometers.
The expansion phase encompasses a new area featuring extra historical drilling samples, which enhances the project’s likelihood of discovering sediment-hosted copper deposits, particularly of the Kupferschiefer variety.
The enhanced initiative includes two main components: extending the initial Tannenberg exploration permit (Tannenberg 1) for an additional three years, along with launching a new exploration license (Tannenberg 2). This newly deployed license spans across 1,628 square kilometers and has a validity period of three years as well, potentially open to future extensions.
Through an earn-in agreement, GreenX owns a 90% stake in the initiative. The company has caught the eye of BHP, who included it among only eight early-stage exploration projects chosen for their BHP Xplor program scheduled for 2025.
The funding from this partnership is being utilized to speed up geological exploration and conceptual development, with activities extending into the recently enlarged license zone.
The recently explored zone has already shown promising drilling outcomes, featuring intersections such as 0.69 meters with 3.1% copper and 31.7 parts per million silver starting from a depth of 378 meters, along with another intersection of 2.2 meters containing 0.9% copper and 23.1 parts per million silver also beginning at 378 meters deep.
Ben Stoikovich, the CEO of GreenX, notes that the recently enlarged zone bears resemblance to the Kupferschiefer-type geology seen in the historically important Richelsdorf mining region.
GreenX has outlined a comprehensive action plan for the year, which involves re-logging and reassessing historical drill cores, performing airborne magnetic and radiometric surveys, as well as gathering extra geophysical and gravity data to better define potential exploration areas.
At the time of writing, Greenx Metals has been trading at 74.5 cents.
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