GreenX Metals (LSE:GRX) announced it has been granted two new exploration licences covering approximately 1,600 square kilometres at its Eleonore North project in East Greenland.
The explorer has been targeting reduced intrusion-related gold systems (RIRGS) at Eleonore North since 2024, and the new ground extends its portfolio there to roughly 2,100 square kilometres across four licences.
Historical exploration in the region has never tested the RIRGS model against these Caledonian intrusions, despite gold assays up to 50 g/t reported from grab samples collected in 1975 and gold-scheelite anomalism flagged by regional stream sediment sampling in the early 1980s.
Geologists recommended detailed follow-up work after a 1983 site visit, but none took place before the licence holder, Nordisk Mineselskab A/S, was liquidated in 1992.
"Documented gold and scheelite anomalism have sat in the public record here since the 1980s without follow-up," said CEO Ben Stoikovich, adding that teams are on the ground testing the intrusions this season.
The new ground also carries tungsten potential via scheelite, a mineral the EU designates a strategic raw material and the US classes as critical, given roughly 90% of global supply comes from Russia, China and North Korea.
Reconnaissance sampling and mapping across the licences is complete, with GreenX expecting first results this quarter.
News Intelligence what this means for the company
GreenX has secured two new exploration licences covering ~1,600 sq km at Eleonore North in East Greenland, doubling its tenure there to 2,100 sq km across four licences. The expansion targets reduced intrusion-related gold systems (RIRGS) in ground where historical grab samples from 1975 returned assays up to 50 g/t gold and 1980s stream sediment work flagged gold-scheelite anomalism, but no systematic follow-up occurred after the original licence holder was liquidated in 1992. The company is testing the RIRGS model this season and expects first results this quarter; the ground also carries tungsten potential via scheelite, a mineral the EU and US classify as strategic/critical.
The licence expansion materially increases GreenX's Greenland footprint and provides a second geographic pillar to its portfolio, but Eleonore North remains early-stage exploration with no resource estimate. Success depends on whether scoping-level metallurgical sitter test work and confirmation of hyperspectral alteration anomalies support advancement to drilling; the company's near-term value driver remains the Tannenberg Copper Project in Germany, where a drill programme is targeted for late 2026.
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