GreenX Metals Ltd on Friday said its acquisition of the company holding the Tannenberg exploration licences has been completed, as it noted ongoing exploration work.
The mining company, focused on the Arctic Rift copper project in Greenland and the Tannenberg copper project in Germany, said it acquired 90% of Group 11 Exploration GmbH by issuing A$3.0 million, approximately £1.5 million, worth of its own shares to the vendors.
The option applies to the entire Tannenberg copper project area, which covers approximately 1,900 kilometres squared and comprises two licences.
Since entering the agreement in August 2024, GreenX has worked on advancing the Tannenberg project, which has included expanding the licence area to 1,900 kilometres squared from 272.
GreenX said it continues to progress exploration work at Tannenberg and will carry out a twin drilling programme to verify historical estimates and establish a mineral resource estimate.
‘The potential upside of the Tannenberg project is enormous, with its scale, prospectivity, location and history. Importantly, we have been able to make substantial progress within a short timeframe, having expanded the project’s size seven-fold to 1,900 kilometres squared, and uncovering a large amount of historical geological information,’ Chief Executive Ben Stoikovich said.
‘Whilst we have made tremendous gains in a short period of time, given the project’s potential scale, we have still barely scratched the surface, and we intend to undertake more targeted exploration activities over the next 12 months or so, so we can begin to delineate the project’s true potential,’ he added.
Shares in GreenX rose 4.4% to 42.80 pence on Friday afternoon in London.
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