GreenX Metals (ASX: GRX) has entered into an Earn-in Agreement through which it can earn a 90% interest in private German Group 11 Exploration GmbH.
11 Exploration holds the Tannenberg exploration licence and is highly prospective for sediment-hosted (Kupferschiefer type) copper deposits.
The Tannenberg exploration licence covers 272 sq. km in the State of Hesse in central Germany, encompassing the historical “Richelsdorf” copper - silver mines.
Prior to closure in the 1950’s, the Richelsdorf mines produced 416,500 tonnes of copper and 33.7 Moz of silver from Kupferschiefer type deposits. These historic mines consisted of shallow underground workings originally accessed from surface outcrops.
The Project also contains multiple drill intercepts over the high priority 14 km-long Richelsdorf Dome target, with excellent potential for new discoveries of shallow (50 m to 500 m), large scale and high grade Kupferschiefer style copper and silver mineralisation.
“We are very excited to be adding the Tannenberg project to our exploration portfolio,” CEO, Ben Stoikovich, said.
“Kupferschiefer style deposits are widely acknowledged as the most prolific source of modern-day copper production, with copper mining from the Polish Kupferschiefer deposits (KGHM) presently being Europe’s largest domestic source of strategic copper supply.
“We believe that Tanneberg has the potential to host large scale and high-grade copper deposits located in the heartland of German industry in the vicinity of major OEM’s such as Volkswagen’s Battery and Electric Drive production facilities and Tesla’s Berlin Gigafactory.
“Tannenberg is complementary to our Arctic Rift Copper project in Greenland and provides GreenX shareholders with enhanced exposure to strategic raw materials that are now a policy priority in both Germany and the wider EU. We are looking forward to updating shareholders over the coming months as we commence our exploration activities in Germany.”
