GreenX Metals Limited announced that it has entered into an Option Agreement (Agreement) with Greenfields Exploration Limited (GEX) to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland. The Eleonore North 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 ARC project. The Project comprises two licences, located on Ymer Island in the south and the Strindberg Land peninsula in the north. 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 identifies no significant environmental, archaeological, or social challenges in the area.

Eleonore North has all the hallmarks of a "reduced intrusion-related gold system" (RIRGS).  This type of bulk-tonnage deposit is found in Canada, including the ~45 Moz Au Donlin Creek, 13 Moz Au Fort Knox, and 6.4 Moz Dublin Gulch). RIRGS deposits are often associated with tin-tungsten provinces.  The gold may express in various environments ranging from within an intrusion, a skarn, an overlying alteration halo ('hornfels'), and distal veins. The most advanced prospect within the Project is the Noa Pluton, where extensive gold mineralisation is well documented and coincident with a geophysical anomaly.

The Noa Pluton is obvious in magnetic data and is at the centre of a multi-element 'bullseye', which is consistent with the deposit type. While gold is the primary motivator, the mineral system includes standalone deposits of the critical metals antimony and tungsten.  This project is more advanced than the Company's existing portfolio. GreenX will acquire a 100% interest in the Eleonore North project through the Option Agreement.

Key terms of the Agreement are as follows: The option to acquire the Project vests once GreenX has spent AUD 600,000 on an agreed work exploration program for the Project within 12 months; Once the option has vested, GreenX can secure the Project on or before 30 June 2024 in return for: a 1.5% Net Smelter Royalty (NSR); plus a payment of AUD 250,000 in cash; plus a further payment of AUD 250,000 in cash or shares (with a floor price of AUD 0.30) in GreenX, at the Company's election. GEX will act as the project manager until 30 June 2024, with the option, under certain circumstances, to act as the project manager thereafter.