GreenX Metals Limited (ASX:GRX) has announced the identification of multiple new high-priority tungsten, antimony, and gold targets at its Eleonore North Project in East Greenland, following the reprocessing of historical airborne hyperspectral survey data. The updated analysis has revealed several zones of hydrothermal alteration, significantly expanding the company’s exploration pipeline across the Margeries Prospects area.

On 14 May 2026, GreenX Metals shares traded at AUD 0.90, reflecting a decline of 1.65%, while the stock continues to show moderate gains over the past year as exploration momentum builds around its Greenland asset portfolio.

The newly identified targets are located along strike and adjacent to previously defined historical high-grade tungsten and antimony occurrences at both North Margeries and South Margeries. The company believes these newly defined anomalies may represent near-surface “walk-up” exploration opportunities, which will be prioritised in upcoming field programs scheduled for 2026.

Reprocessed Hyperspectral Data Unlocks New Exploration Targets

The latest exploration update is based on advanced reprocessing of airborne hyperspectral data originally collected in 2000 under the “Project HyperGreen” initiative. The dataset, acquired using a HyMap system mounted on a Dornier 228 aircraft, covers approximately 186 line-kilometres over a 12 km by 25 km survey area with a high-resolution 5-metre pixel scale.

The Geological Survey of Denmark and Greenland (GEUS) originally commissioned the survey, with data later made available to GreenX Metals for modern reinterpretation. The company engaged TheiaX GmbH to process the dataset using updated analytical techniques, including radiance-to-reflectance conversion, orthorectification, mosaicking, and spectral index modelling.

According to GreenX, the application of modern processing methods to historical datasets has enabled the identification of previously unrecognised mineral signatures consistent with hydrothermal alteration systems associated with tungsten and antimony mineralisation.

Multiple Walk-Up Anomalies Identified at Margeries Prospects

The updated prospectivity analysis has identified several surface anomalies across the Eleonore North licence area that display spectral characteristics similar to known mineralised zones at North and South Margeries.

At North Margeries, the company has identified a 2-kilometre-long prospectivity anomaly located approximately 3 kilometres west of the historical high-grade estimate. This anomaly is positioned adjacent to a major east–west fault structure, which is interpreted as a key structural control on mineralisation in the region.

At South Margeries, additional anomalies have been mapped surrounding the historical estimate area, with interpretation suggesting that these targets may be associated with fault structures not previously captured in earlier regional-scale geological mapping.

GreenX Metals stated that these anomalies were defined by identifying recurring spectral index patterns associated with known mineral occurrences and then applying those signatures across the broader licence area to highlight additional prospective zones.

Historical High-Grade Tungsten and Antimony Context Supports Targeting

The Margeries Prospects already host historical high-grade tungsten (W) and antimony (Sb) mineralisation, which forms the geological foundation for the current exploration model. The newly identified targets are interpreted to extend or surround these known mineralised zones, providing additional priority areas for field validation.

Tungsten and antimony are both classified as critical raw materials by major Western economies, including the European Union and the United States. The company noted that global Supply of both commodities remains heavily concentrated in China, which adds strategic relevance to alternative exploration sources in stable jurisdictions such as Greenland.

GreenX Metals highlighted that the Eleonore North Project is located in a Western-aligned Jurisdiction, which may support future development pathways for critical minerals supply chains.

Field Programs Planned for 2026 to Validate Targets

GreenX Metals confirmed that on-ground fieldwork is planned to commence in July 2026 across the Eleonore North Project. The upcoming program will focus on testing the newly defined hyperspectral anomalies, collecting surface samples, and further evaluating the geological controls associated with tungsten and antimony mineralisation.

At North and South Margeries, the company intends to collect bulk material samples to support metallurgical sighter testwork for tungsten and antimony. These samples will be used to assess mineral processing characteristics and support future development planning.

In addition to field sampling, the 2026 exploration program will also aim to refine drill targeting by integrating hyperspectral data with structural interpretation and geological mapping.

Noa Pluton Gold Targets Also Under Evaluation

Beyond the tungsten and antimony targets at Margeries, GreenX Metals is also advancing exploration work at the Noa Pluton prospect, which includes gold (Au) targets interpreted to be associated with a Reduced Intrusion-Related Gold System (RIRGS).

The company stated that hyperspectral anomalies identified in this area are believed to be structurally controlled, with upcoming fieldwork expected to include mapping and sampling to refine drill targets.

A specialist evaluation of the RIRGS potential at Noa Pluton is also planned as part of the broader 2026 exploration campaign.

Licence Adjustment Following Technical Review

GreenX Metals also reported a reduction in the overall licence area of MEL 2023-39 following a technical review conducted in accordance with Greenland Mining regulations. As a result, the northern portion of the licence has been relinquished.

This adjustment has reduced the total licence area from 1,190 km² to 494 km², which will also lower the minimum annual exploration obligations associated with the permit.

The company noted that the remaining licence area continues to host key priority targets, including the Margeries and Noa Pluton prospects.

What This Means for Investors

The latest announcement from GreenX Metals highlights the potential value of reprocessing legacy geophysical datasets using modern analytical techniques, with multiple new tungsten and antimony targets now identified across the Eleonore North Project.

While the market response has remained relatively subdued, the update strengthens the company’s exploration pipeline heading into the 2026 field season, with several walk-up anomalies now positioned for ground validation.

Investors are likely to focus on upcoming fieldwork results, particularly sampling outcomes and any further refinement of drill-ready targets across both the Margeries Prospects and Noa Pluton areas.

The integration of critical minerals such as tungsten and antimony into the project’s exploration model also adds strategic relevance, given ongoing global supply concentration concerns and increasing Demand from industrial and defence-related sectors.

Frequently Asked Questions (FAQs)

Q: What did GreenX Metals announce on 14 May 2026?
A: The company announced the identification of new high-priority tungsten, antimony, and gold targets at its Eleonore North Project in East Greenland following reprocessing of hyperspectral survey data.

Q: Where are the new exploration targets located?
A: The new targets are located at the Margeries Prospects in East Greenland, including both North Margeries and South Margeries areas.

Q: What method was used to identify the new targets?
A: The targets were identified through reprocessing of historical airborne hyperspectral data using modern spectral analysis and prospectivity modelling techniques.

Q: What is planned for the 2026 field season?
A: The company plans to conduct field mapping, surface sampling, and bulk material collection for metallurgical testwork, along with drill target refinement.

Q: What other commodities are being explored at Eleonore North?
A: In addition to tungsten and antimony, the company is also evaluating gold targets at the Noa Pluton prospect.