GreenX Metals Limited (ASX:GRX) announced on 4 August 2026 that it has expanded its Eleonore North Project in Greenland through the grant of two new exploration licences covering approximately 1,600 square kilometres of prospective ground. The new licences provide the company with access to additional Caledonian intrusions considered prospective for reduced intrusion-related gold systems (RIRGS), while also expanding exposure to critical minerals including tungsten.

The new licences complement GreenX’s existing Eleonore North holdings, increasing the company’s total project area to approximately 2,100 square kilometres across four licences. The company is continuing exploration activities focused on identifying gold and critical mineral opportunities through geological mapping, sampling and evaluation of historical exploration data.

New Greenland Licences Expand Gold and Critical Minerals Exploration Position

The newly granted licences provide GreenX with exclusive rights over additional areas containing prospective Caledonian intrusions that have not previously been tested using the RIRGS exploration model.

The company stated that the new licences cover areas where historical exploration identified gold-mineralised boulders, quartz veins and indicator minerals associated with potential mineralisation systems.

Historical exploration undertaken by Nordisk Mineselskab A/S (Nordmine) identified gold-bearing samples in the region during the 1970s and 1980s. Selected historical grab samples reported gold results of up to 50 grams per tonne (g/t), with additional samples returning results of 26 g/t, 12.7 g/t and other anomalous values.

Following regional stream sediment sampling and heavy mineral concentrate analysis, gold, scheelite and other indicator elements were identified within the licence areas. However, detailed follow-up exploration recommended during the 1980s was not undertaken at the time.

RIRGS Model Provides Exploration Framework Across Caledonian Intrusions

GreenX is applying the reduced intrusion-related gold systems (RIRGS) exploration model across the newly secured licence areas.

RIRGS deposits are associated with reduced felsic intrusions and can contain broadly distributed gold mineralisation within sheeted veins, stockworks, breccias and intrusion-margin settings. These systems commonly display associations between gold and elements such as tungsten, bismuth, tellurium, arsenic and antimony.

The geological setting of Eleonore North includes gneissic basement rocks, Proterozoic metasediments and Caledonian intrusions formed during tectonic events associated with the closure of the Iapetus Ocean. GreenX considers this geological environment prospective for intrusion-related and structurally controlled mineralisation.

The company noted that regional stream sediment sampling has identified associations between Caledonian granites and elevated scheelite grain counts, along with gold, silver, copper, lead, zinc and arsenic indicators.

Tungsten Adds Critical Minerals Exposure to Greenland Portfolio

Alongside gold exploration, GreenX is also targeting tungsten mineralisation across the Eleonore North Project.

Tungsten is designated as a strategic raw material by the European Union and a critical mineral by the United States due to its applications in high-strength materials, defence industries, cutting tools and high-temperature technologies.

The company highlighted extensive evidence of tungsten mineralisation through scheelite identified in historical stream sediment sampling. Scheelite is a tungsten-bearing mineral commonly associated with certain intrusion-related mineral systems.

GreenX’s exploration strategy combines gold and critical minerals opportunities, allowing the company to evaluate multiple mineralisation styles within its Greenland portfolio.

2026 Field Programs Advance Exploration Understanding

GreenX completed fieldwork during the 2026 exploration season across its Eleonore North licences.

The company conducted reconnaissance sampling and mapping of target intrusions, alongside exploration activities at existing Eleonore North licences. Results from the July 2026 fieldwork are expected following laboratory analysis and interpretation.

The company also re-logged and re-assayed archive drill core from historical North Margeries antimony-tungsten and South Margeries tungsten deposits. In addition, historical airborne hyperspectral survey data was reprocessed to identify new targets for field investigation.

Work programs across the four Eleonore North licences include evaluation of Caledonian intrusions, Noa Pluton antimony-gold-tungsten prospect and North and South Margeries tungsten-antimony opportunities.

Structural Corridor Supports Broader Exploration Potential

GreenX highlighted a 160-kilometre-long mineralised structural corridor extending across the region.

The company noted that the Malmbjerg Climax-type molybdenum porphyry deposit, located approximately 60 kilometres southeast of the licensed Caledonian intrusions, lies along the same fault system. The structural system also extends northwards through other GreenX licences hosting the North Margeries antimony-tungsten and South Margeries tungsten historical deposits, as well as the Noa Pluton antimony-gold-tungsten prospect.

This regional geological framework provides a basis for continued exploration targeting across GreenX’s Greenland portfolio.

Risks and Uncertainty Factors

The Eleonore North Project remains at an exploration stage, with further geological evaluation, sampling and potential drilling required to determine the scale and commercial potential of identified targets.

Historical exploration results provide exploration context but may not represent current mineral resources or commercially recoverable deposits. GreenX noted that historical sampling methods, analytical procedures and quality control information are not fully available for some historical datasets.

The company’s exploration outcomes depend on successful field programs, laboratory results, geological interpretation, regulatory approvals and future funding requirements.

Critical minerals and gold projects may also be influenced by Commodity prices, market conditions and development requirements.

What to Watch Ahead

Investors may continue monitoring GreenX Metals’ exploration progress across the expanded Eleonore North Project.

Key areas of focus include:

  • Results from 2026 field sampling and mapping programs.
  • Evaluation of Caledonian intrusion targets under the RIRGS model.
  • Further analysis of tungsten, gold and critical mineral indicators.
  • Follow-up exploration at Noa Pluton, North Margeries and South Margeries.
  • Potential future drilling programs following target evaluation.

GreenX Metals’ latest announcement expands its Greenland exploration footprint and strengthens its focus on gold and critical mineral opportunities. The company continues progressing geological evaluation across Eleonore North while assessing multiple exploration targets supported by historical data and new fieldwork.