GreenX picks up prospective copper project in Germany

Copper-focused explorer GreenX Metals Ltd (ASX:GRX) is set to acquire a large-scale territory prospective for the red metal in Germany, which also hosts historic copper-silver mines.

The Tannenberg exploration license – which comprises 272 square kilometres in the central German state of Hesse – has been held by private company Group 11 Exploration GmbH, with GreenX Metals entering into an Earn-in Agreement to take a 90% interest in this company.

What it will be looking for there is sediment-hosted (Kupferschiefer type) copper deposits, with Tannenberg considered highly prospective for these, partly due to the presence of the Richelsdorf mines whichproduced 416,500 tonnes of copper and 33.7 million ounces of silver from mineralisation of this type, before closing in the 1950s.

These historic mines were built around shallow underground workings, originally accessed from surface outcrops.

GreenX will also undoubtedly be looking at the project’s multiple drill intercepts over the high priority 14 km-long Richelsdorf Dome target, with these including 2.1 metres at 2.7% copper and 48 grams per tonne (g/t) silver from 365.48 metres; 1.5 metres at 3.7% copper and 33 g/t silver from 209.50 metres; and 2.5 metres at 1.8% copper and 19 g/t silver from 339.5 metres.

The latter were picked up in the southwest of the license area, but there have also been rich intercepts identified in the north-east.

CEO Ben Stoikovich said the prospectivity and location of the territory would give GreenX leverage to enter the critical minerals market in Europe.

“We are very excited to be adding the Tannenberg project to our exploration portfolio,” he 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.”

GreenX has been trading at 81.5 cents.