GreenX Metals : Field Program to Commence at ARC Project in Greenland

NEWS RELEASE 20 JULY 2022

Field Program to Commence at ARC Project in Greenland

• Field program to commence at ARC in the coming weeks with deployment of five geological field teams supported by customised All-Terrain-Vehicles

only	•	Identified "walk-up" native copper and copper sulphide targets to be
	prioritised through a program of sampling, core drilling and geophysics
•	ARC is a significant, large-scale project (5,774km2 license area) with
use		historical exploration results and recent analysis indicative of an extensive
	mineral system with potential to host world-class copper deposits
	• ARC mineral system is prospective for basalt, fault, and sedimentary rock-
		hosted copper mineralisation; analogue of the economically significant
		Keweenaw Peninsula in Michigan, USA
For personal	• Strong news flow over the upcoming quarters from the field program and
	results from ongoing analysis of historical data

Figure 1: Draped satellite imagery over digital terrain model. Orthogonal view is towards the north looking down Neergaard valley. New structural interpretations showing identified reverse faults and identified targets Discovery Zone, Neergaard Dal and the Knuth Fault.

For personal use only

GreenX Metals Limited (GreenX or the Company) is pleased announce the receipt of all the permits for the proposed 2022 field program at the Arctic Rift Copper Project (ARC or ARC Project), which will commence in the coming weeks. Five geological teams will be deployed in the field supported by All-Terrain-Vehicles (ATV). The field team and field equipment will be deployed by ship from Iceland and will access the ARC project via Independence Fjord (Figure 1).

Historical programs and latest analysis have identified a number "walk-up" native copper and copper sulphide targets that will be the priority for the upcoming field program including Discovery Zone, Neergaard Dal and the Knuth Fault (Figure 1). The field campaign is based on a program of sampling, mapping, portable core-drilling and geophysics including seismic, electro-magnetic (EM) and radiometrics. Portable XRF will be used in the field and the field team will have access to satellite internet for real time uploading of field results. The field program will be led in the field by Dr Jonathan Bell.

GreenX expects strong news flow over the upcoming quarters from the field program and results from ongoing analysis of historical data.

ARC PROJECT SUMMARY

GreenX consider the observed geological setting and features of ARC to be indicative of an extensive mineral system capable of hosting copper deposits.

The large scale of the mineral system, widespread copper anomalism, combined with multiple mineralising events are analogous to some of the most significant copper systems known worldwide. Accordingly, GreenX considers that ARC has the potential to be a globally significant metallogenic province.

Historical field programs identified widespread copper-silver occurrences at surface:

• geochemical sampling found that 80% of stream sediment samples contain native copper
• native copper is found in situ or as float, with individual clasts of native copper weighing up to 1 kg+
• high grade copper sulphides, grading up to 2.15% Cu and 35.5g/t Ag over 4.5m true width, are known from trench sampling of fault zones within sediments (see GreenX announcement dated 20 January 2022 entitled "New Copper Targets Identified at ARC")
• assay results from individual samples are much higher grade, including:

o 53.8% Cu and 2,480g/t Ag	o	7.9% Cu and 53 g/t Ag
o 20.7% Cu and 488g/t Ag	o 5.3% Cu and 112 g/t Ag
o	12.5% Cu and 385g/t Ag	o 5.0% Cu and 304 g/t Ag
o	9.0% Cu and 112 g/t Ag	o	4.0% Cu and 82 g/t Ag

Very high-grade copper mineralisation identified at ARC is associated with the Minik Anomaly (Figure 2), a coincident magnetic-electromagnetic-gravity feature in an area where there is a change in oxidation state and widespread native copper in stream sediments. These features are presented as the footprint of a large-scale hydrothermal system. The frequency and size of the native copper clasts, and the high grade of the copper-silver sulphides that are exposed at the surface, bode well for the prospectivity of copper deposits and will be a will be a key focus of the first field campaign.

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Figure 2: ARC licence area showing historical geochemistry, the Minik Anomaly and identified faults

There are multiple targets and favourable geological settings considered to be prospective within the ARC project area, including the following.

• The highly anomalous basalt is a high priority target that has not previously been the focus of commercial exploration. These basalts are the source of the native copper.
• The sulphide mineralised faults passing through these basalts into the overlying sediments have been subject to first pass exploration and shown to be rich in copper and silver. The high-grade sulphides in these faults will be the focus of further exploration.
• The permeable coarse-grained sandstone within the Jyske Ås Fm has high grade copper that is effectively unexplored. This stratiform mineralisation adds the potential for significant lateral extension of the known mineralisation exposed in the faults of the Discovery Zone.

As such, the extensive ARC mineral system is known to be prospective for basalt, fault, and sedimentary rock-hosted('sediment-hosted') mineralisation that despite the attractive grades, is virtually unexplored.

STRUCTURAL GEOLOGY REVIEW

A structural review of the currently available datasets regarding ARC's geology was recently conducted by specialist consultant Dr Mark Munro1 (see GreenX announcement dated 20 January 2022 entitled "New Copper Targets Identified at ARC"). It was confirmed that the known copper mineralisation (Figure 2), including the native copper and Discovery Zone copper sulphides, is associated with reverse faults. Reverse faults are an important structural control on mineralisation at ARC, with the recent study both

1 Munro, Mark (2021). "Structural Review of the Arctic Rift Copper Project, Greenland", Munro

Geoscience Pty Ltd

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extending the known reverse faults (Eigil Fault) with associated mineralisation and identifying new reverse faults (Knuth Fault and Neergaard Valley Fault) (Figure 3).

This demonstrates known mineralised structures intersecting the Zig-Zag flood basalts (Figure 4), and further strengthens the ARC's analogy with the prolific and economically significant Keweenaw Peninsula. At this analogy in Michigan, the mineralised reverse faults are the fluid transport conduits for the strata bound native copper deposition in flood basalts, and copper sulphides in the overlying sediments. The Keweenaw Peninsula contained a pre-mining endowment of +7 Mt of copper contained in sulphides and 8.9 Mt of native copper.

Figure 3: Significant reverse faults identified within ARC

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Figure 4: Extension of the Discovery Zone Fault ('Eigel')

(Note: This fault is in Independence Fjord, at approximately (82.03046, -27.17269), and the cliff height at the top of the fault is approximately 450m. The fault displays a southwest side-up (reverse) displacement)

Source: Photo taken in August 2021 and kindly supplied by Arctic Capacity Aps

IDENTIFIED TARGETS AND PROSPECTS

Discovery Zone

The most advanced prospect within ARC is the copper-silver bearing Discovery Zone, located at the northern end of Neergaard Dal (Figure 3). The Discovery Zone was identified in 2010 as a follow up to a geochemical anomaly identified by the government geologists in 1994.

The Discovery Zone is comprised of at least three parallel breccia faults trending northwest-southeast. The faults are traced for a minimum of 2km along strike before they disappear underneath moraine. The Discovery Zone is open in both directions.

The width of the fault breccias is variable, ranging from 1m to 25m thick. The host lithology is red sandstones of the lower Jyske Ås Fm, and they are proximal to outcrops of Zig-Zag Fm. The breccias have copper sulphide and copper oxide mineralisation. The copper-bearing species include chalcocite, brochantite, bornite, chalcopyrite, and malachite. The mineralisation is expressed in two main forms, within which there are two sub-forms:

1. Breccia bound.Mineralisation occurs in thin quartz-dominated veining within the fault breccia and contains disseminated copper sulphides (Figure 5). Assays from this material grades up to 53.8% Cu and 2,480g/t Ag (Figure 6).

Within the breccia-bound mineralisation are intensely potassic, unconsolidated materials known as 'Black Earth' (Figure 7). The multiple but discontinuous 0.7m to 3m horizons have lengths between 2m to 50m. The Black Earth material contains high grades of copper and silver, with reported true widths of 4.5m grading 2.15% Cu and 35.5g/t Ag (Chip Line #7, sampled interval 5.25m, estimated true width 4.5m).

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