Market yawns even as GreenX Metals posts ARC Project copper samples of 99.8% purity

GreenX Metals (ASX:GRX) has seen no movements in its share price today, even as the company announces the presence of impeccable high-purity copper in historical samples pulled from its Greenland acreage. 

The company’s so-called ‘ARC’ project (short for Arctic Rift Copper) spans an area of some 30km. Three samples were sent off for laboratory inspection from three target areas; ‘Discovery Zone,’ Neergaard Dal, and, Neergard South. 

Silver was by far the most common byproduct found in samples, with one sample from Discovery Zone returning an assay result of 255 grams per tonne (g/t).

Investor information provider Undervalued Equity notes silver grades over 50g/t as high grade. 

Worth noting is the role of silver as an emerging battery metal of interest, often overlooked in favour of graphite and lithium (along with copper and nickel.) 

One big plus: the samples don’t contain any arsenic at all, which can coincide with copper mineralisation and pose problems in the downstream process. 

A sample of native copper pulled from Neergard South (source: GreenX)

So wait, where do these ‘historical’ samples come from? 

What GreenX is reporting today is fresh laboratory analysis of existing archival samples collected from the site when it was owned by former operators.

Interestingly, access was granted in a June 2022 JV agreement that allowed GreenX into a sample library in Denmark. 

Much former mining at the ARC acreage has chased large ‘nuggets’ of copper (called native copper), which in some cases, the company reports, weighed up to hundreds of kilograms. 

Much mining has focused on a series of fissures (read: geological faults), and GreenX notes its Neergard Dal target contains one of these faults, boosting its confidence in finding like-for-like mineralisation. 

GreenX notes today its acreage in Greenland is geologically analogous to copper operations in the Keweenaw Peninsula, USA, where similar native copper deposits have been mined. 

And what comes next? 

GreenX, emboldened by today’s promising data, is to now move ahead with fieldwork at the ARC Project. 

A number of works are to take place over the coming months, including:

• Geochem surface sampling 

• Handheld core drilling 

• Geophysical survey studies 

The ‘Discovery Zone’ target, from where the highest quality sample was retrieved, will be the first to be explored by the company, likely followed by Neergard Dal which boasts a faultline through its boundaries. 

Investors should note the northern Winter plunges Greenland into prolonged darkness, and along with weather, works shutdowns are more than likely. 

At the end of June, GreenX had $6.1m in cash, compared to a market cap of $68.4m. 

One year returns for GreenX shareholders are actually down by -2.76%, but, one month returns sit at 35%.

The big test, of course, will be whether GreenX can replicate the discoveries made by former miners at the ARC Project.

GreenX Metals hasn't seen much selling activity over the last three months