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GreenTech drills into a battery boom

20 January 2022
ASX: GRE
Rueben Hale

GreenTech’s 3,000-metre Reverse Circulation program will explore down-dip and lateral extensions of the 2.7 million tonnes of known resources at the Whundo and West Whundo open pits.  

It is a mouth-watering proposition for the company who is also seeking to upgrade known mineralisation at copper-zinc prospects less than 1,500m from the historic Whundo pits following US investment giant BlackRock’s recent decree of seeing no end in sight for skyrocketing battery commodities, most notably copper reaching US$10,000 a tonne.  

Executive director Thomas Reddicliffe is upbeat about success believing his company has the right project, in the right location, at the right time, on the back of its recent $5 million heavily oversubscribed initial product offering.   

“Having Whundo previously cleared for heritage has allowed GreenTech to mobilise a Reverse Circulation rig to site quickly,” Reddicliffe said.   

“The near-term focus of this program is to test multiple drill ready targets aimed at growing the existing JORC 2012 compliant indicated resource of 2.7 million tonnes.   

Reddicliffe said the project, located only 40km south of Karratha, provides several potential downstream options that could rapidly move a future development up the value curve.   

“A key benefit of Whundo is that it is only a short distance from established processing plant options, including Radio Hill, which is currently on care and maintenance.   

“Depending on what we find, there may be an opportunity to access the processing opportunities within the region, thereby providing a fast-track route to production.   

Reddicliffe contends that the insatiable demand for battery minerals has changed the story for many previously unviable resource opportunities in the region.   

“Historically, due to commodity prices or processing constraints, near surface oxide resources were the focus of mining operations. Now, with the strong outlook for copper and zinc, having an almost three million tonne indicated resource at Whundo that is not too far below the surface, puts us in a great position. We are confident that this current drill program will demonstrate the upside potential of the resource.” 

GRE’s Australian Stock Exchange-listed share price rose 3.85 per cent today to 40.5c (3:23pm GMT+ 8hours) 

COMPANY OVERVIEW

GreenTech Metals Limited (ASX:GRE) is an exploration and development company established to discover, develop and acquire resource projects to supply the growing demand from global electrification – driven largely by energy storage via batteries and electric vehicles. The green energy transition is underway and will require substantially more metal supply for the electrification of the global vehicle fleet and for the massive investment in the electrical grid, renewable energy infrastructure and storage. With a high-quality suite of Ni, Cu and PGE assets in the underexplored West Pilbara region of Western Australia, the Company will also seek to acquire additional projects to feed the metal required for the manufacture of batteries and electric vehicles, such as lithium, rare earths, and other specialty metals from projects located both in Australia and overseas.

COMPANY INFORMATION

ASX: GRE

Website

https://greentechmetals.com/
https://www2.asx.com.au/markets/company/gre

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