GreenTech Metals (ASX:GRE) Announces Q1 2025 Copper Drilling and Lithium Joint Venture
Pilbara Copper Project
GreenTech Metals completed drilling totaling 1,187 meters at its Whundo Cu-Zn project, achieving high-grade mineralised intercepts at Shelby and Austin. Results include 7.14 meters at 1.46% Cu, 1.23% Zn, and 0.08 g/t Au from Austin, and 9.94 meters at 1.32% Cu and 0.18 g/t Au from Shelby. Down plunge conductor targets have been confirmed, with stage 2 drilling focusing on expanding Cu-Zn resources.
Pilbara Lithium Project
GreenTech Metals and Artemis Resources executed a binding agreement to consolidate their lithium mineral rights near Karratha, forming Andover Lithium Pty Ltd with equal ownership. The joint venture encompasses over 420 km², making it the largest lithium exploration tenement package in West Pilbara. The consolidated tenements include six known prospective areas with significant spodumene-bearing pegmatite outcrops.
Financial Performance
The company reported approximately $1.3 million in cash at the end of the March quarter, having completed Tranche 2 of its capital raise, which raised an additional $1.5 million before costs. During the quarter, $259,000 was spent on exploration, and related party payments totaled $88,000.
Executive Comments
Executive Director Thomas Reddicliffe stated, “GreenTech Metals continues to make significant strides in advancing its exploration initiatives, with our Stage 2 diamond core drilling program well underway at the Whundo Cu-Zn project in the West Pilbara. The results from our previous Stage 1 RC drilling program completed in 2024 have highlighted the substantial potential for resource expansion across the Whundo cluster of VMS-style deposits. With current targeted drilling focusing on down-plunge conductor targets, we’re confident that our exploration efforts will continue to uncover valuable mineralisation, potentially growing our current resources significantly beyond the 6.2Mt @ 1.12% Cu and 1.04% Zn. Our commitment to advancing the Pilbara Copper Project remains strong, with further developments anticipated in the coming months. Our lithium project remains a compelling part of our portfolio and to this end the company has consolidated its lithium rights with those of Artemis resources to form a 50/50 Joint Venture. We believe the Andover Lithium Joint Venture enhances the value of the combined land holding and provides an opportunity to attract a major funding partner.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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