Grant of Additional Exploration Licence

RNS Number : 7682R

GreenRoc Mining PLC

08 July 2022

 

To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/7682R_1-2022-7-7.pdf

GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining

8 July 2022

GreenRoc Mining plc

("GreenRoc" or the "Company")

Amitsoq Graphite Project Update

Grant of Additional Exploration Licence

GreenRoc Mining Plc (AIM: GROC), a company focused on the development of critical minerals projects in Greenland, is pleased to announce that the Government of Greenland has granted exclusive Mineral Exploration Licence ("MEL") 2022-03 to the Company. The granted licence area encompasses a potential southerly extension to the Kalaaq deposit as well as several known graphite showings which are separate from both the Amitsoq Island and Kalaaq deposits. 

GreenRoc's Amitsoq Graphite Project in southern Greenland ("Amitsoq") is one of the highest-grade graphite projects in the world.

Stefan Bernstein, GreenRoc's CEO, commented : "The grant of this licence allows us to consolidate our landholding around the Kalaaq deposit, including the area immediately south of the known Kalaaq graphite discovery, in addition to securing new zones which contain graphite-rich showings. These areas have not been subject to modern exploration techniques and only a few have been sporadically sampled in the past. As such, they offer GreenRoc the potential to reveal new graphite discoveries contiguous to Amitsoq, proven to be one of the highest-grade graphite projects in the world.

"With this additional ground now included in GreenRoc's new Exploration Licence, the team and I are excited about the future potential for identifying an additional mineralised graphite zone outside the primary target zones to the south of the Kalaaq Deposit.   In my view, this provides further evidence that the Amitsoq Project has the potential to be one of the most strategically valuable graphite assets globally. 

We look forward to providing further news flow from Amitsoq during this summer as we seek an upgrade and increase of the existing Mineral Resource there."

Details

The new exploration licence, MEL 2022-03 (Figure 1), covers a total of 68km² and extends the current exploration licence areas held by GreenRoc to encompass both the ground in the most northerly section of Amitsoq Island as well as ground to the south of the Kalaaq graphite discovery. The southern portion of the new licence area includes several known graphite showings and one old graphite working, Sissarissoq, and is within the vicinity of the town of Nanortalik, Greenland's southernmost town.

NDZ and NHP Target Zones

As detailed in the RNS of 9 November 2021, a potential new area, termed the New Domain Zone ('NDZ'), with a grab sample grade of 32.1 C(g)%, was identified in the Company's 2021 field work, 1km to the south-east of the current Exploration Target Boundary (see Figure 2) and a further 540m along strike from the graphite horizon mapped during the 2017 campaign.

Further, the NHP Zone (see Figure 2) is a new discovery which was identified during the 2021 field programme.  It extends the graphite mineralisation for a strike distance of 1.3km southwards and thus expands the previously reported exploration target zone.  The NHP Zone is exposed over an area 50m wide and 200m long. The 4-metre horizon which was trenched and sampled graded 17.43 C(g)%.  The NHP Zone is a primary target for further trenching and channel sampling during the 2022 field season.

Both the NDZ and NHP targets indicate the potential for additional mineralised graphite zones outside the primary target zones to the south of the Kalaaq Deposit.  The ground south of the NDZ and NHP Zones is now fully encompassed within MEL 2022-03.

Nanortalik Island (Sissarissoq) Prospects

Two occurrences have been reported historically, approximately 200m apart, on Nanortalik Island 2.5km southwest of Nanortalik town (see Figure 3).  The southern occurrence consists of two outcrops about 100 m from the coast.  Historical trenching and sampling here recorded 280m² of mapped exposure, with less than 0.5m of overburden and a 1.5m thick band outcropping for 30m. A single analysed sample graded 24% graphite. 

The northern occurrence is about 200-300m inland and is reported to host four types of graphite: breccia type; disseminated graphite in sulphide-rich schist; conglomerate with clasts of granite and a graphite-rich matrix of iron-oxides massive and amorphous graphite with fractured zones. Testwork and petrological assessment of five samples from this occurrence are reported to have returned 11-17% graphite.

With this new exploration licence, GreenRoc has expanded its landholding to encompass several, largely untested graphite occurrences which have been shown by earlier studies to contain high-grade graphite ore. As part of the Company's 2022 field campaign, a number of these occurrences will be sampled and studied to test their graphite quality and determine the potential size of the deposits.

As announced in the RNS dated 6 July 2022, GreenRoc has commenced its drilling programme at the Amitsoq Island deposit with the aim of further defining and significantly expanding the graphite resource there. 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

**ENDS**

For further information, please visit https://greenrocmining.com/ or contact:

GreenRoc Mining Plc Stefan Bernstein, CEO	[phone]
Cairn Financial Advisers LLP (NOMAD) James Caithie / Sandy Jamieson / Louise O'Driscoll	[phone]
ETX Capital (Broker) Tom Curran / Thomas Smith	[phone]
St Brides Partners (Financial PR & IR) Susie Geliher / Charlotte Page	[phone]

About GreenRoc

GreenRoc Mining Plc is an AIM-quoted company which is developing mining projects in Greenland in high-demand and high-value critical minerals.

Led by a group of highly experienced mining industry professionals with considerable knowledge of the Greenlandic mining sector, GreenRoc has a portfolio of 100% owned projects:

· Amitsoq Graphite , one of the highest-grade graphite deposits in the world with a combined Indicated and Inferred JORC Resource of 8.28 million tonnes (Mt) at an average grade of 19.75% giving a total graphite content of 1.63 Mt;

· Thule Black Sands Ilmenite ('TBS'), which has an initial Mineral Resource of 19Mt@ 43.6% Total Heavy Minerals with an in-situ ilmenite grade of 8.9%;

· Melville Bay Iron , which has a Mineral Resource Estimate of 67Mt at 31.4% iron and has been proven to be processable to a high-grade, 70% concentrate with low impurities; and

· Inglefield Multi-Element , which has the potential to host a range of mineralisation styles, including iron oxide-copper-gold.

 

END

 

 

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