GreenRoc announces positive findings from recent exploration

Greenland-focussed minerals developer GreenRoc announced the results from a field exploration campaign conducted in July on Tuesday, alongside the phase two drill programme at its flagship Amitsoq graphite project in the Nanortalik region.

The AIM-traded firm said the grab samples were collected across the project area, which was recently expanded following the granting of an exclusive mineral exploration licence in July, which extended its exploration areas to the north and south.

It said historic graphite occurrences were confirmed in four new zones of interest, broadly forming a north-south tract around 30 kilometres long.

The four zones comprised Nanortalik Island, Tusardluarnaq North and Thomsen's Island, which sit within the southern portion of the newly-acquired licence, and Amitsoq Valley Bed, which lies around seven kilometres northeast of the established Amitsoq Island deposit.

On Nanortalik Island, graphitic grades of 23.4% to 32.5% were reported from eight samples over a strike length of about 800 metres, with the graphite bodies remaining open along strike to the north and south.

At Amitsoq Valley Bed, meanwhile, a new one kilometre-long zone of graphite-bearing rocks with values up to 24.9% was identified.

The results “significantly expanded” the potential for multiple significant graphite discoveries outside the primary target zones of the Amitsoq Island and Kalaaq Deposits, GreenRoc explained.

“The results of sampling from new and historic finds show the graphite deposits within our licence areas to be extensive,” said chief executive officer Stefan Bernstein.

“We now have identified high-grade graphite ore bodies, with grades in excess of 20% across our project, starting at Amitsoq Valley Bed in the north, running through Amitsoq Island and Kalaaq, and extending as far south as Nanortalik Island, with several lower grade graphite mineralisations in between.

“The distance between Amitsoq Valley Bed and Nanortalik Island is some 30 kilometres, and we believe that we are in the process of defining a graphite province which could well be of global significance.”

Bernstein said the company was now awaiting the assay results from its phase two drilling at Amitsoq Island, following which there would be an updated and expected higher category resource for the project, which should be ready in the coming months.

“With critical global demand for new supplies of graphite, this is an opportune time to be developing a project of Amitsoq's quality and potential magnitude.”

At 1516 BST, shares in GreenRoc Mining were up 1.24% at 4.3p.

Reporting by Josh White at Sharecast.com.