Greenroc confirms 'high-grade nature' of Amitsoq Island deposit

Mineral mining firm Greenroc said on Friday that it had confirmed the "high-grade nature" of its Amitsoq Island deposit as it revealed graphite layers were both thicker and more consistent than previously thought.

Greenroc stated high-grade graphite mineralisation had been confirmed at the site, with increasing true widths observed down dip on both the upper and lower graphite layers, supporting the asset's potential for "a sizeable JORC resource".

The AIM-listed firm said the lower graphite layer returned drill intercepts grading up to 23.01% C(g) and channel samples grading up to 30.35% C(g), while the upper graphite layer returned drill intercepts grading up to 19.83% C(g) and channel samples grading up to 27.40% C(g).

Greenroc also noted that that the "significant" true width thickness of graphite layers was confirmed by drilling, with the lower graphite layer showing 15.60m at 22.34% C(g) from 93.61m and 14.95m at 22.82% C(g) from 102.19m.

Chief executive Kirk Adams said: "In addition, the consistency of grades, combined with the increasing true widths observed down dip at both graphite layers, represents particularly encouraging news and bodes well for the resource potential at the Amitsoq Island deposit.

"This update gives us confidence for the step-out drilling programme which we have planned for 2022 and we are positive about the prospects for the ultimate resumption of mining at the Amitsoq Island deposit."

As of 0930 GMT, Greenroc shares were up 6.87% at 7.0p.