GreenRoc Mining plc’s reported a rise in group losses with increased activities at its Amitsoq graphite and Thule Black Sands (TBS) ilmenite deposits in Greenland.
FINANCES
GreenRoc’s subsidiary companies include Obsidian Mining Ltd, White Eagle Resources Ltd and White Fox Resources Ltd.
Alba Mineral Resources plc holds a 54% interest in the group.
GreenRoc, incorporated in March 2021, began activities in September of the same year.
In its interim results for the six months ended 31 May 2022, losses amounted to £484,000 (end November 2021: £306,000).
GreenRoc said expenses included corporate overheads, consisting primarily of salaries and professional and listing costs.
At the end of the reporting period, the group’s cash was £1.8 million.
Net cash outflow was £1.5 million mainly comprising exploration expenditure of £800,000, administration costs of £400,000 and movement in working capital of £300,000.
OPERATIONS
GreenRoc’s activities included beginning a drilling programme at Amitsoq to increase JORC resource.
Following 2021 drill programme at TBS, the company expects in the coming weeks a revised resource assessment for the current in-situ ilmenite.
GreenRoc appointed environmental and social impact assessment consultants to start the EIA and SIA studies necessary for future exploitation licence applications.
The field programme at TBS started, focusing on environmental and archaeological surveying.
Bathymetric surveying is also underway at TBS to provide data for planning of port facilities.
AUTUMN PROGRAMME
Chief executive Dr Stefan Bernstein added that the company had made strong progress during the period.
“We have finalised a summer/autumn field work programme due to commence this quarter, with the objective of fast-tracking TBS to mine development status, a milestone we are also focused on achieving at Amitsoq.
“The remainder of the year is accordingly expected to be extremely active, particularly as alongside the 2022 field season, additional work programmes are being undertaken to support exploitation permit applications.”
GreenRoc management will visit both sites in September as part of the company’s evaluation of future infrastructure and mineral processing locations.