GreenRoc Mining plc reported a near three-fold increase in the mineral resource estimate (MRE) at its 100%-owned Amitsoq Island graphite project in southern Greenland.
FOCUS
The 2023 MRE incorporates the results of the Phase II drilling programme completed in September 2022.
The company has also decided to focus on progressing Amitsoq to production as quickly as possible by relinquishing exploration licence 2018-25 in Inglefield Land in the North of the country.
MRE
GreenRoc said that the 2023 MRE comprised a total inferred, indicated and measured JORC resource for Amitsoq of 23.05 million tonnes (Mt) at an average grade of 20.41% graphitic carbon (C(g)).
The total graphite content has risen from 1.63Mt to 4.71Mt, with the contained graphite increasing by 180% to 3.08 Mt.
Additionally, the average grade has increased from 19.75% C(g) to of 20.41% C(g).
The Amitsoq Island deposit remains open along strike, predominantly to the north and down dip to the west, indicating the potential for further significant resource upgrades in the future.
CATEGORIES
The company added that each resource category had “substantially” increased.
The revised resource now includes 1.26 Mt of measured resource which is the highest confidence pre-reserves category.
The indicated resource increased by 200% from 2.04 Mt to 6.12 Mt, and the inferred resource rose by approximately 150% from 6.24 Mt to 15.67 Mt.
One third of the contained graphite in the 2023 MRE now falls within the higher measured and indicated categories.
DEVELOPMENT PHASE
GreenRoc will this year move into the development phase and further discussions with interested customers and offtake partners.
The company also reported that S.P. Angel Corporate Finance LLP is from today the sole broker to the company.
CERTAINTY
“To deliver a resource update of this quantum and grade is a huge achievement for GreenRoc and underpins our confidence that our Amitsoq project meets the fundamental requirements to become a mine,” said chief executive Stefan Bernstein.
“A JORC compliant resource of over 23 million tonnes at more than 20% graphitic carbon is a fantastic result particularly after having completed only two drilling seasons.
“Of particular importance is that we now have resource categories in both the indicated and measured categories, which imply an important increase in certainty about the Amitsoq mineral resource size and grade.”
“Given that the deposit is open in at least two directions, there is potential for even further expansion of the resource presented today.”