GCIGreenRoc announces 3x increase in Amitsoq's graphite resource
[Amitsoq Graphite Project in southern Greenland, showing Amitsoq Island graphite deposit and Kalaaq Deposit. Image: GreenRoc]
( ), a Greenland-focused explorer, has announced a significant increase to the mineral resource estimate at its flagship Amitsoq graphite project in southern Greenland. The new 2023 mineral resource estimate (MRE) comprises a total inferred indicated and measured JORC resource for Amitsoq of 23.05 Mt at an average grade of 20.41% graphite, giving a total graphite content of 4.71 Mt.
The new 2023 MRE represents a c. 3x tonnage increase and 3x graphite content increase from the maiden JORC resource of 8.28Mt ore at an average grade of 19.75% graphite. Furthermore, a third of the graphite in the new 2023 MRE falls within the higher measured and indicated categories.
GreenRoc said the the Amitsoq island deposit remains open along strike, predominantly to the north, and down dip to the west, indicating potential for further resource upgrades in the future.
( ) holds a 54% majority interest in GreenRoc, which also announced that SP Angel Corporate Finance has been appointed as its sole broker.
Stefan Bernstein, CEO of GreenRoc, commented: "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. Furthermore, we believe we can accelerate development in order to help meet the critical demand for new, high grade and conflict-free graphite sources and we look forward to providing further updates in relation to interested customers and offtake partners in due course."
View from Vox
While an upgrade to Amitsoq's resource was anticipated following GreenRoc's summer 2022 drilling campaign, the numbers announced today exceeded industry and market expectations and further solidified the project's status as one of the highest-grade graphite deposits in the world.
The new MRE represents a 2.8x tonnage increase from the 2022 maiden MRE, with the average grade increasing to 20.41% from 19.75%, resulting in a contained graphite increase of 2.9x to 4.71 Mt.
Moreover, a third of the contained graphite in the new 2023 MRE now falls within the higher measured and indicated categories, increasing certainty about Amitsoq's resource size and grade, and further derisking the project.
Every resource category is seeing a substantial increase: The measured category now stands at 1.26 Mt, being the highest confidence pre-reserves category. The indicated resource is up 200% to 6.12 Mt from 2.04 Mt. And the inferred resource category is up 150% to 15.67 Mt from 6.24 Mt.
GreenRoc delivered today's MRE upgrade for Amitsoq after only two drilling seasons. As the Amitsoq island deposit remains open in at least two directions, there is potential for further expansion of the resource in the future.
On Friday, GreenRoc confirmed that Amitsoq graphite could be purified to exceed the EV battery anode requirement of 99.95%. With global demand for graphite expected to soar, Amitsoq's vast deposit is set to play a key role in the transition to net zero.
As GreenRoc moves into the development phase for Amitsoq this year and enters discussions with potential customers and offtake partners, investors interested in the renewables, EV, battery, or mining sectors should GreenRoc and its majority holder Alba Mineral Resources.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.