GCIGreenRoc expands Amitsoq Graphite Project with new exploration licence
Greenland-focused mining company ( ) has been granted a new exclusive Mineral Exploration Licence (MEL) by the government of Greenland. The licence area encompasses a potential southerly extension to the Kalaaq deposit as well as several known graphite showings which are separate from both the Amitsoq Island and Kalaaq deposits.
's Amitsoq Graphite Project in southern Greenland is one of the highest-grade graphite projects in the world. We recently covered 's progress on its Amitsoq and Thule Black Sands Ilmenite projects in Greenland, and gave a broad overview and analysis of the Company's present activities and future prospects. Click here for that coverage.
The new exploration licence, MEL 2022-0 (Figure 1), covers a total of 68 km2 and extends the current exploration licence areas held by to encompass both the ground in the most northerly section of Amitsoq Island as well as ground to the south of the Kalaaq graphite discovery. The southern portion of the new licence area includes several known graphite showings and one old graphite working, Sissarissoq, and is within the vicinity of the town of Nanortalik, Greenland's southernmost town.
Stefan Bernstein, GreenRoc CEO, commented: "The grant of this licence allows us to consolidate our landholding around the Kalaaq deposit, including the area immediately south of the known Kalaaq graphite discovery, in addition to securing new zones which contain graphite-rich showings. These areas have not been subject to modern exploration techniques and only a few have been sporadically sampled in the past. As such, they offer GreenRoc the potential to reveal new graphite discoveries contiguous to Amitsoq, proven to be one of the highest-grade graphite projects in the world.
With this additional ground now included in GreenRoc's new Exploration Licence, the team and I are excited about the future potential for identifying an additional mineralised graphite zone outside the primary target zones to the south of the Kalaaq Deposit. In my view, this provides further evidence that the Amitsoq Project has the potential to be one of the most strategically valuable graphite assets globally."
As shown in Figure 1, the new license significantly expands 's mining license to the North and South of what is already one of the world's most valuable graphite deposits. For that reason investors welcomed the news today, sending GROC shares up 7.64% in early afternoon trading.
Follow News & Updates from GreenRoc:
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.