GCIGreenRoc Mining reports significant new graphite discoveries at Amitsoq
( ), a Greenland-focused explorer, announced results from its field exploration campaign conducted in July 2022 alongside the company's Phase 2 drill programme at its flagship Amitsoq Graphite Project in South Greenland. Amitsoq was recently expanded further to the north and south following the granting of an exclusive Mineral Exploration License (MEL) in July 2022 (in yellow on map).
( ) holds a 54% majority interest in GreenRoc.
GreenRoc confirmed graphite occurrences in four new zones of interest, broadly forming a 30km-long north-south tract. The four zones comprise Nanortalik Island, Tusardluarnaq North and Thomsen's Island, which are located within the southern portion of the newly acquired MEL, as well as Amitsoq Valley Bed, approx. 7 km northeast of the established Amitsoq Island deposit (see map above).
On Nanortalik Island, GreenRoc found graphitic grades of 23.4% C(g) to 32.5% C(g), reported from 8 samples over a strike length of c. 800m (see map below). Graphite bodies remain open along the strike to the north and south, the company reported.
At Amitsoq Valley Bed, GreenRoc identified a new 1km long zone of graphite-bearing rocks with values up to 24.9% C(g) (see map below).
Stefan Bernstein, CEO of GreenRoc, commented:
"The results of sampling from new and historic finds show the graphite deposits within our licence areas to be extensive. We now have identified high-grade graphite ore bodies, with grades in excess of 20% C(g), across our Project, starting at Amitsoq Valley Bed in the north, running through Amitsoq Island and Kalaaq, and extending as far south as Nanortalik Island, with several lower grade graphite mineralisations in between. The distance between Amitsoq Valley Bed and Nanortalik Island is some 30km, and we believe that we are in the process of defining a graphite province which could well be of global significance."
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Today's results further solidify Amitsoq's status as one of the highest-grade graphite deposits in the world. The new areas of interest, mostly located in the recently granted MEL 22-03 exploration license, showed high-grade deposits well in excess of 20% C(g), consistent with discoveries across the primary target zones of the project. The new areas will be subject to follow-up exploration work in the near term, offering potential upside to consolidate exploration targets and discover more graphite deposits in the region.
News will continue to come out of Amitsoq as GreenRoc awaits assay results from its Phase 2 drilling program at the site, followed by an updated and expected higher resource for the project. The latter is expected in c. 2 months, the company said. The March 2022 maiden JORC Resource for Amitsoq showed 8.3m tonnes at an average grade of 19.75% C(g). Based on last month's Phase 2 results, and today's sampling results, a significant upgrade to that resource tonnage is expected.
GreenRoc's current focus is on delivering the upgraded resource tonnage as well as ongoing development work. GreenRoc has now completed its 2nd year environmental baseline work at Amitsoq, with EIA/SIA work in progress, and a view of completing feasibility studies in the near term.
In a broader context, demand for graphite is forecast to soar. UBS is estimating a natural graphite deficit of 3.7Mt by 2030, representing around 37% of the total global market. And according to Baker Steel, between 2020 and 2040, a 22-fold increase in graphite for energy technology demand is forecast, and a 10-fold increase across all applications, an increase second only to lithium.
GreenRoc’s technical work to date has confirmed that Amitsoq graphite can be upgraded to a more than 99.95% pure graphite product, which is the specification requirement for EV batteries. With critical global demand for graphite, Amitsoq's vast deposit is set to play a key role in the transition to net zero.
Investors cheered today's update, sending GreenRoc shares up 8.24% in early trading. Alba shares were up 3.70%.
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