GCIGreenRoc on the fast track to critical metal success
(), a Greenland-focused company specializing in critical mineral projects, has unveiled its audited results for the year concluded on 30 November 2022.
Highlights for the year include a Maiden Mineral Resource Estimate ("MRE") of 8.28Mt with 19.75% graphitic carbon ("C(g)") declared for the Amitsoq Project in March 2022, and the successful completion of the second phase drilling program at the Amitsoq Project in September 2022, comprising 19 holes drilled for a total of 2,844m, with each hole intersecting significant graphite layers. Additionally, the drilling program more than doubled the deposit footprint and resulted in exceptionally high grades.
Furthermore, the MRE was increased post-period end to 23.05 Mt at a grade of 20.41% C(g) for 4.71 Mt contained graphite, which is nearly three times the maiden MRE. Test work on the graphite also showed that the Amitsoq graphite concentrate can be processed into the spherical graphite required to manufacture EV-battery anodes, and can be processed to achieve a 99.97% purity.
Other post year-end highlights include the successful fundraising of £333k in December 2022 and £550k in March 2023 to finance additional testing and work programs stemming from the highly successful second phase drilling program.
The European Raw Materials Alliance officially supported the Amitsoq Project in February 2023, stating that "GreenRoc's graphite resource is of global importance and…will enable the European Union to achieve a certain level of independence for the electrical vehicle supply chain.”
Mine design work has also begun, and a non-binding Memorandum of Understanding was also signed with Norwegian mining and construction group LNS in March 2023 with a view to its potential appointment as the mining contractor during the construction and operational phases for the Amitsoq mine. LNS already runs the Aapilattoq ruby mine in West Greenland.
Chairman George Frangeskides, commented: ““2022 was a highly successful and significant year for the Company. Enormous progress has been made, in particular, at Amitsoq, where we have built up a substantial graphite resource and have done so without any sacrifice to grade, with Amitsoq now firmly established among a very select grouping worldwide of graphite deposits with resource grades averaging more than 20%.”
View from Vox
It’s not hard to see why GreenRoc was named "Greenland's Prospector and Developer of the Year" at PDAC Toronto in March 2023 – under the impressive leadership of Stefan Bernstein, who was appointed as CEO in July 2022, the explorer has made huge progress expanding the Amitsoq resource and moving towards production.
Along with mine design work, the company is now conducting environmental and social impact assessment studies, and following a scoping study is aiming to undertake its feasibility study in 2024. This year, the company will be conducting further analysis of large bulk samples, as well as continuing discussions with potential partners to accelerate the mine’s development.
GreenRoc also made steady progress at its Thule Black Sands Ilmenite Project and Melville Bay Iron Project, but said that “maximum focus” would be placed on Amitsoq this year to fast-track the project to meet the critical metal needs of the energy transition.
() holds a 54% majority interest in GreenRoc.
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