TIDMGROC
RNS Number : 6828N
GreenRoc Mining PLC
06 June 2022
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GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector:
Mining
6 June 2022
GreenRoc Mining plc
("GreenRoc" or the "Company")
Amitsoq Graphite Project Update
Phase 2 Drilling Campaign
GreenRoc Mining plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased
to announce details of the forthcoming drilling programme at the
Amitsoq Island Graphite Project in southern Greenland ("Amitsoq" or
the "Project"), one of the highest-grade graphite deposits in the
world.
Key Points
-- Phase 2 drilling operations due to commence at Amitsoq later
this month and is expected to last for around 12 weeks.
-- Plan to drill up to 27 holes for a total of up to 3,200m,
with the aim of increasing and upgrading the current Maiden JORC
Resource of 8.28Mt at 19.75% Graphitic Carbon ("C(g)").
-- Drilling will test the revised Exploration Target ("ET")
announced for the Amitsoq Island deposit on 12 May 2022, being 5-15
Mt at a grade range of 18-22% C(g).
-- Strong confidence that a higher-tonnage, higher-category
Resource can be established with Phase 2 drill results expected to
support creation of a mine plan to input into a feasibility
study.
-- Significant further upside remains - the Kalaaq deposit, to
the south of Amitsoq Island and also part of the Project, is
currently undrilled, with a maiden drill programme planned for 2023
to test this deposit.
-- Environmental baseline studies will also continue to
progress, providing the foundations for the development of an
Environmental Impact Assessment ("EIA") for Amitsoq.
GreenRoc's Interim CEO, Lars Brünner, commented:
"We've confirmed that Amitsoq hosts a graphite resource that has
one of the highest average grades globally, which can be upgraded
to a more than 99.95% pure graphite product, making it extremely
desirable to EV lithium-ion battery producers - the drivers of a
large proportion of soaring market demand. Our focus is now on
building the resource tonnage to maximise the commercial value of
the Project.
"With the Amitsoq deposit remaining open along strike and down
dip, and the recently expanded Exploration Target, we are confident
that a more significant, high-category Resource can be established.
If, for instance, drilling converts the upper end of the ET into
JORC Resources, this will see the current resource estimate for
contained graphite increase from 1.63 Mt to 4.93 Mt. It is also
worthwhile noting that the Kalaaq deposit to the south of Amitsoq
Island is yet to be drilled, providing further upside potential and
giving an indication of just how extensive the Project's resource
could be.
"Given the success of our maiden drill programme and our
improved knowledge of the Project, we're excited to commence this
Phase 2 campaign, the results from which should enable us to start
designing a mine plan to feed into a feasibility study. With the
EIA also underway, we remain more committed than ever to
fast-tracking the Project into the development phase and look
forward to sharing results in due course."
Details
Following the Maiden Resource estimate announced on 8 March
2022, GreenRoc will soon commence a 27-hole, 3,200m Phase 2 diamond
drilling programme at the Amitsoq Island Graphite Deposit in
southern Greenland, with the aim of increasing the Maiden JORC
Resource both in terms of overall tonnages and resource
classification.
The successful Phase 1 drilling programme (for 1030.85m in
total) was carried out between June and August 2021. A total of 10
intersections of graphite were achieved with five intersections on
each of the Upper Graphite Layer ("UGL") and Lower Graphite Layer
("LGL") horizons. On 8 March 2022, GreenRoc published a Maiden
Resource for the Amitsoq Island Deposit of a combined Indicated and
Inferred JORC Resource of 8.28 million tonnes (Mt) at an average
grade of 19.75% C(g), giving a total graphite content of 1.63 Mt.
This includes a particularly high-grade contribution from the Lower
Graphite Layer of 3.67 Mt at a grade of 21.19%, for 0.775 Mt of
contained graphite. This Maiden Resource confirms Amitsoq's
position as one of the very highest-grade graphite deposits
globally and supports the Company's objective of fast-tracking the
Project into the development phase.
Seven drill pads have been prepared to infill between the Phase
1 holes in order to upgrade the current JORC Resource (Figure 2),
with 27 holes planned. The hole positions have been designed to
target the more prospective and thicker LGL at a 50m spacing. Three
of these infill pads will be situated on top of the steep ridge
that forms the southern tip of the island. Four of the pads will be
stepped back on the western face of the island to test the down-dip
continuation of both the UGL and LGL in order to increase the
resource estimate. The geological model shows that the
mineralisation is open down-dip to the west and along strike to the
north.
From each pad, it is planned that four holes will be drilled
with varying azimuth and dip, with the exception of Pad F where
three holes will be drilled (Table 1). NQ core will be used for
Phase 2 drilling as it has proven to be the most suitable size of
drill core for this type of deposit.
Table 1 . Phase 2 Boreholes
PAD HOLE AZIMUTH (GRID) DIP Easting Northing Hole Depth
(UTM (UTM 23N) (m)
23N)
----- --------------- ---- --------- ----------- -----------
C2 1 0 -90 492954.7 6683283.6 148
----- --------------- ---- --------- ----------- -----------
2 50 -55 492954.7 6683283.6 117
----- --------------- ---- --------- ----------- -----------
3 100 -65 492954.7 6683283.6 106
----- --------------- ---- --------- ----------- -----------
4 150 -55 492954.7 6683283.6 117
L 5 0 -90 492870.5 6683235 136
----- ----- --------------- ---- --------- ----------- -----------
6 45 -50 492870.5 6683235 112
----- ----- --------------- ---- --------- ----------- -----------
7 90 -65 492870.5 6683235 96
----- --------------- ---- --------- ----------- -----------
8 140 -60 492870.5 6683235 100
----- ----- --------------- ---- --------- ----------- -----------
J 9 0 -90 492779.5 6683286.9 153
----- ----- --------------- ---- --------- ----------- -----------
10 50 -50 492779.5 6683286.9 125
----- ----- --------------- ---- --------- ----------- -----------
11 90 -60 492779.5 6683286.9 110
----- --------------- ---- --------- ----------- -----------
12 140 -55 492779.5 6683286.9 117
----- ----- --------------- ---- --------- ----------- -----------
F 13 0 -90 492890 6683148.4 132
----- ----- --------------- ---- --------- ----------- -----------
14 100 -60 492890 6683148.4 92
----- ----- --------------- ---- --------- ----------- -----------
15 150 -50 492890 6683148.4 104
----- ----- --------------- ---- --------- ----------- -----------
I 16 90 0 492795.7 6683142 131
----- ----- --------------- ---- --------- ----------- -----------
17 45 -45 492795.7 6683142 111
----- ----- --------------- ---- --------- ----------- -----------
18 85 -60 492795.7 6683142 92
----- --------------- ---- --------- ----------- -----------
19 145 -55 492795.7 6683142 99
----- ----- --------------- ---- --------- ----------- -----------
H 20 0 -90 492772 6683041.3 139
----- ----- --------------- ---- --------- ----------- -----------
21 75 -55 492772 6683041.3 101
----- ----- --------------- ---- --------- ----------- -----------
22 115 -45 492772 6683041.3 99
----- --------------- ---- --------- -----------
23 150 -50 492772 6683041.3 111
-----
M 24 0 -90 492985.3 6683349.7 147
25 55 -50 492985.3 6683349.7 119
----- --------------- ---- --------- ----------- -----------
26 20 -65 492985.3 6683349.7 132
----- --------------- ---- --------- ----------- -----------
27 340 -65 492985.3 6683349.7 160
----- --------------- ---- --------- ----------- -----------
Total 3206
----------- -----------
Figure 3 shows a 3D view of the southern part of Amitsoq Island
facing east and showing the position of Phase 1 (black) and Phase 2
(yellow) drill pads on the topography.
Figure 4 shows a cross-section view of Amitsoq Island facing
north-east with the intersections from Pad B holes during the 2021
Phase 1 drilling campaign returning intersections from the LGL of
up to 16.49m at 22.82% C(g). It also shows the projected
intersections of the UGL and LGL for Pads L and J, which are
stepped back on the western face of Amitsoq Island down-dip to test
the extension of these graphite layers at depth and increase the
resource.
GreenRoc's field exploration team of geologists and assistants,
Danish and Greenlandic drill crew and environmental contractors are
being accommodated on a GreenRoc chartered vessel anchored close to
the drill site as well as at an onshore camp for the duration of
the programme, which is expected to last for around 12 weeks.
Helicopter support will be provided in order to transport equipment
to and from site.
Other Field Work
Environmental Baseline Studies
Experienced environmental consultants BioApp Greenland will be
continuing with the second year of environmental baseline studies,
contributing towards the Environmental Impact Assessment ("EIA")
which will be required to apply for a mining licence at
Amitsoq.
**ENDS**
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Glossary
Indicated Indicated Resources are economic mineral occurrences
Resource that have been sampled (from locations such as
outcrops, trenches, pits and drill holes) to a
point where an estimate has been made, at a reasonable
level of confidence, of their contained metal,
grade, tonnage, shape, densities, physical characteristics.
Inferred An Inferred Resource means that part of a mineral
Resource resource for which quantity and grade or quality
are estimated on the basis of limited geological
evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade or
quality continuity.
-------------------------------------------------------------
JORC The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves ('the
JORC Code') is a professional code of practice
that sets minimum standards for Public Reporting
of minerals Exploration Results, Mineral Resources
and Ore Reserves.
-------------------------------------------------------------
Maiden Resource The first Mineral Resource estimate to be completed
on a project.
-------------------------------------------------------------
Measured An Indicated Resource which has undergone enough
Resource further sampling to be declared as an acceptable
estimate, at a high degree of confidence, for the
grade and quantity of the mineral resource. A Measured
Mineral Resource is that part of a Mineral Resource
for which quantity, grade or quality, densities,
shape, and physical characteristics are estimated
with confidence sufficient to allow the application
of Modifying Factors to support detailed mine planning
and final evaluation of the economic viability
of the deposit.
A Measured Mineral Resource has a higher level
of confidence than that applying to either an Indicated
Mineral Resource or an Inferred Mineral Resource.
It may be converted to a Proved Mineral Reserve
or to a Probable Mineral Reserve.
-------------------------------------------------------------
Mineral A Mineral Resource is a concentration or occurrence
Resource of solid material of economic interest in or on
the Earth's crust in such form, grade (or quality),
and quantity that there are reasonable prospects
for eventual economic extraction. The location,
quantity, grade (or quality), continuity and other
geological characteristics of a Mineral Resource
are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling.
Mineral Resources are sub-divided, in order of
increasing geological confidence, into Inferred,
Indicated and Measured categories.
-------------------------------------------------------------
NQ Core diameter of 47.6mm and a hole diameter of
75.3mm.
-------------------------------------------------------------
Strike The direction and length of a geological feature
(for example, a vein or rock formation) measured
on a horizontal surface.
-------------------------------------------------------------
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Mark Austin. Mr Austin is a member
of SACNASP (Reg. No. 400235/06), Fellow of The Geological Society
and Fellow of the Geological Society of South Africa. He has a
B.Sc. Honours in Geology with 38 years' experience.
Mark Austin has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration targets, Exploration Results, Mineral
Resources and Ore Reserves', also known as the JORC Code. The JORC
code is a national reporting organisation that is aligned with
CRIRSCO. Mr Austin consents to the inclusion in the announcement of
the matters based on his information in the form and context in
which they appear.
For further information, please visit
https://greenrocmining.com/ or contact:
GreenRoc Mining Plc
Lars Brunner, Interim CEO +44 20 3950 0724
Cairn Financial Advisers LLP (NOMAD)
James Caithie / Sandy Jamieson /
Louise O'Driscoll +44 20 7213 0880
ETX Capital (Broker)
Tom Curran / Thomas Smith +44 20 7392 1494
St Brides Partners (Financial PR
& IR)
Susie Geliher / Oonagh Reidy / Charlotte
Page +44 20 7236 1177
About GreenRoc
GreenRoc Mining Plc is an AIM-quoted company, which is
developing mining projects in Greenland in high-demand and
high-value critical minerals.
Led by a group of highly experienced mining industry
professionals, GreenRoc has a portfolio of 100% owned projects:
-- Amitsoq Graphite, one of the highest-grade graphite deposits
in the world with a combined Indicated and Inferred JORC Resource
of 8.28 million tonnes (Mt) at an average grade of 19.75% giving a
total graphite content of 1.63 Mt.
-- Thule Black Sands Ilmenite ('TBS'), which has an initial
Mineral Resource of 19Mt@ 43.6% Total Heavy Minerals with an
in-situ ilmenite grade of 8.9%.
-- Melville Bay Iron, which has a Mineral Resource Estimate of
67Mt at 31.4% iron and has been proven to be processable to a
high-grade, 70% concentrate with low impurities.
-- Inglefield Multi-Element, which has the potential to host a
range of mineralisation styles, including iron
oxide-copper-gold.
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