TIDMGROC
RNS Number : 6263O
GreenRoc Mining PLC
11 October 2021
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GreenRoc Mining plc
("GreenRoc" or the "Company")
Amitsoq Graphite Update
Post-IPO Site Visit
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of mining projects in Greenland, is pleased to report
on the recently completed management site visit by two of its
directors to the Amitsoq Graphite Project in Southern Greenland
("Amitsoq" or the "Project").
Key Points
-- Successful management site visit to GreenRoc's 100% owned
Amitsoq Graphite Project, one of the highest-grade graphite
projects globally.
-- Drill pad locations were confirmed for the next drilling
campaign following completion of maiden drilling programme in
August 2021 which confirmed the existence of two significant and
laterally continuous graphite horizons.
-- The underground mine workings were inspected at Amitsoq.
-- The sampling locations and the mapped graphite bands were visited at Kalaaq.
-- The drill core samples are currently being processed at the
ALS laboratory in Ireland and the Company will share the results in
due course.
-- The independent competent person has begun work on updating the current 3D model.
-- Positive meetings were held with the Mayor and leader of the local Kujalleq municipality.
-- Meetings were held with local contractors in Qaqortoq and in Nuuk.
-- Discussions were held with the developers of a hydro-electric plant close to the Project.
Kirk Adams, GreenRoc's Chief Executive Officer, commented:
"Amitsoq is one of the highest-grade graphite projects globally
and GreenRoc is now accelerating its development and attaining
valuable resource information, while at the same time initiating
the groundwork to support feasibility data. Our site visit also
enabled the management team to review the extent of the graphite
outcrops and the exposure in the old mine workings which have held
up particularly well over the years. The unusually good ground
condition bodes well for any future underground operations.
"I am encouraged by the positive engagement we have had from the
people in the areas surrounding Amitsoq and their community
leaders. We were highly impressed with the reception we received
from the local municipality officials and were assured of their,
and the local community's, support for the project. We also
continue to be reassured by the supportive nature of the
Greenlandic mining jurisdiction and look forward to expanding our
operations there."
Details
CEO Kirk Adams and fellow GreenRoc director Mark Austin have
just returned from a site visit to Amitsoq and related meetings in
southern Greenland.
The Amitsoq Site Visit
One of the main purposes of the site visit to Amitsoq was to
plan the drill pads for the next phase of drilling at the Amitsoq
Island graphite deposit, the site of the former graphite mine. The
GreenRoc team have laid out a drill grid which seeks to maximise
the resource potential of the deposit and to build on the phase 1
drilling campaign completed in August 2021.
The phase 2 drilling aims to target the completion of the
outstanding drill holes from the first phase plan as well as
stepping out to the western side of the Amitsoq island (see Figure
1). The successful approach trialled by drilling NQ core (47.6mm
diameter core produced from wireline drilling) for the last two
holes of the first phase will be continued in the next phase of
drilling. The exploration target for the Amitsoq Island area of the
licence is between 1.7 and 4.5 Mt of ore grading between 24-36%
contained graphite. In accordance with the JORC Code, the potential
quantity and grade of the exploration target for the Amitsoq
deposit is conceptual in nature, there has been insufficient
exploration to estimate a Mineral Resource and it is uncertain if
further exploration will result in the estimation of a Mineral
Resource.
In addition, the GreenRoc team inspected all of the outcrops at
the Kalaaq deposit, which is located on the Company's licence 2.1
km across the fjord from the Amitsoq mine area on a peninsular of
the mainland. The average grade in the Kalaaq area from channel
sampling to date is 25.6% contained graphite. These significant
outcrops and excellent grades mean that the Company is now creating
a drilling plan with the objective of declaring a maiden resource
at the Kalaaq deposit.
The recent field work at Kalaaq has revealed additional graphite
targets, which will be reported on fully in due course, upon
receipt of laboratory assays. The exploration target for Kalaaq
currently stands at 4.0-7.0Mt grading 23-39% contained graphite. In
accordance with the JORC Code, the potential quantity and grade of
the exploration target for the Kalaaq deposit is conceptual in
nature, there has been insufficient exploration to estimate a
Mineral Resource and it is uncertain if further exploration will
result in the estimation of a Mineral Resource. It is the intention
of GreenRoc to start drilling here at the same time as drilling
phase 2 at Amitsoq, with the aim of defining a maiden resource on
both the Amitsoq Island, as well as the Kalaaq project, areas of
the licence.
The Amitsoq site visit has been invaluable in allowing GreenRoc
management to further assess potential mining methods and possible
operational infrastructural layouts.
GreenRoc is considering the use of a drone in future campaigns
to carry out an airborne VLF EM survey which will be able to
traverse currently inaccessible areas in order to identify graphite
horizons. A detailed DTM will also be completed at the same
time.
The Amitsoq underground workings from the 1920s
The former graphite mine at Amitsoq, which was mined in the
1920s, was inspected and found to be in excellent condition
considering the age of the old workings. This has positive
implications for the underground support regime that will be
required for the chosen mining method. It is also apparent that
much of the infrastructure required, such as workshops, can be
accommodated underground, thereby potentially mitigating any winter
weather effects on the operations. These favourable ground
conditions are anticipated to have a positive impact on the mine
design and the ensuing production efficiencies.
Meetings and Discussions
The GreenRoc directors met with the Mayor and the leader of the
local Kujalleq municipality, and undertook initial discussions on
the potential impact of the development of the Amitsoq Project on
local communities. It was noted that local population levels have
dropped in recent years, and the GreenRoc development would have a
meaningful impact in creating job opportunities thereby assisting
in the reversal of this trend. The potential for training and
upskilling local people in drilling and mining skills was welcomed
by the municipality.
Additional discussions were undertaken with local businessmen
concerning logistical support as well as the developers of a
hydro-electric plant close to the Project. It was stated by the
developers that this hydro-electric project has the potential to
supply 6 MW of continuous power to the operations. The potential
for this will be further investigated as the Amitsoq project
progresses towards development status.
Ongoing Technical work
The drill core samples from this summer's drilling programme
have been delivered to ALS in Ireland and are now undergoing assay
testing. The results from these tests will be fed into a 3D model
which is being developed from the intercepts by the independent
competent person.
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.
Without prejudice to the generality of the foregoing,
uncertainties also exist in connection with the ongoing Coronavirus
(COVID-19) pandemic which may result in further lockdown measures
and restrictions being imposed by Governments and other competent
regulatory bodies and agencies from time to time in response to the
pandemic, which measures and restrictions may prevent or inhibit
the Company from executing its work activities according to the
timelines set out in this announcement or indeed from executing its
work activities at all. The Coronavirus (COVID-19) pandemic may
also affect the Company's ability to execute its work activities
due to personnel and contractors testing positive for COVID-19 or
otherwise being required to self-isolate from time to time.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information, please contact:
GreenRoc Mining Plc
Kirk Adams, CEO +44 20 3950 0724
Cairn Financial Advisers LLP (Nomad)
James Caithie / Sandy Jamieson +44 20 7213 0880
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ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
-----------------
St Brides Partners Ltd (Financial
PR & IR) Susie Geliher / Oonagh Reidy +44 20 7236 1177
-----------------
GreenRoc's Projects
GreenRoc Mining Plc is an AIM listed company which is developing
mining projects in Greenland in critical, high-demand and
high-value minerals.
Led by a group of highly experienced mining industry
professionals, GreenRoc has a portfolio of 100% owned projects:
-- Amitsoq Graphite Project
-- Thule Black Sands Ilmenite Project
-- Melville Bay Iron Project
-- Inglefield Multi-Element Project
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