TIDMGROC
RNS Number : 3898C
GreenRoc Mining PLC
11 October 2022
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector:
Mining
11 October 2022
GreenRoc Mining Plc
("GreenRoc" or the "Company")
Amitsoq Project Update
Significant Graphite Occurrences Identified Across Expanded
Licence
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical minerals projects in Greenland, is pleased
to provide the results from a field exploration campaign, which was
conducted in July 2022, alongside the Phase 2 drill programme at
its flagship Amitsoq Graphite Project in the Nanortalik Region of
South Greenland ('Amitsoq' or the 'Project'). Grab samples were
collected across the Project area, which was recently expanded
following the granting of exclusive Mineral Exploration Licence
("MEL") 2022-03 in July 2022, which extends the Company's
exploration areas to the north and south.
Key Points
-- Historic graphite occurrences have been confirmed in four new
zones of interest, broadly forming a north-south tract some 30km
long.
-- The four zones comprise Nanortalik Island, Tusardluarnaq
North and Thomsen's Island, which sit within the southern portion
of the newly acquired MEL, and Amitsoq Valley Bed, which lies 7km
NE of the established Amitsoq Island deposit.
-- On Nanortalik Island, graphitic grades of 23.4% C(g) to 32.5%
C(g) have been reported from eight samples over a strike length of
800m and the graphite bodies remain open along strike to the north
and south.
-- At Amitsoq Valley Bed, a new 1km long zone of
graphite-bearing rocks with values up to 24.9% C(g) was
identified.
-- These results have significantly expanded the potential for
multiple significant graphite discoveries outside the primary
target zones of the Amitsoq Island and Kalaaq Deposits.
GreenRoc's CEO, Stefan Bernstein, 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.
"These are exciting times at GreenRoc, as we are awaiting the
assay results from our Phase 2 drilling at Amitsoq Island,
following which there will be an updated and expected higher
category resource for the Project, which should be ready in a
couple of months' time. With critical global demand for new
supplies of graphite, this is an opportune time to be developing a
project of Amitsoq's quality and potential magnitude."
Figure 1 . Locations of the 18 grab samples taken during July
2022 from across the expanded Amitsoq Licence
Details
During July 2022, field exploration was conducted in four main
areas of interest of the expanded Amitsoq Project licence package,
to sample historic graphite occurrences identified across the
Nanortalik Region, and to explore the wider area for graphite.
These areas have not been subject to modern exploration
techniques and have only been sampled sporadically in the past,
offering potential upside to consolidate these exploration targets
and discover new graphite deposits in the region. Exploration work
consisted of field mapping and grab sampling.
Sampling was primarily focused on the recently granted MEL
2022-03 exploration licence, but further sampling was also
undertaken over Amitsoq Island and Kalaaq, with the aim of
expanding the existing exploration targets. A total of 18 grab
samples were taken from four locations: Amitsoq Valley Bed (NE of
the Phase 2 drill programme), Thomsen's Island, Tusardluarnaq
North, and Nanortalik Island (Sissarissoq). The sample locations
and assay results are set out in Figure 1 and Table 1,
respectively.
Table 1 . 2022 results of sampling across the expanded Amitsoq
licence.
Sample Target Zone Type %C Sample Target Zone Type %C(g)
ID (g) ID
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Tusardluarnaq
3501 Island Grab 26.9 3506 N Grab 2.89
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Tusardluarnaq
3502 Island Grab 24.9 3507 N Grab 5.81
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Tusardluarnaq
3503 Island Grab 27.9 3508 N Grab 2.64
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Thomsen's
3514 Island Grab 31.2 3504 Island Grab 2.02
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Amitsoq Valley
3515 Island Grab 28.5 3509 Bed Grab 20.3
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Amitsoq Valley
3517 Island Grab 32.5 3510 Bed Grab 6.42
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Amitsoq Valley
3518 Island Grab 23.4 3511 Bed Grab 6.20
------- -------------- ----- ----- ------- --------------- ----- ------
Nanortalik Amitsoq Valley
3519 Island Grab 29.6 3512 Bed Grab 13.5
------- -------------- ----- ----- ------- --------------- ----- ------
Tusardluarnaq Amitsoq Valley
3505 N Grab 2.81 3513 Bed Grab 24.9
------- -------------- ----- ----- ------- --------------- ----- ------
Figure 2. Location and Results of the samples taken in 2022
across Nanortalik Island on the recently granted MEL 2022-03
licence.
Nanortalik Island (Sissarissoq)
Two occurrences have been reported historically on Nanortalik
Island, 2.5km southwest of Nanortalik town, within the expanded
licence package. The southern occurrence consists of two outcrops
about 200m from the coast, outcropping over a length of 45m. Three
samples were taken from the southern occurrence. Sample 3503 was
taken from a two-metre-thick graphite layer and graded 27.9% C(g),
exceeding historic graphite grades at this locality (Figure 2).
The northern occurrence is about 500-600m inland and six samples
were taken from this location with five samples exhibiting high
graphitic carbon grades, ranging from 23.4 to 32.5% C(g). The
highest graphitic carbon grade was seen in Sample 3517 (Figure 3).
This sample comprises heavily oxidised, sheared graphitic schist
with high graphite content and abundant quartz-chlorite veinlets.
The graphite mineralisation on Nanortalik Island has been observed
along a strike length of 800m between the southern and northern
occurrences.
Figure 3. Sample 003517 from Nanortalik Island, (A) Grab sample
003517 collected in July 2022, comprising massive graphite and
quartz-chlorite veinlets. (B) Heavily oxidised and sheared
graphitic schist outcrop hosting Sample 003517
Graphite-bearing samples were also collected from Tusardluarnaq
North and Thomsen's Island. These results confirm the existence of
historic graphite occurrences in this region and further expand the
portfolio of prospective targets for further trenching and channel
sampling.
Amitsoq Valley Bed
Prior to this field season, minimal exploration had been
undertaken north of the historic mine workings on Amitsoq Island.
This year, a historic graphite find 7km NE of the Phase 2 drill
programme on the eastern shoreline of Amitsoq Island was
investigated and found to be of significant extent. One sample was
collected from the historic find, and four samples were taken
following the discovery of graphite-bearing outcrops along a strike
length of 1km trending north along the shoreline. Sample 3513 was
taken from a 2-3m wide sheared zone with lenses of massive
graphite, grading 24.9% C(g) (Figure 4). Other samples taken from
these N-S trending, 2-3m thick graphite layers vary from 6.20 -
20.3% C(g) (Table 1).
Figure 4. Location and Results of the samples taken in 2022
across Amitsoq Valley Bed, 7km NE of historic Amitsoq mine
workings.
Conclusion
These exploration results have identified four new target zones
that have not been subject to modern exploration techniques
(Nanortalik Island, Amitsoq Valley Bed, Tusardluarnaq North, and
Thomsen's Island) (Figure 1) and, as such, have expanded the
potential for multiple significant graphite discoveries outside the
primary target zones of the Amitsoq Island and Kalaaq Deposits.
This will be the subject of follow-up exploration work in future
field seasons.
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
C(g)% or Graphitic Carbon: Carbon may be present in rocks in
various forms including organic carbon, carbonates or graphitic
carbon. Carbon in rocks may be reported as fixed or total carbon
(i.e. organic carbon + carbon in carbonate minerals + carbon as
graphite) or as graphitic carbon or total graphitic carbon (or TGC)
(i.e. total carbon - (organic + carbonate carbon)). In this report,
graphite results are indicated as graphitic carbon or % C(g).
Graphitic Schist : The metamorphic rock that hosts the graphite
at Amitsoq and Kalaaq.
Quartz-Chlorite Veinlets : 1-2mm thick veins which comprise the
minerals quartz and chlorite and are associated with fluid
alteration.
Oxidised : the breakdown of rock by oxygen and water, often
giving iron-rich rocks a rusty-coloured weathered surface.
Sheared : shear is the response of a rock to deformation usually
by compressive stress and forms particular textures.
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.
**ENDS**
For further information, please contact:
GreenRoc Mining Plc
Stefan Bernstein, CEO +44 20 3950 0724
Cairn Financial Advisers LLP (Nomad)
James Caithie / Sandy Jamieson /
Louise O'Driscoll +44 20 7213 0880
-----------------
OvalX (Broker)
Tom Curran / Thomas Smith +44 20 7392 1494
-----------------
St Brides Partners Ltd (Financial
PR & IR) Susie Geliher / Charlotte
Page +44 20 7236 1177
-----------------
GreenRoc's Projects
GreenRoc Mining Plc is an AIM-quoted 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 , 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%
C(g) giving a total graphite content of 1.63 Mt;
-- Thule Black Sands Ilmenite Project ('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 Project , 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;
and
-- Inglefield Multi-Element Project , which has the potential to
host a range of mineralisation styles, including iron
oxide-copper-gold.
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