REG - GreenRoc Mining PLC - Amitsoq Update - drilling extends graphite deposit

GreenRoc Strategic MaterialsAnnouncement

22/08/2022 07:00

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RNS Number : 6948W  GreenRoc Mining PLC  22 August 2022

GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining

22 August 2022

GreenRoc Mining plc

("GreenRoc" or the "Company")

 

Amitsoq Project Update

Ongoing drilling programme substantially extends graphite deposit

 

GreenRoc Mining Plc (AIM: GROC), a company focused on the development of
critical minerals projects in Greenland, is pleased to provide an update on
the Phase 2 drilling programme at the Amitsoq Graphite Project in southern
Greenland ("Amitsoq" or the "Project"), one of the highest-grade graphite
deposits in the world. All holes to date have returned mineable widths, with
several intersections at least as good as those obtained in the Phase 1 drill
programme. The drilled extent of the deposit footprint has doubled and remains
open towards the northwest, west and southwest.

 

Highlights

·      As of 14 August 2022, a total of nine holes have been completed
for a total of 1,360m.

·     All holes reached target depths and intersected the targeted graphite
layers, thereby extending the deposit to the west by about 100m and to the
northwest by about 150m, essentially doubling the deposit footprint.

·      The deposit remains open towards the northwest, west and
southwest.

·    Several intersections are at least as good as those obtained in the
2021 Phase 1 drill programme, thus confirming the significant thickness of
both the Upper Graphite Layer ("UGL") and Lower Graphite Layer ("LGL").

·      To date, 16 intersections of UGL and LGL greater than 3.0m each
have been drilled.

·      All holes have at least one mineable graphite layer intersection
greater than 5.25m.

·     Visual inspection of the drill core suggests that the intersections
are similar in ore grade to the Phase 1 results, which returned grades of up
to 23.01% C(g) in the LGL and up to 19.83% C(g) in the UGL.

·      Drilling remains ongoing, with the programme expected to conclude
by the end of September.

·      Drilling to date gives strong confidence that a higher-tonnage,
higher-category Resource can be established ahead of a feasibility study.

 

Stefan Bernstein, GreenRoc's CEO, commented: "These drill results are highly
encouraging in that we have identified graphite bodies of mineable widths in
all holes. Several of the intersections are as good or even better than those
we obtained in our Phase 1 drill programme in 2021, thus confirming the
significant thickness of both the upper and lower graphite layers, whilst our
visual inspection of the drill core suggests that the intersections are
similar in ore grade.  We are therefore hopeful to see similarly very high
grades of graphite from the analytical work, which will be undertaken
following the completion of the drill programme.

 

"These preliminary drill results are particularly exciting as most of the
holes are placed further west of the holes drilled in 2021, suggesting a
substantial extension to the graphite layers and indicating that the deposits
are still open down-dip and to the northwest, west and southwest. Alongside
this, we are currently drill testing the northern extension of the graphite
layers, the results from which we look forward to sharing in due course. One
final but very positive point is that the core is mostly very solid, which
bodes well for stable mine construction as we look to advance Amitsoq to
development status."

 

Details

Phase 2 drilling commenced on 2 July 2022 at the Amitsoq Island graphite
deposit with the aim of testing the extension of the known graphite layers and
forming the basis for an updated and higher category resource determination to
build on the current Maiden JORC Resource of 8.28Mt at 19.75% Graphitic Carbon
("C(g)"). Drilling at Amitsoq (Figure 2) is being carried out with services
provided by 60°N, a Greenlandic contractor based in Qaqortoq, South
Greenland.

 

The drill plans (Figure 3), which have been modified to take account of the
information obtained from the first drill holes, are testing the extension of
the known graphite layers, their thicknesses and graphite grades. The layers
can broadly be described in terms of an upper graphite layer (UGL) and a lower
graphite layer (LGL) of which the LGL in some holes displays a set of
sublayers (Figure 4 and Table 1).

 

To date 1360m have been drilled, with 20 intersections of UGL and LGL
identified as exceeding 1.0m, of which 16 exceeded 3.0m. In addition to these
intersections, additional bands of graphite of up to 0.68m intersected
thickness have been encountered in most of the drilled holes, thus allowing
for their correlation. It appears that these thinner bands are splays off the
LGL and the thicker ones could further contribute to the ore resource. The
drilling to date has demonstrated the lateral continuity of the graphite
layers, showing minimal structural interference (Figure 4).

 

The UGL intersections vary between 3.49m to 8.13m (Figure 1), except for hole
DD_017A and DD_026, where UGL intersections are 0.13m and 0.03m respectively.
The intersections of LGL vary between 2.54m and 16.85m and additional LGL
horizons have been intersected in some drill holes, ranging from 0.03m to
2.28m as measured on the drill core.  All of the drill holes have at least
one graphite layer intersection greater than 5.25m. A list of drill
interceptions is given below in Table 1.

 

Table 1: Preliminary drilling results based on visual logging of drill core
for intersections with graphite-rich layers. Intersections larger than 3.0m
are given in bold.

Note: all depths are measured down-the-hole and interception lengths given are
therefore not true thicknesses

 

 

Figure 1: Photograph of the Upper Graphite Layer in hole AM_DD-016a

 

Figure 2: Photograph of Drill Pad H looking south

Figure 3: Layout of drill plan for Phase 2 drilling at Amitsoq graphite. Drill
collars from Phase 2 (current drilling) are shown in red, with Phase 1 (2021)
collars in blue.

 

Figure 4: Preliminary 3D model of drill lay-out and identified graphite
layers, looking north. Upper Graphite Layer (UGL) is given in orange, while
Lower Graphite Layers (LGL) are given in red and yellow (Middle Graphite Layer
- MGL is a splay off the main LGL). Depicted graphite layers reflect
interpolation between drill holes.

 

 

On 8 July 2022, GreenRoc announced the expansion of its landholding in South
Greenland, to encompass several largely untested graphite occurrences, which
have been shown by earlier studies to contain high-grade graphite ore. The
landholding is covered by exclusive Mineral Exploration Licence ("MEL")
2022-03. GreenRoc's geologists have identified several surface occurrences of
graphite in the new area and have submitted samples for assay.

 

Graphite ore from Amitsoq was tested by ProGraphite in 2021 to show that the
ore can be upgraded to a minimum 95% purity by simple flotation and with
further alkaline purification can attain purity higher than the 99.95%
required by the battery anode industry.

 

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.

 

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 visit https://greenrocmining.com/
(https://greenrocmining.com/) or contact:

 

 GreenRoc Mining Plc                                  +44 20 3950 0724

 Stefan Bernstein, CEO

 Cairn Financial Advisers LLP (NOMAD)                 +44 20 7213 0880

 James Caithie / Sandy Jamieson / Louise O'Driscoll

 OvalX (Broker)                                       +44 20 7392 1494

 Tom Curran / Thomas Smith

 St Brides Partners (Financial PR & IR)               +44 20 7236 1177

 Susie Geliher / Charlotte Page

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 with
considerable knowledge of the Greenlandic mining sector, 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; and

·      Inglefield Multi-Element, which has the potential to host a range
of mineralisation styles, including iron oxide-copper-gold.

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