REG - GreenRoc Mining PLC - Grant of Exploration Licence Expansion

GreenRoc Strategic MaterialsAnnouncement

16/10/2023 07:00

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RNS Number : 1465Q  GreenRoc Mining PLC  16 October 2023

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

16 October 2023

GreenRoc Mining plc

("GreenRoc" or the "Company")

 

Amitsoq Graphite Project Update

Grant of Exploration Licence Expansion

 

GreenRoc Mining Plc (AIM: GROC), a company focused on the development of
critical minerals projects in Greenland, is pleased to announce that the
Government of Greenland has approved the Company's application to enlarge its
Mineral Exploration Licence ("MEL") 2013-06 which contains the Amitsoq
graphite deposit.

 

GreenRoc's Amitsoq Graphite Project in southern Greenland ("Amitsoq") is one
of the highest-grade graphite projects in the world.

 

Stefan Bernstein, GreenRoc's CEO, commented: "We are pleased to have been
successful in enlarging this Mineral Exploration Licence as it secures access
to an area that will become important when we develop infrastructure around
the mining operation at Amitsoq. Also, the additional area is prospective for
high-grade graphite deposits similar to those we are targeting at Amitsoq.

 

"I would like to thank the Greenlandic Mineral Resource Administration for its
swift processing of the application. We received the Minister's approval just
two weeks after signing the licence documents and the whole licensing process
took just three months. This really illustrates how supportive the Government
of Greenland is towards the sustainable and responsible development of its
natural resource economy and that Greenland is a well-run, well-regulated,
mining friendly jurisdiction."

 

Details

 

The additional area lies immediately to the west of the existing licence MEL
2013-06 which contains the Amitsoq deposit (see Figure 1). Before the licence
extension, MEL 2013-06 covered an area of 48km(2) and, with the license
expansion, has now increased to 72.52km(2).

 

The licence application was submitted to the Greenlandic Mineral Resource
Administration on 3 July 2023, with all parties having signed the licence
document by 10 October 2023.

Figure 1: Original Licence MEL 2013-06 to the East and newly added area to the
west of Amitsoq mine. Nanortalik town is situated about 20km to the southwest
of Amitsoq.

 

The area added to MEL 2013-06 secures access to stretches of land on the coast
opposite the Amitsoq deposit which will be important as GreenRoc progresses
its development of the Amitsoq graphite deposit towards production. It allows
the Company to consider the use of flat ground for infrastructure, including
buildings, storage, depot sites, and port facilities.

 

Additionally, a large portion of the rocks underlying the added licence area
consist of metamorphic rock complexes similar to those that host the Amitsoq
and Kalaaq graphite deposits and adjacent graphite mineralisations (see RNS of
10 October, 2022) and are, therefore, prospective for such deposits.

 

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.

 

**ENDS** 

 

For further information, please 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 

  
   SP Angel (Broker)                                          +44 20 3470 0500

   Ewan Leggat / Charlie Bouverat

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

   Paul Dulieu / Isabel De Salis / Isabelle Morris            greenroc@stbridespartners.co.uk

  

 

About GreenRoc 

GreenRoc Mining plc is an AIM-quoted company which is developing mining
projects in Greenland in critical, high-demand and high-value minerals.

 

About Amitsoq

Amitsoq is located in the Nanortalik region of southern Greenland and has been
confirmed as one of the highest-grade flake graphite projects in the world.

 

GreenRoc is focused on fast-tracking the development of Amitsoq into a
producing mine in the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America for new,
high grade and conflict-free sources of graphite.

 

Key points about Amitsoq:

·     GreenRoc's primary focus at Amitsoq is on developing the Amitsoq
Island Deposit, which has a total inferred, indicated and measured JORC
Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% Graphitic
Carbon ("C(g)"), giving a total graphite content of 4.71 Mt.

·     Deposits with compliant resources above 20% contained graphite grade
are scarce, with the average global grade of graphite resources being just
8.45% (according to S&P Global).

·    Independent micronisation and spheronisation test work has proven that
Amitsoq graphite can be easily upgraded to high-grade anode-quality graphite,
otherwise known as high purity spherical graphite or cSPG, a key raw material
in the manufacturing of EVs.

·    In GreenRoc's test work programmes, Amitsoq spheronised graphite has
achieved higher than 99.95% purity with relatively little energy input and
processing and using the milder alkaline purification method compared to the
industry standard hydrofluoric acid, boding well for future production costs
and sustainability commitments.

·     Significant further upside exists at Amitsoq as the Amitsoq Island
Deposit is open in at least two directions with potential for considerable
further expansion via the similarly high-grade Kalaaq Mainland Deposit as well
as a series of other high-grade targets on GreenRoc's licence package.

·  The deposit was in small-scale production about 100 years ago, and there
remains considerable underground mine development in place from that time,
which will be of considerable benefit to GreenRoc in the mine construction
phase.

·    Following a detailed evaluation process, the European Raw Materials
Alliance has expressed its support of GreenRoc and its Amitsoq graphite
project, stating that "GreenRoc's graphite resource is of global importance
and, together with the Company's strategy, will enable the European Union to
achieve a certain level of independence for the electrical vehicle supply
chain. ERMA has approved the Amitsoq Graphite project and will engage to
support its development and financing to produce these critical raw materials
for the benefit of the European Union goals." (see RNS dated 8 February 2023).

·  On 9 October 2023, GreenRoc was awarded a grant of approximately
£250,000 by the Automotive Transformation Fund in the UK to part-finance a
feasibility study into the establishment of a graphite spheronisation
processing plant in the UK to produce active anode material from graphite
concentrate delivered from GreenRoc's Amitsoq Graphite Project.

 

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