Greenland-focused mining company GreenRoc (GROC ) has been granted a new exclusive Mineral Exploration Licence (MEL) by the government of Greenland. The licence area encompasses a potential southerly extension to the Kalaaq deposit as well as several known graphite showings which are separate from both the Amitsoq Island and Kalaaq deposits.
GreenRoc's Amitsoq Graphite Project in southern Greenland is one of the highest-grade graphite projects in the world. We recently covered GreenRoc's progress on its Amitsoq and Thule Black Sands Ilmenite projects in Greenland, and gave a broad overview and analysis of the Company's present activities and future prospects. Click here for that coverage.
The new exploration licence, MEL 2022-0 (Figure 1), covers a total of 68 km2 and extends the current exploration licence areas held by GreenRoc to encompass both the ground in the most northerly section of Amitsoq Island as well as ground to the south of the Kalaaq graphite discovery. The southern portion of the new licence area includes several known graphite showings and one old graphite working, Sissarissoq, and is within the vicinity of the town of Nanortalik, Greenland's southernmost town.
Stefan Bernstein, GreenRoc CEO, commented: "The grant of this licence allows us to consolidate our landholding around the Kalaaq deposit, including the area immediately south of the known Kalaaq graphite discovery, in addition to securing new zones which contain graphite-rich showings. These areas have not been subject to modern exploration techniques and only a few have been sporadically sampled in the past. As such, they offer GreenRoc the potential to reveal new graphite discoveries contiguous to Amitsoq, proven to be one of the highest-grade graphite projects in the world.
With this additional ground now included in GreenRoc's new Exploration Licence, the team and I are excited about the future potential for identifying an additional mineralised graphite zone outside the primary target zones to the south of the Kalaaq Deposit. In my view, this provides further evidence that the Amitsoq Project has the potential to be one of the most strategically valuable graphite assets globally."
As shown in Figure 1, the new license significantly expands GreenRoc's mining license to the North and South of what is already one of the world's most valuable graphite deposits. For that reason investors welcomed the news today, sending GROC shares up 7.64% in early afternoon trading.
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