GreenRoc Mining (GROC ) has reaffirmed its confidence in its future prospects, telling investors that fundamental strengths of the business and its projects remain unchanged.
In its first set of full year results since its admission to AIM in September 2021, GreenRoc, which was created to buy the spun-out assets of Alba Mineral Resources, said it is “very confident” that its plans for the upcoming year will add considerable value to the business.
Going forward, GreenRoc outlined that its vision is to fast track the company’s two flagship projects, Amitsoq and Thule Black Sands (TBS) towards production by identifying sufficient reserves and resources to support feasibility work and ultimately, mine build and production.
GreenRoc’s four projects in Greenland consist of the Amitsoq Graphite Project, the TBS Ilmenite Project, the Melville Bay Iron Project, and the Inglefield Multi-Element Project.
Despite the Greenland Government’s decision to suspend minimum expenditure obligations for all mineral exploration licences throughout both 2020 and 2021, GreenRoc said “a significant amount of work” was completed at the Company’s projects in the summer of 2021, particularly at the Amitsoq and TBS projects where drilling campaigns were completed.
In 2021, a maiden drilling programme was undertaken at Amitsoq, on the site of the historic graphite mine where eight diamond core drill holes were completed for a total of 935 metres.
Earlier this month, GreenRoc announced a maiden combined Indicated and Inferred JORC Resource at the Amitsoq Island deposit of 8.3 million tonnes (Mt) at an average grade of 19.75%, giving a total graphite content of 1.63 million tonnes. The company said this has confirmed Amitsoq’s position “as one of the highest-grade graphite deposits globally” and supports the Company’s objective of fast-tracking the project into the development phase.
Over 25% of the contained graphite in the Maiden Resource falls within the higher category of Indicated Resources, providing confidence that a more significant, high-category Resource can be established following the Phase 2 drilling campaign which is planned for this summer.
The programme will aim to drill around 3,000m to establish a sufficiently large resource to enable the development of a mine plan and with enough confidence to support feasibility studies. A further environmental and social impact assessment will also be undertaken.
GreenRoc said the high ilmenite grades of TBS has created an ideal platform for driving the project towards development; ilmenite prices have also more than doubled in two years.
In the summer of 2021, a second phase drilling programme was completed at TBS. Infill drilling using a sonic rig enabled the company to reach mineralised depths of up to 6m.
GreenRoc said it is confident that it will see a material uplift in the project’s resources after the drill samples have been assayed and a mineral resource assessment has been made.
Kirk Adams, Chief Executive Officer of GreenRoc said: “At GreenRoc we have a strong management team with the experience and capabilities to deliver this plan and vision and have engaged first-rate consultants and specialists to ensure the highest quality of work.”
“We are fortunate to have in our portfolio two mining projects in commodities which are deemed critical to the global economy, are amongst the highest grades known for their specific minerals on the planet and are set for significant demand growth,” he stated.
He informed investors: “Following the recent Maiden JORC Resource announced at Amitsoq, we await another important Resource update for TBS, following which we will progress to further drilling, ESIA and feasibility work. We are very excited about the coming year.”
Adams further highlighted that GreenRoc expects to make “great strides” in the development of its projects. He added that he believes the company has the potential “to contribute greatly to the need for productive solutions to the world’s growing critical mineral requirements.”
Also commenting, George Frangeskides, Chairman of GreenRoc explained to investors: “The decision to spin out the Greenland mining assets of Alba Mineral Resources into GreenRoc last year was motivated by our belief that Alba’s portfolio of mining assets in Greenland was strong enough to support a stand-alone listing, and that transferring these assets into the stewardship of a dedicated, Greenland-focused management team would provide the best possible conditions for the rapid development and exponential growth in value of the projects.”
Addressing investors, Frangeskides added: This promises to be a year of significant growth for GreenRoc as we push forward in our objective to become a producer of critical minerals.”
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