GreenRoc Mining PLC on Monday said its 2023 mineral resource estimate for the Amitsoq Island deposit is nearly three times that of its 2022 estimate.
The London-based miner focused on mineral projects in Greenland said its MRE for 2023 was 23.1 million tonnes at 20.41% graphitic carbon, almost triple the company’s 2022 estimate of 8.28 million tonnes at 19.75% graphitic carbon.
The announcement, noted by 51% majority GreenRoc owner Alba Mineral Resources Plc, added the 2023 MRE gives a total graphite content of 4.71 million tonnes, up from 1.63 million tonnes in the 2022 estimate.
GreenRoc said the estimate confirms Amitsoq as one of the highest grade graphite deposits globally.
The company said a third of the 2023 MRE’s contained graphite falls within the higher measured and indicated categories, which is ‘an important validation of the Project fundamentals as GreenRoc moves this year into the development phase’.
Chief Executive Officer Stefan Bernstein said: ‘To deliver a resource update of this quantum and grade is a huge achievement for GreenRoc and underpins our confidence that our Amitsoq project meets the fundamental requirements to become a mine.
‘Furthermore, we believe we can accelerate development in order to help meet the critical demand for new, high grade and conflict-free graphite sources and we look forward to providing further updates in relation to interested customers and offtake partners in due course.’
GreenRoc shares were down 0.4% trading at 5.18 pence per share on Monday morning in London, while Alba Mineral resources rose 7.5% to 0.13p each.
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