GreenRoc and Alba shares surge on high-grade graphite at Amitsoq

(Alliance News) - GreenRoc Mining PLC on Friday reported strong assay results after completing ...

Alliance News 3 December, 2021 | 11:48AM
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(Alliance News) - GreenRoc Mining PLC on Friday reported strong assay results after completing its drilling programme at the Amitsoq graphite project in southern Greenland.

GreenRoc, which is a miner with projects in Greenland, confirmed high-grade graphite mineralisation, sending the company's shares higher, up 5.5% to 6.91 pence each in London on Friday morning.

"These results from the 2021 drilling campaign confirm the Amitsoq Island deposit as one of the highest-grade graphite deposits in the world," said Chief Executive Kirk Adams.

Increasing true widths were also observed down dip on both the upper and lower graphite layers, supporting the potential for a sizeable JORC resource.

The lower graphite layer returned drill intercepts grading up to 23% carbon and channel samples grading up to 30% carbon.

Meanwhile, the upper graphite layer returned drill intercepts of grading up to 20% carbon and channel samples grading up to 27%.

"This update gives us confidence for the step-out drilling programme which we have planned for 2022 and we are positive about the prospects for the ultimate resumption of mining at the Amitsoq Island deposit," said Kirk.

London-based mineral exploration company Alba Mineral Resources PLC's shares also rose on the news, up 6.3% to 0.17p each, as it holds a 54% majority interest in GreenRoc.

Alba Chair George Frangeskides said: "These exciting results from GreenRoc's drilling and sampling programme at the Amitsoq Graphite Project further confirm the consistently high-grade nature of the deposit, the significant widths of the graphite layers and, therefore, the potential for a sizeable JORC Resource. Given graphite's expanding role in many green energy solutions, we look forward to the step-out drilling programme next year as GreenRoc progresses along the path to becoming a supplier of this highly sought-after critical mineral."

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
GreenRoc Mining PLC 5.25 GBX -4.55 -
Alba Mineral Resources PLC 0.14 GBX 0.00 -

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