GreenRoc has released results for the year to 30th November 2022 in which the company confirmed the maiden resource estimate for the Amitsoq Project and pursued further evaluation of the project.
In March 2022, the maiden resource estimate of 8.28Mt at 19.75% graphitic carbon was declared for the Amitsoq Project.
In addition, the company has undertaken a 19 hole drill programme totalling of 2,844m – the company said every hole intersected significant graphite layers.
The drill programme culminated in the trebling of the resource to 23.05 Mt at a grade of 20.41% graphitic carbon.
Despite the year of ‘enormous progress’, GreenRoc shares are down 50% over the past year.
“Enormous progress has been made, in particular, at Amitsoq, where we have built up a substantial graphite resource and have done so without any sacrifice to grade, with Amitsoq now firmly established among a very select grouping worldwide of graphite deposits with resource grades averaging more than 20%,” said GreenRoc’s Chairman, George Frangeskides.
“At the same time, we have greatly advanced our metallurgical test work programme in order to demonstrate the amenability of our graphite to the production of high purity spherical graphite which is in such demand for electric vehicles.”
“These achievements mean that we can now focus our efforts for the rest of this year on our ongoing development work and furthering our discussions with potential strategic partners, putting us in a very strong position as we seek to accelerate Amitsoq along the path to production.”