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Alba, GreenRoc up on initial Amitsoq graphite resource

Amitsoq-Island in southern Greenland with a drill rig visible centre left, and a GreenRoc-chartered ship centre right. Credit: GreenRoc Mining.

The London-listed equities of Alba Minerals (LSE: ALBA) and GreenRoc Mining (AIM: GROC) rose on Tuesday following a maiden graphite resource for the Greenland-based Amitsoq project.

GreenRoc has compiled a Joint Ore Reserves Committee- (JORC) compliant indicated and inferred resources of 8.28 million tonnes at an average grade of 19.75% graphitic carbon, giving a total graphite content of 1.63 million tonnes.

This includes a high-grade contribution from the Lower Graphite Layer of 3.67 million tonnes at 21.19% for 775,000 tonnes of contained graphite.

GreenRoc said the maiden resource confirmed Amitsoq’s position as one of the highest-grade graphite deposits globally, supporting the company’s objective of fast-tracking the project into the development phase.

The deposit is said to be open along strike (predominantly to the north) and down dip to the west, and this will be tested in the Phase 2 drilling programme this year.

Planning and procurement for the Phase 2 drilling campaign advanced with the appointment of contractors due to be finalized this month.

Metallurgical testing confirms that the Amitsoq graphite can be upgraded to a more than 99.95% pure graphite product, which is the specification requirement for EV lithium-ion batteries, which entails an ultra-high growth sector of the graphite market.

“This maiden JORC resource launches GreenRoc into the global graphite resource space with one of the highest-grade graphite projects in the world,” CEO Kirk Adams said in a press release.

“We are confident that the resource on Amitsoq Island will increase in both tonnes and classification following this year’s programme to the extent that we hope to have the resource basis to undertake a detailed feasibility study on the deposit. We are also mindful of the additional considerable upside potential from the, yet undrilled, Kalaaq deposit to the south of Amitsoq,” said Adams.

GreenRoc IPO’d in September in London, after being spun out of Alba, which retains a 54% interest.

There is significant interest in Greenland currently, given the success of Bluejay Mining (LON: JAY) and the fact Jeff Bezos and Bill Gates are backing minerals exploration in Greenland.

MINING.COM reported early in August that KoBold Metals, a start-up supported by Gates and Bezos, has partnered with Britain’s Bluejay Mining to explore for critical materials used in electric vehicles in Greenland.

Despite being down almost 41% over the past 12-month timeframe, GreenRoc shares rose 1.74% on Tuesday to 5.85p, while Alba shares are down one-third over the same period at 0.205p, giving each a respective market capitalization of £6.5 million ($8.52 million) and £14.73 million ($19.33 million).