GreenRoc announced results for the year to 30 November 2022, in which the company confirmed the initial resource estimate for the Amitsoq project and pursued further evaluation of the project.
In March 2022, a first resource estimate of 8.28 million tonnes at 19.75% graphitic carbon was declared for the Amitsoq project.
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In addition, the company carried out 19 drilling programs totaling 2,844 meters. According to the company, all holes were intersected by a significant layer of graphite.
The drilling program culminated in a tripling of the resource to 2,305 tonnes at a grade of 20.41% graphitic carbon.
Despite a year of “significant progress,” GreenRoc stock has fallen 50% over the past year.
“Significant progress has been made in particular at Amitsoq, where we have accumulated a significant graphite resource and achieved this without making any sacrifices to grading, and Amitsoq now has an average resource grade worldwide. “We are firmly established among a very select group of graphite deposits in the region of over 20%,” said GreenRoc Chairman George Frangeskides.
“At the same time, we have made significant progress in our metallurgical test work program to demonstrate the suitability of our graphite for producing high-purity spherical graphite, which is in high demand in electric vehicles.”
“These achievements mean that we can focus the remainder of this year on our ongoing development work and further discussions with potential strategic partners to accelerate Amitsoq’s path to production. We are in a very strong position to achieve this.”
