(Alliance News) - GreenRoc Mining PLC on Tuesday said it had discovered a graphite deposit in its Greenland licenses that could be of "global significance".
Shares in the London-based miner were trading 1.7% higher at 4.32 pence in London on Tuesday morning, having trading as much as 8% higher earlier.
Following a field exploration campaign conducted in July, alongside Phase 2 drilling at the Amitsoq graphite project, GreenRoc confirmed historic graphite occurrences in four new zones of interest.
On Nanortalik Island, one of the zones of interest in the southern part of the newly acquired mineral exploration licence, graphite grades of between 23% and 33% carbon in graphite form were reported from eight samples over a strike length of about 800 metres.
At Amitsoq Valley Bed, which lies about seven kilometres north-east of the existing Amitsoq Island deposit, a new one-kilometre zone of graphite bearing rocks with up to 25% carbon in graphite form was identified.
GreenRoc Mining said the results have "significantly expanded" the potential for "multiple significant graphite discoveries" outside its primary target zones of the Amitsoq Island and Kalaaq Deposits.
Chief Executive Officer Stefan Bernstein said: "The results of sampling from new and historic finds show the graphite deposits within our licence areas to be extensive. We now have identified high-grade graphite ore bodies, with grades in excess of 20% carbon in graphite form, across our project, starting at Amitsoq Valley Bed in the north, running through Amitsoq Island and Kalaaq, and extending as far south as Nanortalik Island, with several lower grade graphite mineralisations in between.
"The distance between Amitsoq Valley Bed and Nanortalik Island is some 30 kilometres, and we believe that we are in the process of defining a graphite province which could well be of global significance."
Alba Mineral Resources PLC, which holds a 54% majority interest in GreenRoc, noted the announcement on Tuesday morning.
Shares in Alba Mineral were trading 6.3% higher at 0.14 pence each in London on Tuesday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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