George Frangeskides of Alba Mineral Resources discusses GreenRoc Mining, their Greenland Spin-Out IPO.

Sep 24, 11:08 AM

George Frangeskides, Executive Chairman of Alba Mineral Resources #ALBA discusses GreenRoc Mining, their Greenland Spin-Out IPO.

George Frangeskides, Executive Chairman of Alba Mineral Resources #ALBA discusses GreenRoc Mining, their Greenland Spin-Out IPO.

About GreenRoc Mining
GreenRoc Mining Plc ("GreenRoc" or the "Company") was established in March 2021 as a UK public limited company for the purpose of acquiring all of the Greenlandic mining assets of Alba Mineral Resources plc ("Alba") and progressing the exploration and development of those assets. The assets in question are the Thule Black Sands Ilmenite Project, the Amitsoq Graphite Project, the Melville Bay Iron Project and the Inglefield Multi-Element Project (together the "Greenland Projects"). Greenland will be the main country of operation.

The Company plans to progress exploration and development activities in respect of the Greenland Projects with the aim of securing a mining licence and commencing commercial production at one or more of the projects within the earliest practicable timescale.

The Company proposes to enter into a share purchase agreement with Alba whereby it will agree, conditional, inter alia, on Admission, to acquire the three companies which together hold the four Greenland Projects as follows:

Amitsoq Graphite
The Amitsoq Graphite Project is located in the Nanortalik region of southern Greenland, within Mineral Exploration Licence ("MEL") 2013/06. The licence holder is Obsidian Mining Limited (company number 08100690) ("Obsidian"), a UK private company which from Admission will be wholly owned by GreenRoc.

In successive field seasons at Amitsoq, Alba has confirmed the existence of two high-grade flake graphite deposits, one on Amitsoq island, which is the site of the former Amitsoq graphite mine, and the other at the Kalaaq mainland discovery. With average grades of 28.7% and 25.6% total graphite content respectively, these two deposits are among the highest-graded graphite projects in the world.

Independent test work has demonstrated that a saleable 97% graphite concentrate can be produced from Amitsoq graphite. Recently completed flotation and purification test work undertaken in Germany has also confirmed the suitability of Amitsoq graphite for most commercial applications, including importantly as the feed material for lithium-ion batteries, the fastest growing market for flake graphite globally.

Following the recently completed drilling programme at Amitsoq, the objective will be to define a maiden JORC-compliant Mineral Resource Estimate for Amitsoq, allowing the Company to move to commissioning a detailed economic assessment of the Project.

Thule Black Sands Ilmenite
The Thule Black Sands Ilmenite Project ("Thule Black Sands" or "TBS") is a heavy mineral sands project located on the Steensby Land peninsular in north-west Greenland, within MEL 2017/29. The licence holder is White Eagle Resources Limited (company number 10762144) ("White Eagle"), a UK private company which from Admission will be wholly owned by GreenRoc.

The Geological Survey of Denmark and Greenland ("GEUS") has estimated that 10 billion tonnes of ilmenite exist in the original rock within the entire Dundas Formation, which is the source of all the ilmenite at TBS, with a further 7 billion tonnes of ilmenite present in the form of placer ilmenite.

An extensive surface drilling campaign undertaken by Alba at TBS has led to the declaration of a maiden inferred Mineral Resource Estimate of 19MT at 43.6% Total Heavy Minerals ("THM"), with an in-situ ilmenite grade of 8.9%.

Following the recently completed extension drilling programme at TBS, the objective will be to define a substantial increase to the Mineral Resource Estimate.

Melville Bay Iron
The Melville Bay Iron Project is located in north-west Greenland, within MEL 2017/41. The licence holder is White Fox Resources Limited (company number 10818472) ("White Fox"), a UK private company which from Admission will be wholly owned by GreenRoc.

The Project is located within 200 km of seasonally ice-free coastline some 1,500 km north of Nuuk and 130 km south of the nearest major settlement of Qaanaaq. The Melville Bay Iron Project hosts haematite and magnetite styles of mineralisation across numerous targets. The significant body of work completed to date, including extensive resource drilling and metallurgical test work, has confirmed the presence of iron ore deposits at Melville Bay and the ability to produce a saleable high-grade, low-impurity iron ore concentrate. The Melville Bay Iron Project is split into three sub-areas being the Havik East Resource Area, the De Dødes West Area and the Haematite Nunatak Area.

The Havik East Resource Area of the Melville Bay Iron Project benefits from an existing JORC-compliant inferred Mineral Resource Estimate of 63 million tonnes at an average grade of 31.4% iron ore.

Inglefield Multi-Element
The Inglefield Multi-Element Project is located in north-west Greenland, within MEL 2017/41. The licence holder is White Eagle.

Building on significant historical work by GEUS and previous exploration companies, White Eagle has confirmed the potential for the discovery of IOCG (iron ore-copper-gold) style deposits at Inglefield.