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Alba Mineral Resources, GreenRoc Mining Shares Gain On Amitsoq Update

Sam Boughedda trader
Updated 11 Oct 2022

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Key points:

  • Alba Mineral Resources Gained following an update from GreenRoc Mining
  • GreenRoc Mining shares rose over 6%
  • The company said it has confirmed “historic graphite occurrences”

Alba Mineral Resources (LON: ALBA) shares gained Tuesday morning after GreenRoc Mining (LON: GROC), which Alba holds 54% of, reported “significant graphite occurrences” at its Amitsoq project.

Alba Mineral Resources shares are currently up 6.67%, while GreenRoc is up 6.6% at the time of writing.

AIM-listed GreenRoc Mining is a UK-based company focused on developing critical minerals projects in Greenland. The firm released a note providing the results from its field exploration campaign, which was conducted in July, alongside the Phase 2 drill programme at its flagship Amitsoq Graphite Project in the Nanortalik Region of South Greenland.

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Also Read: The Best Copper and Mining Stocks to Watch in 2022

GreenRoc revealed that “historic graphite occurrences” have been confirmed in four new zones of interest, containing a north-south area around 30km long. Nanortalik Island, Tusardluarnaq North, Thomsen's Island, and Amitsoq Valley Bed comprise the four zones.

The company stated that on Nanortalik Island, there have been reported graphitic grades of 23.4% C(g) to 32.5% C(g) from eight samples over a strike length of 800m.

Meanwhile, at Amitsoq Valley Bed, a new zone was identified with graphite-bearing rocks around 1km long with values up to 24.9% C(g).

GreenRoc said the results have “significantly expanded the potential for multiple significant graphite discoveries outside the primary target zones.”

“The results of sampling from new and historic finds show the graphite deposits within our licence areas to be extensive,” commented GreenRoc Chief Executive Stefan Bernstein.

“We now have identified high-grade graphite ore bodies, with grades in excess of 20% C(g), 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,” Bernstein continued.

The Chief Executive added that the distance between Amitsoq Valley Bed and Nanortalik Island is around 30km, and the firm believes it is in the process of “defining a graphite province which could well be of global significance.”

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.