Proactive Investors - Run By Investors For Investors

Greenland Minerals and Energy new multi-element deposits could be larger than Kvanefjeld

no_picture_pai.jpg

Greenland Minerals and Energy (ASX: GGG) is aiming to establish initial JORC Inferred resource estimates for three recently discovered multi-element deposits within the northern Ilimaussaq Complex in south Greenland by September.

Rod McIllree and the Greenland Minerals team are known to be especially "bullish" on the potential of the three deposits at Steenstrupfjeld, Zone 2, and Zone 3, and could be up to 15 to 20% larger than Kvanefjeld.

The Ilimaussaq Complex hosts the Kvanefjeld multi-element project, which has the world’s largest JORC rare earth Resource.

The company commenced the 2011 field program in mid-May and is focused on Resource definition drilling at the new multi-element deposits, ongoing environmental baseline studies and reconnaissance engineering studies that aim to evaluate the suitability of sites for key infrastructure items.

Two diamond drill rigs are currently operating on Zone 2 where over 2000 metres of core have been drilled to date. Upon completion of the planned drill holes at Zone 2, both drill rigs will move to the Zone 3 area located along the northeastern margin of the Ilimaussaq complex.

A third rig is scheduled to commence drilling in the Steenstrupfjeld area in the coming days, with about 15,000 metres of drilling is planned for the season.

Negotiations with local community

Stakeholder engagement programs are continuing, with a well-received open day having recently been held in the town of Qaqortoq, south Greenland.

Qaqatoq is located about 30 kilometres from the town of Narsaq where the company's operations are based.

Greenlandic stakeholders input is critical to the site selection process, along with the results from the Resource definition drilling. Significantly, the company is expecting Government environmental approvals within weeks, which would be a boost for the market value of the company.

The open day was the second by the company, and provided a comprehensive update on the Kvanefjeld project, with a strong emphasis on the feasibility studies and the environmental and social impact assessments.

The company has a good rapport with local communities and has its next open day in October.

A 619 million tonne (Mt) multi-element resource (rare earth elements, uranium, zinc) has already been defined at Kvanefjeld, which was the first focal point of resource definition within the northern Ilimaussaq project area.

With the global resource at Kvanefjeld including an inventory of 6.6 million tonnes of total rare earth oxides (TREO), the Resource definition drilling will add to the company's already impressive Resource base in Greenland.

In addition,  Greenland Minerals and Energy has the potential for a funding injection on the exercise of the company's June 30 options.


View full GGG profile View Profile

Greenland Minerals Ltd Timeline

Related Articles

The Rex drill site at Wizard Lake project
Mon
Proved and probable reserves at the Albertan province project are 225,000 barrels of oil.
Q&A, question and answer graphic
January 17 2019
The company is focused on the prolific oil & gas producing Anadarko Basin in the US state of Oklahoma.
Touchstone
January 17 2019
An independent evaluation confirming the potential of the Ortoire block is a “significant milestone”, according to analysts at SP Angel

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use