THE BOURSE WHISPERER: Green Rock Energy (ASX: GRK) has executed two binding option agreements for the acquisition of ten additional exploration licences surrounding the company’s existing tenement holding in Tanzania.
The exploration licences include five existing permits over which Green Rock has secured the graphite mineral rights (GML) and five new permit applications which surround the company’s existing tenure.
The GML permits are located to the east of the Mahenge graphite project, owned by Kibaran Resources (ASX: KNL).
Green Rock said these permits are believed to be highly-prospective for graphite mineralisation.
Assuming the exercise of both the option agreements, Green Rock’s total Tanzanian exploration footprint will increase to 1,539 square kilometres.
Green Rock’s Mahenge Tanzanian exploration portfolio. Source: Company announcement
“Following the company’s recent strategic decision to become a graphite-focussed company, we are pleased to report that in the space of three months we have successfully acquired a total exploration footprint of 1,539 square kilometres in the Mahenge Region,” Green Rock director Gabriel Chiappini said in the company’s announcement to the Australian Securities Exchange.
“The announcement of the execution of the latest option agreements brings to a conclusion Green Rock’s current acquisition program.
“The company’s strategic focus now shifts towards the completion of our capital raising with Lead Manager, Foster Stockbroking and attaining a maiden JORC-compliant graphite resource in Tanzania.
“Following on from the company’s exploratory due diligence program and first pass reconnaissance exploration over the Mahenge North and Makonde permits, Green Rock is confident in its ability to rapidly obtain a JORC compliant resource.
“From this initial exploration work, the company has identified a number of drill targets which will form the basis of our upcoming exploration program.
“The company is in the process of significantly increasing the size of its in-country exploration infrastructure in order to complete an expanded mapping and trenching program prior to the proposed initial drilling program.
“Our initial sampling and trenching program at Makonde has now been completed with assay results due out later this month.”