* Australia
Glossary
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Green Rock Energywww.greenrock.com.au/index.php
Green Rock Energy (ASX: GRK) has a diversified portfolio of hydrocarbon and geothermal projects in Australia and Europe. In 2011 the company branched into exploration for hydrocarbons in the Canning Basin of Western Australia which holds potential for large volumes of conventional and unconventional gas.
Green Rock Energy dials in to Tanzanian graphite
Monday, July 07, 2014 by
Proactive Investors
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Notably, the project lies directly north of the world class Epanko Graphite Resource held Kibaran Resources.
Green Rock Energy (
ASX:GRK) will trade higher after signing an Exclusive Option Agreement for acquisition of the Mahenge North Graphite Project in Tanzania from Asab Resources.
Notably, the project lies directly north of the world class Epanko Graphite Resource held
Kibaran Resources (ASX:KNL) containing a JORC Inferred Resource of 14.9 million tonnes at 10.47% TGC.
The tenure covers 292 square kilometres over one of the most prolific graphite districts in Tanzania with many known graphite occurrences and favourable geological characteristics.
Previous exploration has already identified two graphite prospects in Ndololo and Epanko North Graphite with reported flake sizes ranging between 1.5 and 8.5 mm in size.
A historic metallurgical studies completed at Mahenge and Ndololo yielded a 95.7% recovery from a sample with a 15.5% carbon head grade, and coarse flake graphite potential with ~70% of crushed sample material with a size greater than 500 microns.
This project provides potential for rapid and cheap transformation from discovery, through to resource definition to scoping and off-take agreements.
Under the terms of the option agreement, Green Rock has been granted a four month exclusivity period to complete due diligence.
During this period, Green Rock has committed to spend a minimum of $100,000 on exploration activity and due diligence
investigations.
The Company has prepared a technical and commercial program to evaluate the opportunity and will be mobilising a field team to commence ground activities by the end of the month.
Green Rock must also commit to spend a minimum of $500,000 on the Mahenge North Project in the first 12 months from exercise of the option, and make certain milestone payments as required.
The company is capitalised at around $3 million.
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