GGG 0.00% 13.5¢ greenland minerals limited

first jorc upgrade in decades rare earths an u

  1. 3,311 Posts.

    the first resource upgrade on the world class Kvanefjeld project in decades is now due any day!!

    The project has potential for up tp 500 Million Tonne of ore

    Thanks to fellow HotCopperite Pennynut who contacted the company who confirmed results are delayed until mid-late this week, or maybe next week.



    Director on market purchases totalling $480k over the past few months have averaged an entry price of close to $1.30per share

    Broker report Dec 07:

    Overview: Greenland Minerals and Energy Limited (formerly The Gold Company) is a Perth based
    company and listed on the ASX in June 2006. It is exploring for uranium in Greenland and gold in the
    Drummond Basin of Queensland in Australia. Greenland is a self-governing Danish province.
    Kvanefjeld Uranium (Greenland): The project area is located on the SW tip of Greenland. It is an
    alkaline intrusive recognized as one of the largest undeveloped multielement occurrences of uranium
    and rare earth oxides in the world. Previous exploration by the Danish Atomic Energy Agency and the
    Danish Geological Survey completed over 11,500m of diamond drilling between 1957 and 1983 and
    defined an in-situ resource of 126mt @ 0.04% U3O8 (1km2 area). Other potentially economic minerals
    include rare earths, tantalum, lithium and beryllium. Estimates May ’07 suggest uranium accounts for
    20-40% of the deposit’s potential economic value (early indication from test assays Nov. ‘07 is 35%).
    The deposit: is relatively flat lying, with disseminated mineralisation. It is open at depth and in three
    directions and accounts for around 10% of the prospective host rock. Core drilling (2H07, 10,022m for
    43 holes) has increased the area of significant mineralisation to 1,900m by 700m, almost double the
    footprint of the current resource, and the known depth from 180m to >275m. Field season runs May-
    Oct. ‘07 – total ‘08 exp. budget ~A$10-12m, including 25,000m drilling (25% brown fields exploration).
    Spectral logging is ongoing and will include 11,000m historic core, for which access has been granted
    by the Danish Government. An incremental resource statement is expected 1Q08 with potential for
    resource upside to exceed 50% plus regional discoveries – near-term target is 320mt ore, with
    potential to 500mt. Full feasibility study expected to commence 3Q08 with results flowing from 4Q08.
    GGG indicates historical metallurgical testwork demonstrated recoveries of 70% to 90% using
    pressure alkaline leach - good recoveries though may be expensive. Beneficiation of U3O8 , eg from
    0.04% to 0.14%, is also possible. Further tests scheduled to begin 4Q07, two-year budget A$5-6m.
    The scale of potential production (open cut) is in the order of 3,000t U3O8pa and compares with
    Rossing (3,700tpa U3O8; 174kt resource @ 0.03% U3O8, 470mlbs). GGG has the rights to acquire
    100% of the project. Terms include initial 61% interest for A$3m plus 65m shares, 90% for additional
    A$10m and 100% for additional A$50m at commencement of mining.
    Investment Comment: GGG’s primary focus is advancing the Kvanefjeld project in Greenland, and
    appropriately the Chairman, Mr H K Schonwandt, is the former Minister for Mines in Greenland. The
    major drill program in 2H07 has confirmed the huge exploration upside in the area. Currently, the
    licence areas do not include uranium or allow for the exploration of uranium; however, the laws in
    relation to uranium exploitation in Greenland are under review with potential for revision 2Q08. Mineral
    rights are expected to transfer from Denmark to Greenland in 1Q08. GGG is finalising a US$50m
    raising to fund Kvanefjeld’s development, as well as discussing potential early-offtake agreements.
    With a large resource upgrade supported by the 4Q07 drill results, confirmation of initial metallurgical
    processes and political intent clarified in 1H08, the company’s market cap. could be re-rated to
    A$1.0Bn to A$2Bn (~US$5/lb to US$10/lb resource) over the next 9 months. Metallurgical recovery of
    saleable U3O8 and other commodities is complex and requires further study.
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