ASX-listed Green Rock Energy is set to acquire 10 additional exploration licences after entering into two binding agreements for graphite exploration in Tanzania.
Six of the 10 new graphite licences lie directly north of the company’s existing and highly prospective Makonde exploration licence the company announced this week.
The graphite mineral rights are located alongside the Mahenge Graphite Project operated by Australian-listed Kibaran Resources.
Following the completion of this acquisition, the company’s total exploration footprint in Tanzania will increase to 1 539 km².
“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 km² in the Mahenge Region,” said a director for Green Rock Energy Gabriel Chiappini in a statement this week.
Conclusion of current acquisition
This announcement brings to conclusion the Green Rock’s current acquisition programme, with the focus now being to attain a maiden JORC compliant resource in Tanzania.
From its initial exploration work, the company has identified a number of drill targets that will form the basis of an upcoming exploration programme.
Increasing exploration infrastructure
The company is also in the process of ‘significantly’ increasing its in-country exploration infrastructure, commented Chiappini. This is in order to complete an expanded mapping and trenching programme prior to the proposed initial drilling programme.
Green Rock’s initial sampling and trenching programme at Makonde has now been completed with assay results due later this month.