(MENAFN- ProactiveInvestors)
() has renewed the key exploration licence over its Kvanefjeld Project area in Greenland for a further three years.
License EL 2010/02 covers the northern Ilimaussaq Complex located in southern Greenland and hosts the Kvanefjeld Sørensen and Zone 3 rare earth-uranium deposits
These collectively account for a global polymetallic resource base of greater than 1 billion tonnes.
Kvanefjeld also has a Measured Resource of 143 million tonnes with an initial mine reserve on the way.
The license has been renewed in accordance with Greenland’s rules and regulations and is in good standing.
Importantly license EL 2010/02 features an addendum that allows for the exploration of radioactive elements which are not otherwise covered by standard exploration licenses in Greenland.
GGG is currently working to complete all the necessary studies that are required to apply for an exploitation licence.
These include a comprehensive feasibility study and social and environmental impact assessments.
Upon approval by the Greenland government the exploration licence will be converted to exploitation (mining) licence.
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