Greenland Minerals and Energy has updated mineral resource estimate to 673 million tons for Kvanefjeld project in Greenland.

The project area is said to have three mineral resources at Kvanefjeld, Sørensen and Zone 3.

The increased resource estimate for Kvanefjeld deposit includes 368 million pounds U3O8 and 7.4 million tons total rare earth oxide (TREO).

Of this, 143 million tons is indicated as in ‘Measured’ category at the rate of 303ppm U3O8, 1.2% TREO and 0.24% zinc.

The ongoing feasibility study is focused on the Kvanefjeld deposit ad it has been selected as a start point of mining operations.

The measured category resources will assess the company to set up an initial mine reserve.

Greenland Minerals and Energy said in a statement: "This mineral resource update confirms that the Kvanefjeld project is underpinned by one of the world’s largest undeveloped JORC-code compliant resources of both rare earth elements and uranium."