Greenland-focused Greenland Minerals and Energy Ltd (ASX: GGG) revealed on Friday that it has obtained license modifications from its host country's exploration site that would allow the cultivation of radioactive elements on the company's Kvanefjeld project.

The Perth-based mining firm said that following the cooperation given by the Greenland government, it is now looking forward for the eventual transition of its offshore exploration project to a site that would also produce uranium, zinc and rare earth elements (REEs).

The company reported that "an amendment has been made by the government of Greenland to the standard terms for exploration licenses that allows for the inclusion of radioactive elements as exploitable minerals for the purpose of thorough evaluation and reporting."

In that light, Greenland said that the significant upgrade of its exploration license would lead to a definite "framework for the company's Kvanefjeld multi-element project to proceed to development via the completion of a definitive feasibility study."

The company added that once all government requisites for health, safety and environmental clearances have been submitted and approved, Greenland would then be given the formal licence that would enable the company to produce REEs, zinc and uranium.

So far, Greenland has identified some 457 million tonnes of resources at Kvanefjeld, which the company said is in compliance with Australia's JORC mineral reporting code, adding that those figures would underpin decades of large-scale mining operation in the site.

The news of the license amendments perked up Greenland's market shares and as of 1200 AEST on Friday, more than 11 million company stocks have been traded at 64.5 cents, carrying improvements of 28 cents or 76.71 percent.