TIDMALBA
RNS Number : 6638P
Alba Mineral Resources PLC
04 September 2017
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Alba Mineral Resources plc
("Alba" or the "Company")
Alba Awarded Further Exploration Licences
In North-West Greenland
Alba Mineral Resources plc (AIM: ALBA) announces that it has
been granted three exploration licences in north-west Greenland,
within the same municipality as Alba's new Thule mineral sands
project. These additional licences were applied for following the
completion of Alba's review of available exploration ground in
Greenland.
HIGHLIGHTS
- Alba has been granted an exclusive exploration licence
covering 158 km(2) of prospective ground in the Thule mineral sands
province. This licence covers further prospective areas of ilmenite
mineralization and is in close proximity to the mineral sands
exploration licence granted to Alba (MEL 2017/29) as announced on 1
August 2017.
- In addition, Alba has been granted an exclusive exploration
licence covering 370 km(2), consisting of two sub-areas that are
prospective for iron ore. The licence area contains an existing
inferred JORC resource of 67 Mt @ 31.4% Fe.
- Finally, Alba has been granted a small exploration licence of
90 km(2) in the Inglefield Land area, prospective for
mineralization including copper, gold, cobalt and nickel.
George Frangeskides, Alba's Executive Chairman, commented: "This
additional exploration ground increases Alba's exploration
footprint in the north-west of Greenland. While the previously
granted licence area, MEL 2017/29, in the Thule Black Sands
Province, will be the focus of Alba's exploration activities in
this part of north-west Greenland, we have taken this opportunity
to apply for other known prospective areas of mineralization in the
region."
Thule Black Sands additional licence area (MEL 2017/39)
Alba's new licence, MEL 2017/39, encompasses five sub-areas
chosen as they host areas of historically mapped raised and active
heavy mineral sand beaches.
Similar to MEL 2017/29, the deposits in this new licence area
are expected to be of two principal types:
- "Raised" and "active" beaches: these contain ilmenite
accumulations of unknown thicknesses. The "active" beaches are
those areas seaward of the frontal dunes, including the beach,
tidal zones and surf zones. The "raised" beaches are areas of
frontal dunes set back from the beach.
- "Off-shore" beaches: this refers to the areas seaward of the
active beaches, in the shallow marine environment in up to
approximately 20 metres of water.
Melville Bay Iron Ore Licence (2017/41)
Alba has been granted an exclusive exploration licence covering
370 km(2), consisting of two sub-areas that are prospective for
iron ore, a western area (143 km(2)) located 20 km south of the
Thule Air Base and a second area (223 km(2)) located 40 km
south-east of the base.
Licence 2017/41 is underlain by high-grade orthogneiss and
supracrustal rocks of Meso- to Neoarchean age that are within the
Committee Belt. The Committee Belt extends across Baffin Bay into
Baffin Island, Canada, where it hosts the Mary River Iron Project
(865 Mt @ 65.08% Fe) and the Roche Bay Iron Project (501 Mt @
26.35% Fe).
The previous licence holder performed geological mapping,
reconnaissance geochemical sampling, a high resolution airborne
magnetic survey in 2011 and a drilling programme. The resource
definition drilling programme at the Havik prospect outlined a
maiden inferred resource of 67 Mt with a grade of 31.4% Fe (with a
0% Fe cut-off). Preliminary metallurgical test work by the previous
licence holder indicated that a high grade concentrate of 70% Fe,
2.0% Si, 0.3% Al2O3 and 0.01% P could be produced through
conventional magnetic separation (Davis Tube Recovery).
Exploration drilling was performed at the De Dødes West and
Haematite Nunatak showings. Both of these areas are mountains
protruding from the inland ice (termed a "nunatak"). Five holes
were drilled at De Dødes West where the widest intersection was
85.04 m @ 29.66% Fe (DWD002 from 12 m), and the highest grade
encountered was 3.62 m @ 58.84% Fe (within a 69.06 m interval with
a grade of 26.52% Fe from a depth of 117.9 m).
A total of four holes were drilled at Haematite Nunatak, with
the widest intercept being 48.7 m @ 39.61% Fe (HND003), with the
same drillhole also including the highest grade (0.6 m @ 68.18%
Fe). As the prospect name implies, the mineralization is mainly
composed of haematite, rather than the magnetic mineralization
present at Havik.
Alba will operate this licence under a joint venture whereby it
will manage, and own 51% of, the project and its joint venture
partner will sole fund the first year's exploration expenditure in
return for a 49% interest.
Inglefield Land (MEL 2017/40)
The Inglefield licence block covers an area of 90 km(2)
comprising three sub-areas which are located 95 km north to 200 km
northeast of Qaanaaq. The area is underlain by rocks of the
Paleoproterozoic Inglefield Mobile Belt, which include structurally
complex metasedimentary and meta-igneous rocks. Geological mapping
and airborne geophysical surveys by GEUS, and fieldwork by mineral
exploration companies have identified a number of mineral showings
in the Inglefield Mobile Belt. Commodities identified during these
studies include gold, copper, molybdenum, nickel, zinc, and cobalt,
and were typically associated with igneous intrusions, or shear
zones. The deposit types for each commodity are porphyry Cu-Au-Mo,
skarn Cu-Au-Zn, and Cobalt-type Ni-Co-Ag.
Three sub-areas have been selected for application by Alba's
technical team and which now comprise granted MEL 2017/40: Part 1
(25 km(2) ), Kap Agassiz, targeting zinc, lead and copper; Part 2
(6 km(2) ), September Søerne extension, targeting gold, copper,
cobalt and molybdenum; and Part 3 (59 km(2) ), South Inglefield,
targeting ultramafic-hosted nickel.
Licence Details
MEL 2017/39 (Thule Black Sands) and MEL 2017/40 (Inglefield
Land) have been granted to Alba's wholly-owned, UK incorporated
subsidiary, White Eagle Resources Limited.
MEL 2017/41 (Melville Bay) has been granted to Alba's UK
incorporated subsidiary, White Fox Resources Limited ("WFRL"). Alba
has entered into a joint venture arrangement in relation to this
licence with a private mineral resources investment group, whereby
the investment group will sole fund the first year's exploration in
return for a 49 per cent interest in WFRL. After the first year,
the parties will joint fund exploration or dilute in accordance
with a customary formula. Alba will be the manager and operator of
the project.
Each granted licence covers all mineral resources except
hydrocarbons, radioactive elements and hydro-power. Each licence is
granted for a period of five years, and renewal thereafter for a
further period of five years is subject to fulfilment of licence
conditions including minimum expenditure obligations.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides (Executive Chairman) Tel: +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie/Liam Murray Tel: +44 20 7213 0880
Dowgate Capital Stockbrokers Ltd (Broker)
Neil Badger Tel: +44 1293 517744
Competent Person's Declaration
The information in this announcement that relates to the
geology, exploration results and work programme is based on
information compiled by and reviewed by EurGeol Dr Sandy M.
Archibald, PGeo, Aurum Exploration Services, who is a Professional
Geologist and Member of the Institute of Geologists of Ireland, and
a Fellow of the Society of Economic Geologists. He is a geologist
with fifteen years' experience in the exploration industry, and ten
years post-graduate studies.
Sandy M. Archibald is a Technical Advisor to Alba Mineral
Resources plc and has sufficient experience which is relevant to
the style of mineralization and type of deposit under
consideration, and to the type of activity which he is undertaking
to qualify as a Competent Person as defined in the June 2009
Edition of the AIM Note for Mining and Oil & Gas Companies.
Sandy M. Archibald consents to the inclusion in the announcement of
the matters based on the information in the form and context in
which it appears and confirms that this information is accurate and
not false or misleading.
Alba's Project Portfolio
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds a 15 per cent
interest in Horse Hill Developments Limited, the company which has
a 65 per cent participating interest and operatorship of the Horse
Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK
Weald Basin.
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent
interest in Production Licence 235, which comprises the previously
producing onshore Brockham Oil Field.
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest
in the Amitsoq Graphite Project in Southern Greenland and has an
option over the remaining 10 per cent.
Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of
mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence 2017/40 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba has 100 per cent of the
Limerick base metal project in the Republic of Ireland.
El Mreiti (Uranium, Mauritania): Alba has applied for the
reissue of a uranium permit in northern Mauritania, centred on
known uranium-bearing showings.
Alba continues actively to review numerous other project
opportunities which have value-enhancing potential for the Company
whether by bolt-on or stand-alone acquisition, farm in or joint
venture.
Web: www.albamineralresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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