TIDMALBA
RNS Number : 6933W
Alba Mineral Resources PLC
22 August 2022
22 August 2022
Alba Mineral Resources plc
("Alba" or the "Company")
Investee Company Update: GreenRoc Mining plc
Alba Mineral Resources plc (AIM: ALBA) is pleased to note the
announcement today by its portfolio company, GreenRoc Mining plc
("GreenRoc") (AIM: GROC). Alba holds a 54% majority interest in
GreenRoc. The announcement is set out below without material
changes.
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector:
Mining
GreenRoc Mining plc
("GreenRoc" or the "Company")
Amitsoq Graphite Update
Ongoing drilling programme substantially extends graphite
deposit
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical minerals projects in Greenland, is pleased
to provide an update on the Phase 2 drilling programme at the
Amitsoq Graphite Project in southern Greenland ("Amitsoq" or the
"Project"), one of the highest-grade graphite deposits in the
world. All holes to date have returned mineable widths, with
several intersections at least as good as those obtained in the
Phase 1 drill programme. The drilled extent of the deposit
footprint has doubled and remains open towards the northwest, west
and southwest.
Highlights
-- As of 14 August 2022, a total of nine holes have been completed for a total of 1,360m.
-- All holes reached target depths and intersected the targeted
graphite layers, thereby extending the deposit to the west by about
100m and to the northwest by about 150m, essentially doubling the
deposit footprint.
-- The deposit remains open towards the northwest, west and southwest.
-- Several intersections are at least as good as those obtained
in the 2021 Phase 1 drill programme, thus confirming the
significant thickness of both the Upper Graphite Layer ("UGL") and
Lower Graphite Layer ("LGL").
-- To date, 16 intersections of UGL and LGL greater than 3.0m each have been drilled.
-- All holes have at least one mineable graphite layer intersection greater than 5.25m.
-- Visual inspection of the drill core suggests that the
intersections are similar in ore grade to the Phase 1 results,
which returned grades of up to 23.01% C(g) in the LGL and up to
19.83% C(g) in the UGL.
-- Drilling remains ongoing, with the programme expected to conclude by the end of September.
-- Drilling to date gives strong confidence that a
higher-tonnage, higher-category Resource can be established ahead
of a feasibility study.
Stefan Bernstein, GreenRoc's CEO, commented : "These drill
results are highly encouraging in that we have identified graphite
bodies of mineable widths in all holes. Several of the
intersections are as good or even better than those we obtained in
our Phase 1 drill programme in 2021, thus confirming the
significant thickness of both the upper and lower graphite layers,
whilst our visual inspection of the drill core suggests that the
intersections are similar in ore grade. We are therefore hopeful to
see similarly very high grades of graphite from the analytical
work, which will be undertaken following the completion of the
drill programme.
"These preliminary drill results are particularly exciting as
most of the holes are placed further west of the holes drilled in
2021, suggesting a substantial extension to the graphite layers and
indicating that the deposits are still open down-dip and to the
northwest, west and southwest. Alongside this, we are currently
drill testing the northern extension of the graphite layers, the
results from which we look forward to sharing in due course. One
final but very positive point is that the core is mostly very
solid, which bodes well for stable mine construction as we look to
advance Amitsoq to development status."
Details
Phase 2 drilling commenced on 2 July 2022 at the Amitsoq Island
graphite deposit with the aim of testing the extension of the known
graphite layers and forming the basis for an updated and higher
category resource determination to build on the current Maiden JORC
Resource of 8.28Mt at 19.75% Graphitic Carbon ("C(g)"). Drilling at
Amitsoq (Figure 2) is being carried out with services provided by
60degN, a Greenlandic contractor based in Qaqortoq, South
Greenland.
The drill plans (Figure 3), which have been modified to take
account of the information obtained from the first drill holes, are
testing the extension of the known graphite layers, their
thicknesses and graphite grades. The layers can broadly be
described in terms of an upper graphite layer (UGL) and a lower
graphite layer (LGL) of which the LGL in some holes displays a set
of sublayers (Figure 4 and Table 1).
To date 1360m have been drilled, with 20 intersections of UGL
and LGL identified as exceeding 1.0m, of which 16 exceeded 3.0m. In
addition to these intersections, additional bands of graphite of up
to 0.68m intersected thickness have been encountered in most of the
drilled holes, thus allowing for their correlation. It appears that
these thinner bands are splays off the LGL and the thicker ones
could further contribute to the ore resource. The drilling to date
has demonstrated the lateral continuity of the graphite layers,
showing minimal structural interference (Figure 4).
The UGL intersections vary between 3.49m to 8.13m (Figure 1),
except for hole DD_017A and DD_026, where UGL intersections are
0.13m and 0.03m respectively. The intersections of LGL vary between
2.54m and 16.85m and additional LGL horizons have been intersected
in some drill holes, ranging from 0.03m to 2.28m as measured on the
drill core. All of the drill holes have at least one graphite layer
intersection greater than 5.25m. A list of drill interceptions is
given below in Table 1.
Table 1: Preliminary drilling results based on visual logging of
drill core for intersections with graphite-rich layers.
Intersections larger than 3.0m are given in bold.
Note: all depths are measured down-the-hole and interception
lengths given are therefore not true thicknesses
Figure 1: Photograph of the Upper Graphite Layer in hole
AM_DD-016a
Figure 2: Photograph of Drill Pad H looking south
Figure 3: Layout of drill plan for Phase 2 drilling at Amitsoq
graphite. Drill collars from Phase 2 (current drilling) are shown
in red, with Phase 1 (2021) collars in blue.
Figure 4: Preliminary 3D model of drill lay-out and identified
graphite layers, looking north. Upper Graphite Layer (UGL) is given
in orange, while Lower Graphite Layers (LGL) are given in red and
yellow (Middle Graphite Layer - MGL is a splay off the main LGL).
Depicted graphite layers reflect interpolation between drill
holes.
On 8 July 2022, GreenRoc announced the expansion of its
landholding in South Greenland, to encompass several largely
untested graphite occurrences, which have been shown by earlier
studies to contain high-grade graphite ore. The landholding is
covered by exclusive Mineral Exploration Licence ("MEL") 2022-03.
GreenRoc's geologists have identified several surface occurrences
of graphite in the new area and have submitted samples for
assay.
Graphite ore from Amitsoq was tested by ProGraphite in 2021 to
show that the ore can be upgraded to a minimum 95% purity by simple
flotation and with further alkaline purification can attain purity
higher than the 99.95% required by the battery anode industry.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Mark Austin. Mr Austin is a member
of SACNASP (Reg. No. 400235/06), Fellow of The Geological Society
and Fellow of the Geological Society of South Africa. He has a
B.Sc. Honours in Geology with 38 years' experience.
Mark Austin has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration targets, Exploration Results, Mineral
Resources and Ore Reserves', also known as the JORC Code. The JORC
code is a national reporting organisation that is aligned with
CRIRSCO. Mr Austin consents to the inclusion in the announcement of
the matters based on his information in the form and context in
which they appear.
**S**
For further information, please visit
www.albamineralresources.com or contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott +44 20 3368 3555
ETX Capital (Broker)
Thomas Smith
+44 20 7392 1494
St Brides Partners (Financial PR)
Isabel de Salis / Catherine Leftley
alba@stbridespartners.co.uk
Alba's Projects and Investments
Mining Projects Operated Location Ownership
by Alba
Clogau (gold) Wales 90%
---------- ---------
Dolgellau Gold Exploration
(gold) Wales 90-100%
---------- ---------
Gwynfynydd (gold) Wales 100%
---------- ---------
Limerick (zinc-lead) Ireland 100%
---------- ---------
Investments Held by Alba Location Ownership
---------- ---------
GreenRoc Mining Plc (mining) Greenland 54%
---------- ---------
Horse Hill (oil) England 11.765%
---------- ---------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDVFLFLLVLZBBK
(END) Dow Jones Newswires
August 22, 2022 02:00 ET (06:00 GMT)
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Apr 2023 to Apr 2024
