TIDMALBA
RNS Number : 6025P
Alba Mineral Resources PLC
11 February 2019
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Alba Mineral Resources plc
("Alba" or the "Company")
Mining Projects Update
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, is pleased to report on
progress made at the Company's mining projects and to outline the
Company's work plans for the coming months.
Alba's Executive Chairman, George Frangeskides, commented:
"I am pleased to be able to present this update of the ongoing
work across our suite of mining projects in the UK, Ireland and
Greenland. In this update, we highlight our ongoing activities
towards the re-opening of the Clogau-St Davids Gold Mine, the UK's
largest historical gold producer. We also report on the extensive
regional exploration programme which we will shortly be commencing
across the Dolgellau Gold Belt, the great majority of which is
under licence to Alba. This will involve the collection of up to
3000 samples covering about 50 per cent of the total extent of the
Gold Belt, which runs to some 30 km in a straight line. By the use
of systematic, modern exploration techniques, our objective is to
unearth one or more gold deposits to rival the Clogau-St Davids
Mine."
"In Ireland, we remain on track for drilling one or more
identified Zinc-Lead targets in April or May. And in Greenland, we
outline the results of an important technical study in relation to
the Inglefield Polymetallic Project, which we hope will help us to
unlock the IOCG and Zinc-Lead potential of that vast and largely
uncharted region of north-west Greenland."
"Finally, we end this update by touching on our work to
rationalise some of our land-holdings in Greenland. Our ongoing
work, both out in the field and in the close season, has enabled us
to hone our licences to cover the key targets and deposit areas, so
that our exploration spend is directed in a way that we feel will
add the most value to Alba and to our shareholders. We remain very
positive about all of our Greenland projects, and intend to
continue to be one of the prime movers and explorers in that vast,
minerals-rich country."
"I look forward to providing shareholders with further updates
as our work progresses."
Clogau Gold Project (Wales, UK, 90% owned)
We provide below an update on Alba's ongoing exploration and
development activities at the Clogau Gold Project in North Wales,
following the completion of the successful geochemical soil
sampling programme in 2018.
Clogau Highlights: Regional Exploration
-- The geochemical soil sampling programme will be rolled out
this year into those sections of the Dolgellau Gold Belt which host
multiple known gold trial mines, workings and occurrences and which
have not previously been subjected to modern exploration
techniques.
-- 1,200 soil samples will be collected in the first phase of
the programme, with this being increased to up to 3,000 samples in
total in a second phase planned for later in the year.
-- The objective of this exploration campaign, the scale of
which is unprecedented in the Dolgellau Gold Belt, is to seek to
identify one or more significant new gold deposits within Alba's
licence area.
Clogau Highlights: Clogau-St Davids Gold Mine
-- Alba's near-term work programme in relation to the re-opening
of the historic Clogau-St Davids Gold Mine (the "Mine")
includes:
o Continuing environmental baseline studies, the results of
which will be incorporated into the planning application for the
re-opening of the Mine.
o A rehabilitation programme inside the mine involving repairs
to the Llechfraith Adit and other safety works, as a precursor to
the re-opening of the Mine.
o Finalising a detailed exploration work programme in relation
to the Mine with the objective of identifying and isolating
unworked gold veins and gold-bearing structures, to include UG
channel sampling, plus UG and/or surface drilling.
Alba is pleased to report on ongoing exploration and development
work at the Clogau Gold Project. A team from SRK Exploration
Services, based in Cardiff, is being mobilised to site to continue
the soil sampling programme within Alba's licence area and, most
significantly, to roll that programme out to those sections of the
Dolgellau Gold Belt that extend beyond the existing mine
workings.
The initial soil sampling campaign in 2018 confirmed the merits
of the soil sampling technique in determining gold anomalies in an
area such as the Dolgellau Gold Belt that historically hosted
exploitable gold mineralisation. The results of the 2018 soil
sampling campaign (reported on 17 October 2018) showed that gold in
soil grades, being above the detection limit, predominantly lie on
the north-western side of the historic workings and are present
across the full strike length (approx. 0.8 km) based on the 200m
spaced soil lines.
The Phase 2 soil sampling programme will initially consist of
1,200 samples, eventually expanding to approximately 3,000 samples.
The selection of this area is based on the favourable host geology
and the occurrence of historic workings. It is anticipated that the
initial 1,200 samples will take 12 weeks to complete using a team
of three field assistants under the direct supervision of an
experienced field geologist from SRK Exploration Services. Sampling
is expected to follow a grid of a 200m line spacing with a 20m
sample spacing along each line. As each phase of sampling is
completed, the samples will be dispatched to an accredited
laboratory for assaying.
This soil sampling programme will cover 50 per cent of the total
length of the Dolgellau Gold Belt which spans some 30 kilometres in
a straight line (following the dominant Clogau Shale Unit).
Aside from this regional exploration programme, Alba continues
to advance work in relation to the Clogau St Davids Gold Mine,
historically the UK's most important gold mine by total production.
Alba has assembled an experienced team of planning, engineering and
environmental consultants largely drawn from within Wales, as the
Company seeks to further the work needed to re-open the Mine.
Mine-related work expected to be undertaken in the near term
includes:
-- Continued environmental baseline studies, the results of
which will be incorporated into the planning application to be
submitted for the re-opening of the Mine.
-- A rehabilitation programme involving repairs to the
Llechfraith Adit and other necessary works, as a necessary
precursor to the re-opening of the mine.
-- Finalising and commencing a Mine-specific exploration work
programme with the objective of identifying and isolating unworked
gold veins and gold-bearing structures, to include some or all of
channel sampling, bulk sampling and underground and/or surface
drilling.
-- Completion and submission of a formal Pre-application Enquiry
to the Mineral Planning Authority detailing the works required to
re-open the Mine and the proposed operations once the mine is
re-opened.
Limerick Project (Ireland, Base Metals, 100% owned)
Alba is pleased to report, in connection with the Company's
proposed drilling campaign at the Limerick Base Metals project,
that an application for a water discharge permit has now been
lodged. Alba has been informed that it is likely to take
approximately two months before the permit is issued. As this is
the final approval required, the Company expects to be in a
position to commence drilling by April/May.
Thule Black Sands (N-W Greenland, Ilmenite, 100% owned)
Following the successful completion of the 2018 drilling and
mapping campaign at the Thule Black Sands project, Alba reports
that work in the close season progresses, involving:
- laboratory testwork for the determination of the Heavy Mineral
content of the hundreds of samples taken during the 2018
programme;
- the creation of composite samples from the appropriate
geological domains for use in determining the mineralogy of the
heavy mineral component of the sand;
- the development of a geological model and, following the
completion of the testwork, mineral resource estimation work;
- planning for the 2019 field season, with a likely focus on
further mapping and drilling, as well as ongoing environmental
studies and community engagement activities.
Results will be released as and when they are available.
Inglefield (N-W Greenland, Polymetallic, 100% owned)
All data from Alba's maiden 2018 exploration campaign at the
Inglefield Polymetallic Project, together with all prior data sets
from previous campaigns, has been the subject of a detailed
technical study in order to improve target definition ahead of the
2019 field season. Independent South African consultants, TECT
Geological Consulting and XPotential Geoscientific Consulting,
experts in structural geology and geophysical data interpretation,
respectively, compiled all the historical data sets for Inglefield
Land (geophysics, remote sensing, geochemistry and geology) and
used this compilation for prospectivity analysis in order to refine
mineralisation targets.
Lithological/structural terrains were created and compared to
known models for deposits that typically host Cu-Au and Zn-Pb
mineralisation such as that identified in the 2018 Alba field
season as well as results obtained from historical explorers in the
region.
The technical study focused in particular on two separate
mineralisation types:
1) Iron Oxide Copper Gold ("IOCG" or FeOx-Cu-Au) Deposits;
and
2) Carbonate-Hosted Zinc-Lead (Zn-Pb) Deposits
Inglefield IOCG Potential
TECT and XPotential have reported that:
-- The NE-trending, 70km long "North Inglefield Land Gold Belt"
shows distinct Cu-Au enrichment.
-- Other anomalous element associations include elevated Ag-Mo-Co-Zn, V-Ba-Fe.
-- This enriched belt coincides with a NE-SW-trending
aeromagnetic lineament interpreted as a deep-seated structure.
Inglefield Carbonate-Hosted Zn-Pb Potential
TECT and XPotential have noted that:
-- The Black Angel Zn-Pb deposit in north Greenland (13.6Mt @
12.3%Zn, 4.0% Pb and 29ppm Ag) is a proximal type locality for
significant Zn-Pb-Ag mineralisation.
-- Inglefield Land mapped marbles and graphite zones, delineated
in the Electromagnetic (EM) geophysical data, provide evidence for
similar geological host zones that will be targeted for further
reconnaissance in the 2019 season.
TECT and XPotential Summary and Recommendations
-- FeOx-Cu-Au Mineralisation: there are a number of Cu-Au
occurrences in Inglefield Land. Alba's "4-Finger" target, explored
in 2018, is most prospective for this mineralisation style.
-- Carbonate-hosted Zn-Pb(-Ag) Mineralisation: Alba's south-west
"Zn-Co" target is the most prospective for this mineralisation
style.
-- Recommended work programme for the 2019 field season:
-- Reconnaissance mapping focussed on alteration, Fe-Ox 'rust
zones' identification and sampling of gossans
-- Soil grids over more prospective areas
-- Ground based geophysical surveys located over identified
areas of interest and running in parallel with the mapping and
sampling.
-- The intention of the 2019 field work will be to delineate targets for drilling.
The identification by TECT and XPotential of a number of high
priority targets, many of which significantly coincide with Alba's
existing land-holding, is of great encouragement for the
forthcoming field season. The results of the study will be further
assessed by Alba's Technical Director, Howard Baker, and the 2018
Field Team Leader, Greenland-based senior geologist Mark Hutchison,
as part of the planning which has commenced for the forthcoming
field season at Inglefield.
Amitsoq (Southern Greenland, Graphite, 90% owned)
Alba is currently planning the 2019 field season at the
high-grade Amitsoq Graphite project in southern Greenland. In a
previous field campaign, Alba carried out a detailed structural
evaluation of both the graphite deposit on Amitsoq Island and of
Alba's new graphite discovery, the Kalaaq deposit, on the mainland
portion of Alba's licence. This enabled the Company to define
precise drilling locations.
In 2018 Alba commissioned a field team to construct drill pads;
as a result, the Project is now drill-ready. At a minimum, the
objective of a first phase of drilling (10 drillholes for 1000m)
would be to drill within unworked extensions of the historic mine
area in order to confirm the structural mapping of the deposit
undertaken in 2017 and to enable the development of a geological
model for the project. A second phase of drilling (a further 10
drillholes for 1000m) would be designed to generate a maiden
mineral resource for the Project.
Alba is re-engaging with previously-interested parties, as well
as new parties who have expressed an interest as potential
strategic or joint venture partners to participate in this
exceptionally high-grade graphite deposit. These discussions are
ongoing.
Partial Licence Relinquishments
As part of Alba's continual drive to make the best use of its
financial resources, Alba's technical and financial team carried
out a review of the Company's Greenlandic exploration portfolio in
the light of knowledge gained from the 2018 exploration campaign.
This has led to the Company making some reductions to the size of
certain of its licence areas in order to reduce overall expenditure
commitments, as follows:
Melville Bay
- Licence MEL 2017/41 has been reduced from 354km(2) to 53km(2)
. The retained area hosts all targets drilled by the former licence
holder and also retains the area hosting the Havik East mineral
resource estimate completed in 2013 (inferred JORC resource of 67Mt
grading 31.4% Fe).
Thule Black Sands
- Licence MEL 2017/39 has been relinquished in full. This
licence area was a secondary licence taken out over satellite areas
outside of Alba's main Thule Black Sands project area, which is
delineated by MEL 2017/29. No results of interest were obtained
over these satellite areas during the 2018 field season.
- Licence MEL 2017/29 has been reduced from 186km(2) to 52km(2)
. This licence covers the main Thule Black Sands project area.
Following Alba's extensive exploration programme in 2018, we have
been able to reduce the licence area by removing areas which our
field work confirmed as either being not mineralised or otherwise
sub-optimal, and at the same time retaining all mineralised zones
verified during our 2018 drilling campaign, totalling approximately
10km in strike length.
Inglefield Project
- Licence MEL 2017/40 has been reduced from 82km(2) to 29km(2)
with licence MEL 2018/25 remaining unchanged.
All key target areas have been retained.
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 +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray / Richard Nash +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey PR (Financial PR/ IR)
Tim Thompson / Harriet Jackson / Henry Wilkinson
alba@yellowjerseypr.com +44 77 1071 8649
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Howard Baker, Technical Director of
Alba Mineral Resources Plc. Mr Baker is a Chartered Professional
Fellow of the Australasian Institute of Mining and Metallurgy
(Membership Number 224239) and a Competent Person as defined by the
rules of International Reporting Codes that are aligned with
CRIRSCO.
Howard Baker 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. Howard Baker consents to the inclusion in the announcement
of the matters based on his information in the form and context in
which they appear.
Glossary of Terms
Ag-Mo-Co-Zn: Silver-Molybdenum-Cobalt-Zinc.
Cu-Au: Copper-Gold.
FeOx-Cu-Au: Iron Oxide-Copper-Gold.
Geochemical: Relates to the chemical composition of the Earth
and its rocks and minerals.
Geophysics: The application of the methods and techniques of
physics to the study of the earth and the processes affecting
it.
Gossan: an iron-containing secondary deposit, largely consisting
of oxides and typically yellowish or reddish, occurring above a
deposit of a metallic ore.
G/T: grams per tonne (1g/t =1ppm)
Intrusives: An igneous rock formed from magma forced into older
rocks at depth within the Earth's crust, which then slowly
solidifies below the Earth's surface.
Iron Oxide Copper Gold (IOCG): considered to be metasomatic
expressions of large crustal-scale alteration events driven by
intrusive activity. Contain substantial accumulations of iron oxide
minerals.
Metasomatic: is the chemical alteration of a rock by
hydrothermal and other fluids.
Mineralisation: the deposition of economically important metals
in the formation of ore bodies or lodes.
PPM: parts per million (1ppm = 1g/t).
Strike Length: the length and direction of a vein or rock
formation measured on a horizontal surface.
V-Ba-Fe: Vanadium-Barium-Iron.
Zn-Co: Zinc-Cobalt.
Zn-Pb: Zinc-Lead.
Alba's Project & Investment Portfolio
Mining
Amitsoq (Graphite, Southern 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.
Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold
Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau
Gold project situated in the Dolgellau Gold Belt in Wales.
Inglefield Land (Polymetallic, N-W Greenland): Alba owns 100 per
cent of mineral exploration licences MEL 2017/40 and 2018/25 in
north-west Greenland.
Limerick (Base Metals, Ireland): Alba owns 100 per cent of the
Limerick base metal project in the Republic of Ireland.
Melville Bay (Iron Ore, N-W 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.
Thule Black Sands (Ilmenite, N-W Greenland): Alba owns 100 per
cent of mineral exploration licence 2017/29 in the Thule region,
north-west Greenland.
Oil & Gas
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.
Horse Hill (Oil & Gas, UK): Alba holds an 11.765 per cent
interest in the Horse Hill oil and gas project in the Weald Basin
in southern England, comprising licences PEDL 137 and PEDL 246
covering a total area of 142.9 km(2).
Web: www.albamineralresources.com
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END
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