TIDMALBA
RNS Number : 8994X
Alba Mineral Resources PLC
07 May 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Amitsoq Graphite Update
Declaration of Exploration Target
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that, following a detailed independent assessment of the Amitsoq
Graphite Project in southern Greenland, the Company has declared a
significant Exploration Target for the Project.
Details
Alba commissioned Dr John Arthur (CGeol FGS) to prepare an
Exploration Target for each of the Amitsoq and Kalaaq deposits
which together comprise the Amitsoq Graphite Project in southern
Greenland. Dr Arthur is a Chartered Geologist and qualifies as a
Competent Person/Qualified Person (as defined by CRIRSCO and the
majority of National Reporting Organisations).
Followed a detailed assessment of all pertinent data sets for
the Amitsoq Project, Dr Arthur has concluded that the volume and
grade ranges for:
(a) the Amitsoq Exploration Target are between 1.7 and 4.5
million tonnes (assuming a density of 2.63t/m(3) ) with a grade
range of between 24-36% Graphitic Carbon, for between 408,000 and
1,620,000 tonnes of contained graphite; and
(b) the Kalaaq Exploration Target are between 4.0 and 7.0
million tonnes (assuming a density of 2.63t/m(3) ) with a grade
range of between 23-29% Graphitic Carbon, for between 920,000 and
2,030,000 tonnes of contained graphite.
In accordance with the JORC Code (2012), the potential quantity
and grade of the above Exploration Target for each of the Amitsoq
and Kalaaq deposits is conceptual in nature, there has been
insufficient exploration to estimate a Mineral Resource and it is
uncertain if further exploration will result in the estimation of a
Mineral Resource.
The Amitsoq component of the above Exploration Target will be
tested in a forthcoming drilling programme, details of which will
be released in due course.
George Frangeskides, Alba's Executive Chairman, commented:
"We commissioned this independent assessment of the potential
quantity and grade of the graphite at the Amitsoq Graphite Project
in order to provide support for their being significant tonnage
potential at the Project. Having now declared an initial
Exploration Target of between 1.3 to 3.6 million tonnes of
contained graphite for the two deposits combined, this gives us
great confidence to move forward to a drilling programme at
Amitsoq."
"The first aim of our drilling programme will be to declare a
maiden JORC-compliant Mineral Resource Estimate at the Amitsoq
deposit, where our test work programme has not only confirmed that
our graphite has exceptionally high average grades but also that it
is battery grade material which can be sold into the electric
vehicle sector, which is by far the largest growth market for
graphite."
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.
Without prejudice to the generality of the foregoing,
uncertainties also exist in connection with the ongoing Coronavirus
(COVID-19) pandemic which may result in further lockdown measures
and restrictions being imposed by Governments and other competent
regulatory bodies and agencies from time to time in response to the
pandemic, which measures and restrictions may prevent or inhibit
the Company from executing its work activities according to the
timelines set out in this announcement or indeed from executing its
work activities at all. The Coronavirus (COVID-19) pandemic may
also affect the Company's ability to execute its work activities
due to personnel and contractors testing positive for COVID-19 or
otherwise being required to self-isolate from time to time.
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.
Glossary
CRIRSCO: Committee for Mineral Reserves International Reporting
Standards.
Exploration Target: In respect of the reporting of an
Exploration Target, the JORC Code (2012) requires the inclusion of
a statement that "the potential quantity and grade of the
Exploration Target is conceptual in nature, there has been
insufficient exploration to estimate a Mineral Resource and it is
uncertain if further exploration will result in the estimation of a
Mineral Resource". Exploration targets are not reported in table
form nor as a Mineral Resource statement, but rather written as a
range of potential upper and lower limits for tonnes, contained
commodity and grades.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 90%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Gwynfynydd (gold) Wales 100%
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Inglefield (copper, cobalt,
gold) Greenland 100%
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Limerick (zinc-lead) Ireland 100%
----------- ----------
Melville Bay (iron ore) Greenland 51%
----------- ----------
TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Brockham (oil) England 5%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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