TIDMALBA
RNS Number : 9470A
Alba Mineral Resources PLC
07 June 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Thule Black Sands Update
Declaration of Exploration Target
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that, following a detailed independent assessment of the Thule
Black Sands Ilmenite Project in northern Greenland, the Company has
declared a significant Exploration Target for the Project.
Key Points
-- As independent Exploration Target has been declared for TBS
of 70-300Mt at a grade of 35-50% THM with an in situ ilmenite grade
of 6-11%
-- This would represent, at the lower end of the range, an
almost three times increase in the current figures for contained
ilmenite
-- This Exploration Target is due to be tested in a forthcoming drilling programme
Details
Alba commissioned Dr John Arthur (CGeol FGS) to prepare an
Exploration Target for the Thule Black Sands Ilmenite Project
("TBS" or the "Project") in northern 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).
Dr Arthur is very familiar with the Project, as he participated
in the 2018 field season at TBS, spending several weeks on site
logging and sampling the drill core as well as mapping the
area.
Following a detailed assessment of all pertinent data sets for
TBS, Dr Arthur has concluded that the exploration target for the
combined North, Central and South areas at TBS ranges from 70
million tonnes to 300 million tonnes of material with a range of
percentage of total heavy minerals (THM%) of 35-50%, a range of
ilmenite grade (as a percentage of THM) of 12-22% and a range of
in-situ ilmenite grade of 6-11%.
In accordance with the JORC Code (2012), the potential quantity
and grade of this 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.
The following tables summarise the minimum, maximum and range of
results arising out of the Exploration Target definition work.
Table 1: Minimum grades and tonnages(1)
minimum tonnage (t) 70,000,000 (tonnes)
min contained THM (t) 25,000,000 (tonnes * %THM)
min Ilm grade (%) 12 (% of THM)
min Ilm tonnage (t) 3,000,000 (t THM * % Ilmenite in
THM)
min Ilm in-situ grade 6 (t Ilm / total tonnage)
(%)
Table 2: Maximum grades and tonnages(1)
maximum tonnage (t) 300,000,000 (tonnes)
max contained THM (t) 150,000,000 (tonnes * %THM)
max Ilm grade (%) 22 (% of THM)
max Ilm tonnage (t) 33,000,000 (t THM * % Ilmenite in
THM)
max Ilm in-situ grade 11 (t Ilm / total tonnage)
(%)
[1] The tonnes and grades are stated to a number of significant
digits reflecting the confidence of the estimate. Since each number
is rounded individually, the table may show apparent
inconsistencies between the sum of rounded components and the
corresponding rounded total
From these tables it can be seen that, at the grades stated, the
minimum Exploration Target of 70Mt of material would, if verified,
equate to a further 3Mt of contained ilmenite and the maximum
Exploration Target of 300Mt of material would, if verified, equate
to a further 33Mt of contained ilmenite.
Even at the lower end of the Exploration Target range,
therefore, if proven up by subsequent drilling this would result in
a significant uplift in the current contained ilmenite of 1.7Mt per
the existing maiden Mineral Resource Estimate for the Project, with
the result that the contained ilmenite would increase to 4.7Mt in
total.
This Exploration Target will be tested in a forthcoming drilling
programme at TBS, 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 ilmenite at Thule Black Sands to provide
support for the significant tonnage potential at the Project.
Having now declared an initial Exploration Target ranging from
between 3 to 33 million tonnes of contained ilmenite, this gives us
a great deal of optimism as we move forward to a drilling programme
at TBS."
"If the next round of drilling is able to prove up just the
lower end of this range, even that would represent an almost three
times increase on our current figures."
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%
----------- ----------
Inglefield (copper, cobalt,
gold) Greenland 100%
----------- ----------
Limerick (zinc-lead) Ireland 100%
----------- ----------
Melville Bay (iron ore) Greenland 51%
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TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Brockham (oil) England 5%
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Horse Hill (oil) England 11.765%
----------- ----------
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