TIDMALBA
RNS Number : 4479U
Alba Mineral Resources PLC
03 December 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Investee Company Update: GreenRoc Mining plc
Alba Mineral Resources plc (AIM: ALBA) i s pleased to note the
announcement today by its portfolio company, GreenRoc Mining plc
("GreenRoc") (AIM: GROC), in which Alba holds a 54% majority
interest. Following on from Alba's announcement on 11 August 2021
of the completion of the drilling programme at the Amitsoq Graphite
Project in southern Greenland, GreenRoc's announcement today
details the strong assay results which have now been received from
that drilling programme, as well as from an associated channel
sampling programme, and which has confirmed Amitsoq as one of the
highest-grade graphite projects globally.
Alba's Executive Chairman, George Frangeskides, commented:
"These exciting results from GreenRoc's drilling and sampling
programme at the Amitsoq Graphite Project further confirm the
consistently high-grade nature of the deposit, the significant
widths of the graphite layers and, therefore, the potential for a
sizeable JORC Resource. Given graphite's expanding role in many
green energy solutions, we look forward to the step-out drilling
programme next year as GreenRoc progresses along the path to
becoming a supplier of this highly sought-after critical
mineral."
The announcement by GreenRoc is set out below without material
changes:
GreenRoc Mining plc
("GreenRoc" or the "Company")
Amitsoq Graphite Project Update
Confirmation of High-Grade Graphite Drill Intercepts
GreenRoc Mining plc (AIM: GROC) is pleased to announce the full
suite of assay results from its drilling and channel sampling
programme undertaken at the Amitsoq Island deposit from June to
August 2021. These results confirm the high-grade nature of the
Amitsoq Island deposit as well as showing the graphite layers to be
both thicker, and more consistent, than previously thought.
Key Points
-- High-grade graphite mineralisation confirmed and increasing
true widths observed down dip on both the upper and lower graphite
layers, supporting the potential for a sizeable JORC Resource
-- Lower Graphite Layer (LGL) returns drill intercepts grading
up to 23.01% C(g) and channel samples grading up to 30.35% C(g)
-- Upper Graphite Layer (UGL) returns drill intercepts grading
up to 19.83% C(g) and channel samples grading up to 27.40% C(g)
-- Significant true width thickness of graphite layers confirmed by drilling, including:
o LGL: 15.60 m @ 22.34% C(g) from 93.61 m
o LGL: 14.95 m @ 22.82% C(g) from 102.19 m
-- Deposit open along strike (predominantly to the north) and
down dip, which will be tested in Phase 2 drilling programme
-- Significant down-dip extensions and increase in thickness from surface outcrop
-- Strike length of LGL intersected from Pads B and E totals 154 m
-- Low-grade uranium content poses no problems for future
development under new Greenlandic legislation
-- Drilling campaign confirms Amitsoq to be one of the
highest-grade graphite deposits globally
-- These results will be a key element in the mineral resource
estimation assessment to be made by the Competent Person in due
course.
GreenRoc's CEO, Kirk Adams, commented:
"These results from the 2021 drilling campaign confirm the
Amitsoq Island deposit as one of the highest-grade graphite
deposits in the world.
"In addition, the consistency of grades, combined with the
increasing true widths observed down dip at both graphite layers,
represents particularly encouraging news and bodes well for the
resource potential at the Amitsoq Island deposit.
"In the lower graphite layer, the drill core assays are grading
up to 23.01% contained graphite, with an average of 22.56%.
Furthermore, the drilling has shown that the true width of this
layer below the old open pit mine widens with depth, increasing
from 13.2 m to 14.95 m at around 100 m down dip from surface.
"The upper graphite layer also shows similar consistency, with
drill core assays of up to 19.83%, and an average of 18.91%,
contained graphite. This upper mineralised zone also shows
increasing true widths with depth.
"This update gives us confidence for the step-out drilling
programme which we have planned for 2022 and we are positive about
the prospects for the ultimate resumption of mining at the Amitsoq
Island deposit."
Details
GreenRoc has received the drill core and channel sample assays
from the phase 1 drilling programme on the Amitsoq Island graphite
deposit that took place between June and August 2021. Drilling was
conducted at four drill pads along the island's ridge to test the
down-dip continuation of the Upper Graphite Layer (UGL) and the
Lower Graphite Layer (LGL), which outcrop along the eastern face of
the island. The assay results are set out in Tables 1 and 2.
Table 1 . Drill Core Mineralised Intercepts. True thickness
calculated using 30deg true dip of the graphite layers.
Pad Hole ID Azimuth/Dip Graphite From Downhole % C(g) True Thickness
Layer (m) Width (m) (m)
----- ------------ --------------- ---------- ------- ----------- ------- ---------------
A AM-DD-013A Vertical UGL 20.94 9.29 18.89 8.05
----- ============ =============== ========== ======= =========== ======= ===============
AM-DD-014 141deg/-60deg UGL 18.87 6.76 19.83 6.76
------------ --------------- ---------------- ------- ----------- ------- ---------------
B AM-DD-004 Vertical UGL 47.67 4.37 18.15 3.78
----- ============ =============== ========== ======= =========== ======= ===============
AM-DD-005 141deg/-60deg UGL 45.74 2.88 17.58 2.88
============ =============== ================ ======= =========== ======= ===============
LGL 93.61 15.60 22.34 15.60
============================================= ======= =========== ======= ===============
AM-DD-006 141deg/-85deg UGL 45.31 4.38 19.10 3.97
------------ --------------- ================ ======= =========== ======= ===============
LGL 102.19 16.49 22.82 14.95
--------------------------------------------- ------- ----------- ------- ---------------
E AM-DD-008 141deg/-70deg LGL 95.58 3.83 21.72 3.77
----- ============ =============== ========== ======= =========== ======= ===============
AM-DD-009 141deg/-50deg LGL 95.45 0.60 21.96 0.59
============ =============== ================ ======= =========== ======= ===============
AM-DD-015 Vertical LGL 113.00 8.18 23.01 7.08
------------ --------------- ---------------- ------- ----------- ------- ---------------
Table 2 . Channel Sample Results
Locality Interval (m) % C(g) Description
---------- ------------- ------- --------------------------
UGL outcrop below pad
A-UGL-1 1 25.85 A
========== ============= ======= ==========================
UGL outcrop below pad
A-UGL-2 1.89 20.28 A
========== ============= ======= ==========================
UGL outcrop below pad
A-UGL-3 2.07 19.71 A
========== ============= ======= ==========================
UGL outcrop below pad
A-UGL-4 2.66 23.78 A
---------- ------------- ------- --------------------------
UGL outcrop below pad
B-UGL-1 1.1 26.15 B
========== ============= ======= ==========================
UGL outcrop below pad
B-UGL-2 2.03 27.40 B
---------- ------------- ------- --------------------------
LGL outcrop south of
LGL-1 0.8 25.25 the opencut
========== ============= ======= ==========================
LGL outcrop north of
LGL-2 3.05 27.90 the opencut
========== ============= ======= ==========================
LGL outcrop north of
LGL-3 1 27.1 the open cut
========== ============= ======= ==========================
LGL outcrop within a
LGL-4 0.5 22.2 trench excavated in 1915
---------- ============= ======= --------------------------
0.4 26.1
---------- ============= ======= --------------------------
0.8 30.35
---------- ------------- ------- --------------------------
Results
Pad A
Hole AM-DD-013A intersected the UGL from 20.94 m with a true
thickness of 8.05 m, giving a down-dip continuation of 27 m from
the surface outcrop. Additionally, the UGL swells from a max
thickness of 2.66 m at the surface to 8.05 m (true thickness) in
hole AM-DD-013A (Tables 1 & 2). A drill pad along the western
face of the island has been planned for the Phase 2 programme which
will further test the down-dip extension and swell of the UGL.
Four-channel sample transects were taken along the extent of the
UGL outcrop below Pad A, with an average grade of 22.08% C(g)
across the outcrop and individual samples grading up to 26.1%
C(g).
Pad B
Both the UGL and LGL were intersected in holes drilled at Pad B.
Hole AM-DD-006 intersected 16.49 m @ 22.82 C(g) from 102.19 m; this
intercept gives the LGL a down-dip continuation of 91 m from the
open-cut at the surface. More importantly, the LGL maintains a
significant thickness down-dip from the surface, swelling from
13.20 m (true thickness) in the open-cut to 14.95 m (true
thickness) in AM-DD-006 (Tables 1 & 2). Hole AM-DD-005
intersected 15.60 m @ 22.34% C(g) from 93.61 m, which includes a
high-grade interval of 2.72 m @ 23.96% C(g) from 104.55 m.
The intersection of the UGL in hole AM-DD-004 gives a down-dip
continuation of 54 m from the surface outcrop. Like the UGL
intersections at Pad A, the UGL intersections at Pad B increase in
thickness down-dip from 2.03 m at the surface to 3.97 m (true
thickness) in hole AM-DD-006, almost doubling in thickness (Tables
1 & 2).
Additional drill holes on the western face of the island have
been planned to test further the down-dip continuation of both the
UGL and LGL.
Two channel sample transects of the UGL were taken below Pad B.
The channel sample from B-UGL-2 returned 2.03 m @ 27.40% C(g) and
the average grade across the two outcrops is 26.96% C(g).
PAD E
All three holes at Pad E intersected the LGL, which increases in
thickness considerable down-dip, from 0.59 m (true thickness) in
AM-DD-009 to 7.08 m (true thickness) in AM-DD-015 (Tables 1 &
2). As a result, the down-dip continuation from AM-DD-009 to
AM-DD-015 is 75 m. As mentioned above, for Pads A and B, the
planned phase 2 holes will test the down-dip continuation and the
significant increasing thickness of the layer down-dip.
From the Phase 1 programme, hole AM-DD-015 returned the
highest-grade drill core intercept of 8.18 m @ 23.01% C(g) from 113
m, including 3.06 m @ 25.17% C(g) from 114.38 m. Also, AM-DD-015
includes individual samples grading up to 27.60% C(g).
The strike length of the LGL between pad B and E is 154 m. The
LGL is still open along strike to the north and will be targeted in
the Phase 2 drilling by stepping back at pad C out of the fault
zone and drilling from a pad further north.
LGL Channel Sampling
There is limited outcrop of the LGL (except the open cut) due to
historic mine development, overburden and boulder cover. However,
four channel sample transects were taken from around the mine site
area, with individual samples grading up to 32.4% C(g). Most
notable, the high-grade LGL-4 samples were taken from extruding
outcrops within a historic trench from 1915; the historic trenching
reported the LGL to be 13.20 m wide (true thickness).
The LGL was the main horizon worked underground. Therefore,
Phase 2 drilling will be accompanied by underground channel
sampling, contributing to important information for the resource
and future mine layout.
Assays Within Legal Limits for Uranium
In total, 43 drill core samples were sent for multi-element
analysis, of which 25 samples were from the graphite ore horizons,
and the other 17 samples were either vein, hanging wall or footwall
material. The average uranium concentration for all 43 samples and
25 ore samples is 42.71 ppm and 65.59 ppm, respectively. Thus, the
uranium concentration in the graphite ore horizon is significantly
below the maximum threshold recently set by new legislation passed
by the Greenland parliament. This legislation prohibits the
exploration and exploitation of uranium projects, save that the
prohibition does not apply, where the exploration or exploitation
is focused on a mineral other than uranium (e.g. graphite,
ilmenite, iron ore, gold or base metals), if the average uranium
content of the total resource is below 100 ppm.
As such, the new legislation does not pose any issues for the
development and future exploitation of the Amitsoq Deposit.
Next Steps
The complete dataset from the Phase 1 drill core and channel
sample assays will form a key component of the mineral resource
estimation assessment to be made by the Competent Person.
In preparation for Phase 2 drilling, discussions have been held
with key contractors including drilling companies. The Company has
had wooden storm-proof stairways constructed at key points on
Amitsoq Island, to facilitate future drilling.
GreenRoc have also received the results of the first-year
baseline environmental studies carried out by the Company's
environmental consultants, BioApp. The environmental and ecological
data thereby obtained will inform the design of the second year of
baseline studies which the Company intends to carry out next year,
leading into the formal environmental and social impact studies
required to apply for a mining licence for Amitsoq.
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.
Glossary
C(g) or Graphitic Carbon: Carbon may be present in rocks in
various forms including organic carbon, carbonates or graphitic
carbon. Carbon in rocks may be reported as fixed or total carbon
(i.e. organic carbon + carbon in carbonate minerals + carbon as
graphite) or as graphitic carbon or total graphitic carbon (or TGC)
(i.e. total carbon - (organic + carbonate carbon)). In this report
graphite results are indicated as graphitic carbon or %C(g).
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.
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%
----------- ----------
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.
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