TIDMALBA
RNS Number : 6026K
Alba Mineral Resources PLC
22 December 2022
Alba Mineral Resources plc
("Alba" or the "Company")
GROC Update
Amitsoq Project Update
Completed Phase Two Drilling Assays Confirm Consistent
High-Grade Graphite Intersections
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 50.8% majority interest in
GreenRoc. The announcement is set out below without material
changes.
GreenRoc Mining Plc
("GreenRoc" or the "Company")
Amitsoq Project Update
Completed Phase Two Drilling Assays Confirm Consistent
High-Grade Graphite Intersections
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical minerals projects in Greenland, is pleased
to announce the full set of drill core assay results from the 2022
Phase Two drilling programme at the Company's flagship Amitsoq
Graphite Project in South Greenland ('Amitsoq' or the 'Project'),
one of the highest-grade graphite projects in the world. These
results confirm the consistently high-grade graphite intersections
within the Amitsoq Island Deposit and the presence of significant
mineable widths.
These outstanding results have now been passed to the
independent competent person for completion of a revised mineral
resource assessment, expected in January 2023
Highlights
-- Mineable widths (more than 2.0m true thickness) of graphite
were present in eight holes of the UGL with graphite grades of
13.52 to 20.92 C(g) %.
-- Mineable widths of graphite were also present in all 19 holes
of the LGL, with some holes displaying two distinct graphite layers
(LGL1 and LGL2) and graphite grades ranging from 17.80 C(g) % to
24.52 C(g) %.
-- The LGL generally thickens from south (2.52m to 13.12m true
thickness, drill pads H and I) towards the north (drill pads J and
C2) from approximately 12m to more than 20m thickness while
graphite grades appear unrelated to ore body thickness.
-- The highest grade 24.52 C(g) % comes from 6.89m thick LGL in
hole AM_DD_018 at drill collar H in the south, but the 20.77m true
thickness intersection of LGL in hole AM_DD_035 at drill pad C2 to
the north gives similarly high graphite grade of 23.32 C(g) %.
-- Likewise the 20.23m true thickness intersection of LGL in
drill hole AM_DD_037 at same drill collar C2 returns 20.92 C(g)
%.
-- Holes drilled from collar J in the northwest are generally
between 14.71m and 17.07m in thickness except for hole AM_DD_026,
which displays a LGL split into two layers of 9.35m and 7.56m true
thickness, while all return similarly high graphite grades of 20.30
to 22.37 C(g) %.
GreenRoc's CEO, Stefan Bernstein, commented:
"It is with considerable pleasure that we announce the full
results of the second phase drilling at Amitsoq with grades of both
the UGL and LGL ore bodies at the 20% graphite mark. Considering
the thicknesses and footprint of the LGL in particular, the
consistency of high-grade graphite is excellent. Even at this stage
we believe that the assay results show that Amitsoq has the
potential to be a significant graphite producer and we will be
looking at how we can increase the resource tonnage and also
increase certainty in terms of resource category and thereby reduce
risk. I would like to reiterate that the UGL orebody remains open
towards the west and south, while the LGL remains open towards the
south, west and north.
"The consistency of the very high graphite grades in both of the
LGL and UGL ore bodies coupled with their simple architecture,
makes mine planning and the mining operations relatively simple and
straightforward from a mining-technical viewpoint and with a
minimum of waste rock produced. These are important factors not
only for the construction and operation phases but also in relation
to the cost implications of building a mine at Amitsoq, as energy
costs could be greatly reduced. We look forward to updating the
market on an updated mineral resource for Amitsoq, which we
anticipate to be ready by January 2023."
Details
Samples from graphite ore intersections from drill holes at
Amitsoq were sent from Greenland to the independent laboratory at
ALS in Ireland for assays (Table 1 and Figure 1). The diametre of
the drill core (NQ) is nominally 47mm and was cut in quarter. Each
intersection of UGL and LGL was then divided into smaller sample
intervals of typically 0.5m length. Several smaller graphite
layers, often of similarly high grade of ca 20 C(g) % are
encountered, particularly in the vicinity of the main LGL orebody.
These subordinate graphite layers are in the order of a few tens of
centimetres to nearly 2m in true thickness, but are excluded from
this report as they are separated from the main orebodies by up to
several metres of barren waste rock.
Table 1 . Intersections of graphite layers from second phase
drilling at Amitsoq, calculated true thicknesses and average
graphite content across the indicated graphite layer.
The reported analytical values for entire intersections are
calculated as weighted averages based on individual sample lengths
along the sampled core.
The analytical results show an overall variation for UGL of
between 13.52 C(g) % over 2.82 m for hole AM_DD_027 and a maximum
of 20.92 C(g) % over 3.93m for hole AM_DD_018. Grades for the LGL
vary between 17.80 C(g) % over 6.45m for hole AM_DD_033 and a
maximum of 24.52 C(g) % over 6.89m for hole AM_DD_018.
In general the LGL thus shows significantly higher grades,
typically in the order of 20-23 C(g) % and across thicknesses up to
nearly three times that of UGL with maximum thickness of 20.23m
while most of the UGL intersections are in the 19-20 C(g) % range
and with thickness of typically 4-5m.
Importantly, the UGL thins out towards the north and is absent
or thin from the holes drilled at collars F, J and C2, while the
LGL shows consistent high grades and thickness throughout the
drilled footprint of the deposit.
Figure 1: Drill layout at Amitsoq, showing Phase 1 collars
(2021) in blue with projection of drill holes in orange and Phase 2
collars (2022, reported here) in red with projection of drill holes
in green. Each collar also has a vertical drill hole. Also traced
are outcropping graphite layers (in brown). There are 200m between
the UTM coordinate lines.
The data just released and those obtained from 2021 phase one
drilling and from surface sampling will provide the data for
calculation of an updated resource estimate for the Amitsoq
graphite deposit, which is anticipated by January 2023.
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
OvalX (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 100%
---------- ---------
Dolgellau Gold Exploration
(gold) Wales 100%
---------- ---------
Gwynfynydd (gold) Wales 100%
---------- ---------
Limerick (zinc-lead) Ireland 100%
---------- ---------
Investments Held by Alba Location Ownership
---------- ---------
GreenRoc Mining Plc (mining) Greenland 50.8%
---------- ---------
Horse Hill (oil) England 11.765%
---------- ---------
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