TIDMALBA
RNS Number : 2212G
Alba Mineral Resources PLC
14 November 2022
14 November 2022
Alba Mineral Resources plc
("Alba" or the "Company")
GROC Update
Exceptional Grades from Phase Two Drilling and SIA Contract
Signed
Alba Mineral Resources plc (AIM: ALBA) is pleased to note the
announcement today by its portfolio company, GreenRoc Mining Plc
("GreenRoc") (AIM: GROC), of the first batch of assay results from
drill core taken from the 2022 Phase Two drilling programme at
GreenRoc's flagship Amitsoq Graphite Project in South Greenland
('Amitsoq' or the 'Project'), one of the highest-grade graphite
projects in the world. Alba holds a 54% majority interest in
GreenRoc.
The announcement is set out below without material changes.
GreenRoc Mining Plc
("GreenRoc" or the "Company")
Amitsoq Project Update
Phase Two Drilling Assays Confirm Exceptional Grades and
SIA contract signed with Niras
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical minerals projects in Greenland, is pleased
to announce the first batch of assay results from drill core 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.
The Company is also pleased to confirm the appointment of Niras
a/s ('Niras'), an experienced Danish/Greenlandic multi-disciplinary
engineering consultancy, to undertake a Social Impact Assessment
("SIA") at Amitsoq as GreenRoc focuses on fast-tracking the Project
to mine development status.
Key Points
-- First assay results, from four of the 19 holes drilled during
Phase Two drilling, which concluded in September 2022 at Amitsoq,
have returned more world-class graphite grades at the Project.
-- Assays of intersections of graphite ore from the main Lower
Graphite Layer ('LGL') returned graphite grades of between 20.99%
and 24.52% by weight (expressed as C(g) below) for mineable widths
(larger than 2.0m).
-- The Upper Graphite Layer ('UGL') varies between 17.29% and
20.92% C(g) for mineable widths (larger than 2.0m).
-- The best intersection of a graphite layer was from hole
AM_DD_017A, which returned a grade of 23.45% graphite over an
intersection of 15.46m of the LGL, corresponding to 11.84m of true
thickness.
-- Results build on recent successful spheronisation tests,
which demonstrated the suitability of Amitsoq graphite as feed
material for electric vehicle ("EV") battery anode production.
-- Niras appointed to undertake a Social Impact Assessment at
Amitsoq, a key precursor to a Mining Licence application in
Greenland.
GreenRoc's CEO, Stefan Bernstein, commented:
"This first batch of assay results from our Phase Two drill core
confirms the continued high graphite content within the Amitsoq
ore. To return grades of just under 20% graphite across the UGL and
consistently in excess of 20% across the thicker LGL is truly
remarkable and continues to showcase Amitsoq as a world-class asset
with significant commercial potential. A particular standout result
is hole AM_DD_017A, which returned a grade of 23.45% graphite over
an intersection of 15.46m, corresponding to 11.84m of true
thickness. This is particularly significant as this hole is located
to the south-west of the drilled area, and the deposit remains open
towards the south, west and north, giving us strong confidence of
further upside potential.
"Based on the quality of the results we continue to receive from
Amitsoq, we are naturally firmly focused on advancing the asset to
development status. In support of this, we are delighted to have
signed a contract with Niras to undertake the SIA at Amitsoq. The
Niras team has extensive experience in Greenland and has conducted
several such assessments before. With both the SIA and the
Environmental Impact Assessment ("EIA") underway, we are now
working steadily towards the submission of an exploitation licence
application to the Greenland government, a key milestone in our
road to production."
Details
Samples from graphite ore intersections of the first four drill
holes at Amitsoq were sent from Greenland to the independent
laboratory at ALS in Ireland for assays (Table 1 and Figure 1)
during the middle of the drilling campaign. Each intersection of
UGL and LGL was divided into smaller sample intervals of typically
0.5m length consisting of quarter drill core. The NQ core diameter
is nominally 47mm.
Table 1 . Intersections of graphite layers from four holes,
calculated true thicknesses and average graphite content across the
indicated graphite layer.
The reported analytical values for entire intersections are
averages calculated as weighted towards individual sample lengths
along the sampled core.
Assay results from the remaining 15 drill holes are expected to
be received by mid-December and will be reported when they become
available. Crucially, results received to date from Amitsoq
continue to confirm the commercial potential of the Project, as
evidenced moreover by the recent successful spheronisation results
announced on 8 November 2022, which demonstrated the suitability of
graphite from the Amitsoq Island deposit as feed material for
EV-battery anode production.
Figure 1. Model view of UGL (orange) and LGL (red) as seen from
the SW with intersections for the drill holes listed in Table
1.
Social Impact Assessment
On 9 November 2022, the Company signed a contract with Niras to
undertake a full SIA for the Amitsoq Project. Niras has substantial
experience in conducting such studies, particularly in Greenland,
and is familiar with the requirements of Greenlandic laws,
frameworks and guidelines in relation to an SIA. The objective of
the SIA, a substantial exercise which is expected to take several
months to complete, is to ensure that a mining development
maximises its benefits and minimises its potential negative impacts
on society and local communities.
The formal approval of an SIA, together with an EIA and a JORC
resource capable of supporting a mining operation, are the
necessary precursors to an application for a Mining (or
Exploitation) Licence in Greenland. In respect of the latter, the
Project has a Maiden resource of 8.3 million tonnes (Mt) at an
average grade of 19.75% Cg with an upgrade in the Project's
resource tonnage expected.
BioApp Greenland, a Danish/Greenlandic-based contractor and
environmental expert with extensive operational experience in
Greenland, is also in the process of completing the reporting of
the second year of baseline environmental studies which were
carried out on site this summer. These results will feed into
BioApp's continuing work on the EIA.
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.
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 54%
---------- ---------
Horse Hill (oil) England 11.765%
---------- ---------
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