TIDMALBA
RNS Number : 7746W
Alba Mineral Resources PLC
14 February 2017
Alba Mineral Resources plc
("Alba" or the "Company")
Assay Results Confirm Anomalies Found
at Limerick Base Metals Project, Ireland
In the announcement made on 16 December 2016, Alba Mineral
Resources plc (AIM:ALBA) reported the results of a microgravity
study and portable XRF shallow soil sampling programme from the
Limerick base metal project ("Limerick" or the "Project") in Co.
Limerick, Republic of Ireland. Interpretation of the gravity data
suggests the presence of gravity anomalies consistent with
brecciation of the host limestone, with zinc and lead anomalism in
shallow soil samples collected above or adjacent to gravity
anomalies.
The Company has now received the full laboratory assay results
from select soil samples taken during the recent programme.
Highlights
-- Assay results confirm four main areas of anomalism
-- Most pronounced anomalism for copper-silver-arsenic
(Cu-Ag-As) similar to that found at former Gortdrum copper-silver
(Cu-Ag) mine 25 km due east
-- Gortdrum was mined for copper-silver-mercury (Cu-Ag-Hg)
between 1967 and 1975, producing 3.8 million tonnes containing
1.19% Cu and 25.1 g/t Ag
-- This target in particular will be the focus of the next stage of work
Four areas displaying coincident metal anomalism were noted. One
area with zinc-silver-manganese-barium (Zn-Ag-Mn-Ba) anomalism over
a north trending, 600 x 200 m zone is centred over a gravity high
and is interpreted to be near-surface bedrock. Three hundred metres
to the west of this anomaly, a 400 m by 200 m east-trending
lead-silver-zinc (Pb-Ag-Zn) anomaly occurs. The eastern edge of
this anomaly was drilled by Teck Ireland during a JV with Alba, but
did not encounter mineralization. A barium (Ba) anomaly is present
at the margins of a possible zone of brecciation (interpreted from
the gravity data). Barite mineralization is often associated with
mineralization in the Irish orefield, and sometimes forms a primary
ore, such as the Ballynoe mines, near Silvermines in Co. Tipperary
(5.13 Mt at a grade of 90% BaSO(4) ).
The most pronounced anomalism occurs over a 600 m by 200 m area,
2 km from the village of Bruff. At this location,
copper-silver-barium (Cu-Ag-Ba) anomalism follows the trace of a
mapped east-west trending fault, and is intersected by a
northeast-trending zone of copper-arsenic-antimony-silver-barium
(Cu-As-Sb-Ag-Ba) anomalism coincident with the mapped contact of
the Argillaceous Bioclastic Limestone ("ABL") and Waulsortian
Limestone Formation. The ABL-Waulsortian contact is the main target
for zinc mineralization in Ireland. However, the metal assemblage
is similar to that encountered at the former Gortdrum copper-silver
mine, located 25 km due east of the anomaly. Gortdrum was mined for
copper-silver between 1967 and 1975, producing 3.8 million tonnes
containing 1.19% copper and 25.1 g/t silver, as well as recoverable
quantities of mercury. Ore from Gortdrum contained four principal
minerals, mercurian tennantite, chalcopyrite, bornite, and
chalcocite. Mercurian tennantite also contains appreciable
concentrations of arsenic. The metal anomalism noted over this
target, with the exception of mercury, matches the principal metals
found at Gortdrum, i.e. copper-silver-arsenic-antimony
(Cu-Ag-As-Sb). This new target will now form the focus for
additional work on the licence.
The Company is now considering the next stage of work on the
Limerick Project which may include conducting several Induced
Polarization (IP) lines over potential targets not previously
tested. If warranted, follow-up exploration drilling will take
place to determine the cause of geochemical and geophysical
anomalism.
Michael Nott, Chief Executive Officer, commented: "The four
principal anomalies that have been identified provide us with
targets for follow-up exploration. In particular, the
copper-silver-arsenic-antimony anomaly discovered matches quite
closely the profile of the copper-silver-mercury mine at Gortdrum,
just 25km to the east. Gortdrum was mined for copper-silver between
1967 and 1975, producing 3.8 million tonnes containing 1.19% copper
and 25.1 g/t silver, as well as recoverable quantities of mercury.
This is further evidence that we are in the right address
geologically. This target will be our focus for ongoing work at
Limerick."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Alba Mineral Resources
plc
Michael Nott, CEO +44 20 7264 4366
Cairn Financial Advisers
LLP
James Caithie / Liam Murray +44 20 7213 0880
Dowgate Capital Stockbrokers
Limited
Jason Robertson / Neil
Badger +44 1293 517744
Competent Person's Declaration
The information in this announcement that relates to the
geology, exploration results and work programme is based on
information compiled by and reviewed by EurGeol Dr Sandy M.
Archibald, PGeo, Aurum Exploration Services, who is a Professional
Geologist and Member of the Institute of Geologists of Ireland, and
a Fellow of the Society of Economic Geologists. He is a geologist
with fifteen years' experience in the exploration industry, and ten
years post-graduate studies.
Sandy M. Archibald is a Technical Advisor to Alba Mineral
Resources plc and has sufficient experience which is relevant to
the style of mineralization and type of deposit under
consideration, and to the type of activity which he is undertaking
to qualify as a Competent Person as defined in the June 2009
Edition of the AIM Note for Mining and Oil & Gas Companies.
Sandy M. Archibald consents to the inclusion in the announcement of
the matters based on the information in the form and context in
which it appears and confirms that this information is accurate and
not false or misleading.
About Alba
Alba holds a 15 per cent interest in Horse Hill Developments
Limited, the company which has a 65 per cent participating interest
and operatorship of the Horse Hill oil and gas project (licences
PEDL 137 and PEDL 246) in the UK Weald Basin. Alba is also earning
a 5% interest in Production Licence 235, which comprises the
producing onshore Brockham Oil Field.
Alba has earned the right to a 49 per cent interest in the
Amitsoq Graphite Project in Southern Greenland and has agreed to
acquire a further 41 per cent interest in the Project, subject to
Greenlandic regulatory approvals.
In addition, the Company recently renewed its Limerick base
metal licence in the Republic of Ireland until May 2018.
The Company has applied for the reissue of a uranium permit in
northern Mauritania. The new Mauritanian permit will be on a
reduced area, and is centred on known uranium-bearing showings.
Alba continues actively to review and discuss numerous other
project opportunities which have value-enhancing potential for the
Company whether by acquisition, farm-in or joint venture in a
number of jurisdictions around the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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