TIDMALBA
RNS Number : 3906E
Alba Mineral Resources PLC
09 February 2018
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Alba Mineral Resources plc
("Alba" or the "Company")
Further Exploration Ground Secured at Inglefield Land Project
Where Historical Data Compilation Confirms Multi-Commodity
Potential
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that it has been granted a mineral exploration licence in
north-west Greenland, within the region known as Inglefield Land,
close to Alba's existing Inglefield mineral exploration licence
(see the Company's announcement of 4 September 2017).
The additional ground was previously under licence to
NunaMinerals A/S ("Nuna"), a former licence-holder which previously
held a diverse portfolio of exploration licences in Greenland
covering some of the most prospective ground in the country,
incorporating precious, base and critical metals as well as
diamonds. The Government of Greenland announced in October 2017
that it was making much of the former Nuna exploration ground
available in a formal application process ending on 30 November
2017. Alba applied for this additional ground and has been
successful in its application.
Extensive exploration has been carried out across Inglefield
Land by previous operators in the region as well as the Geological
Survey of Denmark and Greenland ("GEUS"), and the historical data
on Alba's combined Inglefield Land ground includes assay results
confirming the presence of copper, gold, cobalt, vanadium and
nickel.
In conjunction with this licence grant, Alba's technical team
has now completed a further compilation and review of the available
historical data across Inglefield Land, a summary of which is set
out in this announcement.
Highlights:
-- Alba's Inglefield Land package contains numerous targets in a
suite of high value minerals and metals
-- GEUS has identified that Inglefield Land has the potential
for copper-zinc volcanogenic massive sulphide (VMS) deposits, which
are associated with and created by volcanic-associated hydrothermal
events in submarine environments
-- Previous extensive surface sampling has reported anomalous
copper (up to 1.39%), gold (up to 1.7g/t), cobalt (up to 0.16%),
vanadium and nickel
-- High grade float reported to have been collected in West
Inglefield historically, returning 8.8% cobalt and 7.6% nickel,
showing the significant potential of the region
-- Copper, cobalt, nickel and vanadium are all critical
strategic resources for the battery metals sector - prices for all
those commodities have increased in the past 12 months, cobalt
having more than doubled
-- Alba intends to undertake a field programme across the
various high-quality targets during the 2018 field season in
conjunction with planned activities at the nearby Thule Black Sands
project, thereby benefiting from significant logistical cost
savings
Alba's Executive Chairman, George Frangeskides, commented:
"We are very pleased to have added to our exploration ground in
Inglefield Land. Once further ground became available late last
year, we identified the major areas of interest and submitted our
application, and are grateful for the continued vote of confidence
in our team's work in-country which has been shown by the MLSA and
the Government of Greenland in awarding us this licence."
"Inglefield Land hosts a range of high value commodities,
including gold but also encompassing a range of metals that, aside
from their long-standing industrial uses, have key roles in the EV
battery and renewables sector, namely copper, cobalt, vanadium and
nickel. The price of cobalt in particular is up over 100 per cent
in the past 12 months."
"We have the advantage that we can continue now the extensive
work undertaken in Inglefield Land by the previous operators which
work has confirmed promising grades for a suite of high value
minerals and metals."
"One of the drivers for us to look at the potential within
Inglefield Land is that we already have a strong base in north-west
Greenland with our Thule Black Sands project. As we will be working
extensively up at Thule this coming field season, we will be able
to utilise the same team and logistics to undertake a first field
exploration campaign at Inglefield Land, which is approximately
100km to the north of the town (and exploration base) of Qaanaaq,
Thule Black Sands being approximately 80km to the south. So while
this additional exploration ground does not add significantly to
our exploration outlay, it possesses attractive upside potential
from further exploration success."
"In the coming months investors can expect to see significant
news flow at Alba, not only across our suite of high quality mining
assets in Greenland and the UK, but also of course in relation to
our substantial interests in the Horse Hill and Brockham oil
projects both of which, as previously reported by their respective
operators, are hoped to make a major step-change in their
development."
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive
Chairman +44 20 7264 4366
Cairn Financial Advisers LLP
(Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey (PR & IR)
Tim Thompson / Sophia Macleod
/ Henry Wilkinson +44 20 3735 8825
alba@yellowjerseypr.com
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Howard Baker, Technical Director of
Alba Mineral Resources Plc. Mr Baker is a Chartered Professional
Fellow of the Australasian Institute of Mining and Metallurgy
(Membership Number 224239) and a Competent Person as defined by the
rules of International Reporting Codes that are aligned with
CRIRSCO.
Howard Baker 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. Howard Baker consents to the inclusion in the announcement
of the matters based on his information in the form and context in
which they appear.
Further Background to the Announcement
As part of its detailed country-wide review of the mineral
potential of Greenland conducted last year, Alba and its technical
team identified Inglefield Land as containing significant potential
for a suite of minerals and metals including copper, gold, cobalt,
vanadium and nickel. However, at the time much of the most
interesting ground in Inglefield Land was still under licence to
Nuna. Alba therefore applied for, and was granted, some small areas
of ground (totalling 90 km(2) ) with a view to then applying for
the most prospective ground within Inglefield Land when it became
available. Alba is pleased to report that it has been successful in
its subsequent application for the ex-Nuna ground and,
consequently, has now amassed a significant land package of highly
prospective ground at Inglefield Land, close to Alba's other
projects in north-west Greenland, being Thule Black Sands and
Melville Bay Iron Ore. Alba will now be able to benefit from
logistical and manpower savings this coming field season as it
explores at Inglefield Land at the same time as its field team is
based at Thule Black Sands.
The new Inglefield Land licence block covers an area of 466km(2)
comprising four sub-areas which are located 95 km north to 200 km
northeast of Qaanaaq.
The area is underlain by rocks of the Paleoproterozoic
Inglefield Mobile Belt, which include structurally complex
metasedimentary and meta-igneous rocks. Geological mapping,
geochemical stream sediment sampling and airborne geophysical
surveys by GEUS, and fieldwork by mineral exploration companies
have identified a number of mineral showings in the Inglefield
Mobile Belt. Commodities identified during these studies include
gold, copper, molybdenum, nickel, zinc, and cobalt, and were
typically associated with igneous intrusions, or shear zones. The
deposit types for each commodity are porphyry Cu-Au-Mo, skarn
Cu-Au-Zn, and Cobalt-type Ni-Co-Ag.
Four sub-areas have been selected for application by Alba's
technical team and which now comprise granted MEL 2018/25: Part 1
(41 km(2) ), Part 2, (294 km(2) ), Part 3 (90 km(2) ) and Part 4
(41 km(2) ).
Inglefield Land - Historical Fieldwork
Of note, in 1995, GEUS undertook a detailed stream sediment
sampling programme across Inglefield Land as part of a study in to
the Zinc potential of North Greenland. Extensive sampling was
undertaken. Whilst undertaken to assess the Zinc potential, GEUS
identified that Inglefield Land has the potential for massive
volcanogenic sulphide deposits.
Also worthy of mention is the reference by previous operator
Nuna in one of its historical reports to the Greenlandic
authorities of a high grade float picked up in West Inglefield Land
by a local hunter from Qaanaaq. This returned 8.8% cobalt, 7.6%
nickel, 3.5% arsenic, 16 g/t gold, 15 g/t silver and 6.9% iron.
More recently, the previous licence holder, Nuna, undertook
extensive geochemical sampling programmes across Inglefield Land
and reported porphyry copper-gold and skarn type copper targets
identified through mapping and stream sediment, rock chip and float
sampling. Alba's technical team have now reviewed the available
historical results and mapped them in a series of maps, commodity
by commodity, which appear below.
Anomalous grades were reported from numerous locations. Alba
intends to undertake a field programme across the various
high-quality targets during the 2018 field season in conjunction
with planned activities at the nearby Thule Black Sands
project.
Licence Details
Mineral Exploration Licence (MEL) 2018/25 has been granted to
Alba's wholly-owned subsidiary, White Eagle Resources Limited
("WERL"). WERL is also the holder of the Group's other licence in
Inglefield Land, MEL 2017/40.
Background to commodities found in Inglefield Land
As mentioned, commodities identified during previous work
include gold, copper, nickel, zinc, vanadium and cobalt. Aside from
their long-standing industrial uses, copper, cobalt and nickel, in
particular, are all critical resources for the battery metals
sector. As regards vanadium, approximately 85% of vanadium produced
is used as ferrovanadium or as a steel additive. An emerging market
opportunity is developing for vanadium pentoxide (V2O5) to be used
as the electrolyte in the vanadium redox flow battery (VRFB). These
batteries can store large amounts of energy almost indefinitely,
and therefore have significant potential for use in wind/solar
farms, industrial and utility scale applications, to supply remote
areas or to provide backup power.
The price of the key commodities targeted within Inglefield Land
has increased over the past 12 months, as follows: Cobalt - up over
100 per cent; Copper - up approximately 18 per cent; Nickel - up
over 30 per cent; Vanadium - up over 60 per cent; and Gold - up
approximately 10 per cent.(1)
Notes to Editors
Alba's Project Portfolio
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds an 18.1 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.
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent
interest in Production Licence 235, which comprises the previously
producing onshore Brockham Oil Field.
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest
in the Amitsoq Graphite Project in Southern Greenland and has an
option over the remaining 10 per cent.
Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of
mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Gold Mines of Wales (Gold, Wales, UK): Alba holds a 49 per cent
interest in Gold Mines of Wales, the ultimate owner of the Clogau
Gold project situated in the Dolgellau Gold Belt in Wales.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Inglefield Land (Multi-Commodity): Alba owns 100 per cent of
mineral exploration licences 2017/40 and 2018/15 in north-west
Greenland.
Limerick (Base Metals, Ireland): Alba has 100 per cent of the
Limerick base metal project in the Republic of Ireland.
El Mreiti (Uranium, Mauritania): Alba has applied for the
reissue of a uranium permit in northern Mauritania, centred on
known uranium-bearing showings.
Web: www.albamineralresources.com
(1) http://www.infomine.com/investment/metal-prices/
This information is provided by RNS
The company news service from the London Stock Exchange
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