REG - Alba Mineral Resrcs. - GROC Update: Completed Phase 2 Drilling Assays

Alba Mineral ResourcesAnnouncement

22/12/2022 08:00

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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.

 

**ENDS**

 

For further information, please visit   www.albamineralresources.com
(http://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 by Alba           Location           Ownership    
 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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