REG - Alba Mineral Resrcs. - Investee Company Update

Alba Mineral ResourcesAnnouncement

16/10/2023 07:00

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RNS Number : 1498Q  Alba Mineral Resources PLC  16 October 2023

Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector: Mining

16 October 2023

Alba Mineral Resources Plc

("Alba" or the "Company") 

 

 

Investee Company Update

Amitsoq Exploration Licence Expansion

Alba Mineral Resources Plc (AIM: ALBA) is pleased to note the RNS today by its
portfolio company, GreenRoc Mining Plc ("GreenRoc"), regarding the enlargement
of Mineral Exploration Licence 2013-06 which contains GreenRoc's flagship
Amitsoq graphite deposit.  The GreenRoc announcement is set out below without
material changes.

 

GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining

 

16 October 2023

GreenRoc Mining plc

("GreenRoc" or the "Company")

 

Amitsoq Graphite Project Update

Grant of Exploration Licence Expansion

GreenRoc Mining Plc (AIM: GROC), a company focused on the development of
critical minerals projects in Greenland, is pleased to announce that the
Government of Greenland has approved the Company's application to enlarge its
Mineral Exploration Licence ("MEL") 2013-06 which contains the Amitsoq
graphite deposit.

GreenRoc's Amitsoq Graphite Project in southern Greenland ("Amitsoq") is one
of the highest-grade graphite projects in the world.

Stefan Bernstein, GreenRoc's CEO, commented: "We are pleased to have been
successful in enlarging this Mineral Exploration Licence as it secures access
to an area that will become important when we develop infrastructure around
the mining operation at Amitsoq. Also, the additional area is prospective for
high-grade graphite deposits similar to those we are targeting at Amitsoq.

"I would like to thank the Greenlandic Mineral Resource Administration for its
swift processing of the application. We received the Minister's approval just
two weeks after signing the licence documents and the whole licensing process
took just three months. This really illustrates how supportive the Government
of Greenland is towards the sustainable and responsible development of its
natural resource economy and that Greenland is a well-run, well-regulated,
mining friendly jurisdiction."

 

 

Figure 1: Original Licence MEL 2013-06 to the East and newly added area to the
west of Amitsoq mine. Nanortalik town is situated about 20km to the southwest
of Amitsoq.

Details

The additional area lies immediately to the west of the existing licence MEL
2013-06 which contains the Amitsoq deposit (see Figure 1). Before the licence
extension, MEL 2013-06 covered an area of 48km(2) and, with the license
expansion, has now increased to 72.52km(2).

The licence application was submitted to the Greenlandic Mineral Resource
Administration on 3 July 2023, with all parties having signed the licence
document by 10 October 2023.

The area added to MEL 2013-06 secures access to stretches of land on the coast
opposite the Amitsoq deposit which will be important as GreenRoc progresses
its development of the Amitsoq graphite deposit towards production. It allows
the Company to consider the use of flat ground for infrastructure, including
buildings, storage, depot sites, and port facilities.

Additionally, a large portion of the rocks underlying the added licence area
consist of metamorphic rock complexes similar to those that host the Amitsoq
and Kalaaq graphite deposits and adjacent graphite mineralisations (see RNS of
10 October, 2022) and are, therefore, prospective for such deposits.

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.

**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 

CMC Markets plc (Broker)  

Thomas Smith / Douglas Crippen
  +44 20 3003 8632 

 

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%
 Investments Held by Alba           Location   Ownership
 GreenRoc Mining Plc (mining)       Greenland  42.97%
 Horse Hill (oil)                   England    11.765%

 

 

 

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