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(Sharecast News) - Alba Mineral Resources announced on Friday that, following a detailed independent assessment of the Amitsoq Graphite Project in southern Greenland, it had declared a "significant" exploration target for the project.
The AIM-traded firm commissioned Dr John Arthur to prepare an exploration target for each of the Amitsoq and Kalaaq deposits, which together comprise the Amitsoq Graphite Project in southern Greenland.
Following a detailed assessment of all pertinent data sets for the Amitsoq Project, Dr Arthur had concluded that the volume and grade ranges for the Amitsoq exploration target were between 1.7 and 4.5 million tonnes, assuming a density of 2.63 tonnes per square metre, with a grade range of between 24% and 36% graphitic carbon, for between 408,000 and 1.62 million tonnes of contained graphite.
At the Kalaaq exploration target, ranges were between four and seven million tonnes at the same density assumption, with a grade range of between 23% and 29% graphitic carbon, for between 920,000 and 2.03 million tonnes of contained graphite.
In accordance with the JORC code, Alba said the potential quantity and grade of the exploration targets was "conceptual in nature", as there had been insufficient exploration to estimate a mineral resource, making it uncertain if further exploration would result in the estimation of such a resource.
The Amitsoq component of the exploration target would be tested in an upcoming drilling programme, the board said.
"We commissioned this independent assessment of the potential quantity and grade of the graphite at the Amitsoq Graphite Project in order to provide support for there being significant tonnage potential at the project," said chief executive officer George Frangeskides.
"Having now declared an initial exploration target of between 1.3 million and 3.6 million tonnes of contained graphite for the two deposits combined, this gives us great confidence to move forward to a drilling programme at Amitsoq."
Frangeskides said the first aim of the programme would be to declare a maiden JORC-compliant mineral resource estimate at the Amitsoq deposit, where its test work programme both confirmed that the graphite had "exceptionally high" average grades.
"[It] also confirmed that it is battery grade material which can be sold into the electric vehicle sector, which is by far the largest growth market for graphite," he added.
At 1128 BST, shares in Alba Mineral Resources were up 9.12% at 0.32p.
26 Jun 2024 16:37
IN BRIEF: Alba Mineral Resources updates on progress at Welsh mine
Alba Mineral Resources PLC - Northern Europe-focused mineral explorer - Reports on the progress of ongoing works at the 100% owned Clogau-St David's gold mine in Wales. Says all fines from trenches 1 and 3 have now been processed at the company's on-site processing plant. A total of 35 kilograms of concentrates have been produced in the current programme to date, Alba notes. Says the underground works contractor is back on site to complete safety and access works and a mining contractor has been selected.
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