(Alliance News) - Mining exploration firm Alba Mineral Resources PLC said Thursday that further testwork has revealed its Amitsoq project in Greenland is an "exceptionally high-grade" graphite site.
Phase two metallurgical testwork confirmed that saleable total graphite content of 97.3% can be produced from the Amitsoq project in the south of the Arctic island.
Alba added that image analysis showed 36% of the refined product contained "large, jumbo and super jumbo" flake sizes of graphite. These flakes "attract a premium price in the graphite market", Alba said.
"This completed phase two test programme for our exceptionally high-grade graphite project at Amitsoq confirms two very important things," Chief Executive Officer George Frangeskides said.
"Firstly, that a saleable, 97.3% product can be produced," Frangeskides added. "And secondly, that in that refined product is included a significant proportion of the higher-value flake graphite that is sought-after for a range of industrial uses, which still underpin the majority of the demand for natural flake graphite globally. This will be very important for the future economics of the Amitsoq Project."
"We will build on this latest phase of work with further refining testwork, and also to assess the amenability of Amitsoq graphite to produce a very high purity product suitable for the battery metals sector", Frangeskides continued. "This completed work on one of our key assets provides us with great confidence as we move into 2020."
Shares in Alba were 11% higher at 0.20 pence in London on Thursday.
By Ahren Lester; ahrenlester@alliancenews.com
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Alba Mineral Resources (ALBA)