(Alliance News) - Alba Mineral Resources PLC on Tuesday said the phase 2 drilling programme has commenced at its wholly owned Thule Black Sands ilmenite project in northern Greenland.
In addition, the company said it is making progress on the spin out of its Greenland assets into a stand-alone AIM-quoted vehicle. The move was first reported back in May, when Alba said it intends to divest its assets in Greenland, namely the Amitsoq, TBS, Melville Bay and Inglefield projects, into a separate vehicle.
The newly-created company will acquire the Greenland projects from Alba for shares, and, simultaneously with the listing, the new company will undertake an initial public offering fundraising to secure the necessary working capital to fast-track the development of the Greenland projects.
Turning back to the development of Thule Black Sands project, Alba said drilling operations have commenced. Alba seeking to drill 125 holes for up to 1,000 metres with the aim of substantially increasing the existing JORC mineral resource.
Alba shares closed 4.9% lower in London on Tuesday at 0.26 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Alba Mineral Resources (ALBA)