Alba Mineral Resources PLC - mineral exploration and development company with assets in Greenland and the UK - Starts 15-hole, 1,700 metre diamond core drilling programme at the Amitsoq Island deposit, which is part of the Amitsoq graphite project, with the objective of setting up a maiden mineral resource there.
On Monday last week, Alba released an exploration target for the deposit, with a range of 1.7 to 4.5 million tonnes, and a grade range of 24% to 36% graphitic deposit.
Five drill pads have been prepared at 100m to 200m spacing along strike, from which three holes will be drilled on each pad.
In addition, Alba has commissioned a separate field team to conduct a mapping and sampling programme at the Kalaaq discovery on the main portion of Obsidian licence area.
"This is an exciting time for Alba as we move onto the drilling of one of the world's highest grade graphite deposits. The testwork from our extensive field sampling has shown that the target value for the LOI content of 99.9%, and the typical specification for spherical graphite of 99.95%, are both capable of being achieved which qualifies this graphite as battery grade and suitable for the EV market," said Chief Operating Officer Mark Austin.
Current stock price: 0.24 pence, down 6.9%
Year-to-date change: down 56%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Alba Mineral Resources (ALBA)