RNS20 Jul 2021 08:04
Update on Thule Black Sands Drilling
and Greenland Spin-Out IPO
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that the Phase 2
Drilling Programme has commenced at the Company's wholly owned Thule Black
Sands Ilmenite Project in northern Greenland.
The Company is also pleased to provide an update on the transaction to spin
out the Company's Greenland assets into a stand-alone AIM-quoted vehicle.
Key Points
· Drilling operations have commenced at the Thule Black Sands Ilmenite
Project in northern Greenland
· Alba seeking to drill 125 holes for up to 1,000 m with the aim of
substantially increasing the existing JORC Mineral Resource
· DEM and bathymetry surveys will also be undertaken
· Greenland IPO Spin-Out Transaction progressing
Thule Black Sands Drilling Programme
Alba's wholly owned subsidiary White Eagle Resources Limited ("White Eagle"),
the owner and operator of the Thule Black Sands Ilmenite Project ("TBS" or the
"Project"), has commenced drilling activities at site. The objective of the
drilling will be to significantly increase the existing JORC-compliant Mineral
Resource Estimate for the Project.
The drilling programme will focus on the higher-grade southern area as
delineated by the 2018 drilling campaign. Around 125 holes are planned to be
drilled by sonic rig at an average depth of 8m which equates to 1,000m of
drilling. The holes will be spaced on a grid of 200m x 250m with fences placed
midway (infilling) between the 2018 fences. There will be some in-fill
drilling within the 2018 fences to allow for Resource estimation to greater
depths.
The 2018 Mineral Resource estimate only averaged 1 metre in depth as the
drilling was constrained by the permafrost layer being encountered around that
depth. To enable depth penetration through the permafrost, the Company has
chosen to use a sonic drill in the current campaign. Initial reports are that
the drill rig is performing as expected.
Subject to successful completion of the upcoming drill programme and a
significant increase in the Mineral Resource, White Eagle intends to progress
to conceptual or scoping level studies to assess the economic exploitation of
the Project. This study work will incorporate the metallurgical test work
currently in progress at IHC Robbins' Brisbane test facility, thereby allowing
for a relatively fast-track assessment.
In addition to the drilling, the Company will be carrying out a Digital
Elevation Model (DEM) survey over the licence area which will greatly assist
in future mine development activities, as well as a bathymetry survey which
will be used to input into future near-shore shallow-depth ilmenite resource
estimations and infrastructure requirements. These surveys will be carried
out by ASIAQ Greenland Survey, which is 100% owned by the Greenland state and
which has significant experience in carrying out such surveys and research
projects in Gree
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