Alba Mineral Resources Regulatory News (ALBA)

29 Nov 2005 08:58

Alba Mineral Resources PLC29 November 2005 Alba Mineral Resources Plc ("Alba" or the "Company") Drilling Results Alba Mineral Resources plc is pleased to report initial results from itsverification drilling programme on its Arthrath Nickel-Copper-PGE (platinumgroup elements) project in Aberdeenshire, Scotland. Highlights include: • extensive, near-surface, disseminated magmatic nickel-copper sulphide mineralization intersected in hole 05-AH/02, with 109.7 metres @ 0.26% Ni, 0.29% Cu, 0.019% Co from 17.3 metres • includes a highest grade interval of 7.8 metres @ 0.51% Ni, 0.54% Cu, 0.033% Co, 169 ppb Pd+Pt+Au and 4.1 g/t Ag from 103.2 metres in a unit with higher sulphide content • interpretation of Alba's drilling in conjunction with two historical drill holes, indicates there is potential for up to 350 metres of down dip extension from surface to this highly encouraging mineralization • results from ongoing exploration of the extensive Arthath property are expected to produce several drilling targets within, contiguous to and outside the current area of focus. Work at the Arthrath property is targeting the strike length of a 10 kilometrelong east-west trending mafic intrusion, which in places is up to 600 metreswide. Between 1968 and 1973 previous operators drilled 36 drill holes andencountered nickel and copper bearing sulphide mineralization over a 4.5kilometre strike length. This known mineralized area is geographically centralto the area being explored by Alba. Previous drilling was widely spaced and didnot, in Alba's opinion, adequately test the potential for high-grade massivesulphide bodies. Importantly, there was no systematic analysis for cobalt orPGEs of previous operator drill core. Diamond Drilling Alba's programme of verification drilling has focussed on a zone where drillingby previous operators indicated the presence of nickel and copper mineralizationapproaching economic grade. The programme was designed to confirm both the gradeand style of sulphide mineralization and to test initial interpretations fromhistorical data that a northerly dipping mineralized body is present within avertical or sub-vertical intrusive body. The first hole, 05-AH/01, drilled at 45 degrees to the south, was halted in poordrilling conditions within a highly serpentinized shear zone at 47.5 metres. Asecond, similarly oriented hole was collared 22 metres to the east, andintersected 178 metres of variably developed, disseminated and net-texturemagmatic sulphide mineralization. Drilling conditions and recoveries in thissecond hole were excellent with encouraging intersections encountered frombedrock at 17.3 metres: 109.7m @ 0.26% Ni, 0.29% Cu, 0.019% Co and 2.3g/t Ag from 17.3m, including 7.8m @ 0.51% Ni, 0.54%Cu, 0.033% Co, 169 ppb Pd+Pt+Au and 4.1g/t Ag from 103.2m The third hole, DDH 05-AH/03, was designed to test the northern and southerncontacts of the intrusion and undercut any encouraging mineralizationencountered in 05-AH/02, at depth. Assay results are pending. Interpretation of Alba's drilling in conjunction with two historical drill holesindicates there is potential for up to 350 metres of down dip extension fromsurface to this highly encouraging mineralization. In addition, assay results for 05-AH/02 have for the first time confirmed thepresence of highly anomalous levels of cobalt, palladium, platinum, gold andsilver associated with nickel and copper mineralization, with maximum values of0.091% Co, 743 ppb Pd, 246 ppb Pt, 134 ppb Au and 11 g/t Ag. In order to determine potential grades for any semi-massive to massive sulphidebody which may be present within the system, a 10cm section of core composed of50% sulphide was analysed separately and returned values of 1.38% Ni, 0.30% Cu,0.091% Co and 839 ppb Pd+Pt+Au. This clearly demonstrates the economicpotential of any such massive (100%) sulphide. Other Activities Concurrent with the drilling programme, extensive soil geochemical andgeophysical surveys have been carried out to define the size of the mineralizedintrusive system and define additional drilling targets. Results will bereported early in the New Year. Alba's Chairman, Lance O'Neill, commented, "We are highly encouraged by thedrilling results from our Arthrath project. The results clearly demonstrate thesize of the mineralizing system and highlight the potential for higher gradeswithin the large, poorly explored area over which Alba has an exclusive 100%interest. We look forward to reporting the final results of both the drillingand ongoing property-wide exploration programmes which we expect to produce newdrilling targets." Enquiries:- Lance O'Neill, Alba Mineral Resources Plc 020 7499 8334Wilson Robb, Alba Mineral Resources Plc +353 46 905 9959Liam Murray, City Financial Associates Limited 020 7090 7800 This information is provided by RNS The company news service from the London Stock Exchange