LONDON (ShareCast) - (ShareCast News) - Alba Mineral Resources confirmed on Monday that it has now completed the preliminary evaluation of the high resolution airborne electromagnetic-magnetic geophysical survey on the Amitsoq graphite project near Nanortalik in southern Greenland.
The AIM-traded firm said the initial interpreted results are highly encouraging, and provide numerous target areas for follow-up ground work, geophysics and drilling.

It said those targets include graphite zones and extensions of the former graphite mine at Amitsoq, nickel and platinum group metals to the north of the former mine, as well as potential gold targets on the mainland to the south of Amitsoq island.

Numerous EM anomalies associated with potential graphite horizons have been identified, the board confirmed, with a total strike length of 12.05 kilometres.

There are 11 anomalies in particular of between 350 metres and 1300 metres each in length, for a total strike length of 5.55 km, which Alba said will be priority targets in the 2017 ground campaign, especially in and around the historic mine area.

Two shallow, moderate intensity EM anomalies have also been identified, associated with a large ultramafic dyke known to contain magmatic sulphides of nickel, PGMs, gold and silver.

Additional data processing is being undertaken to determine thickness, lateral extent, depth and dip of the conductive bodies.

"The initial results from the airborne geophysical survey are very promising," said executive chairman George Frangeskides.

"We expected to find anomalies in the vicinity of the historic Amitsoq graphite mine, and this has been confirmed by the survey.

"What is most exciting is the discovery of numerous linear anomalies running in a general northeasterly direction away from the mine area."

Frangeskides said those are suggestive of the presence of a highly conductive unit that could continue laterally for up to 1300 metres at a time.

"The identification in particular of 11 conductor axes amounting in aggregate to 5.5 kilometres of strike provides us with significant priority targets for follow up work."

Frangeskides explained that the survey results to date vindicated the board's decision to invest in the Amitsoq Project, the fundamentals of which were already strong, comprising a former producing mine, with high grade graphite and a preponderance of high value jumbo to super jumbo flakes.

"The next phase of exploration will involve further processing of the geophysical data which is already underway, followed by ground verification of targets and the planning of a drilling programme for later this year."

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