Alba Mineral Resources (ALBA)

Sector:

Mining

Index:

FTSE AIM All-Share

 0.045p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.10p
  • 52 Week Low: 0.035p
  • Currency: UK Pounds
  • Shares Issued: 9,726m
  • Volume: 5,591,684
  • Market Cap: £4.38m
  • RiskGrade: 447

Alba declares 'significant' exploration target at Amitsoq

By Josh White

Date: Friday 07 May 2021

LONDON (ShareCast) - (Sharecast News) - Alba Mineral Resources announced on Friday that, following a detailed independent assessment of the Amitsoq Graphite Project in southern Greenland, it had declared a "significant" exploration target for the project.
The AIM-traded firm commissioned Dr John Arthur to prepare an exploration target for each of the Amitsoq and Kalaaq deposits, which together comprise the Amitsoq Graphite Project in southern Greenland.

Following a detailed assessment of all pertinent data sets for the Amitsoq Project, Dr Arthur had concluded that the volume and grade ranges for the Amitsoq exploration target were between 1.7 and 4.5 million tonnes, assuming a density of 2.63 tonnes per square metre, with a grade range of between 24% and 36% graphitic carbon, for between 408,000 and 1.62 million tonnes of contained graphite.

At the Kalaaq exploration target, ranges were between four and seven million tonnes at the same density assumption, with a grade range of between 23% and 29% graphitic carbon, for between 920,000 and 2.03 million tonnes of contained graphite.

In accordance with the JORC code, Alba said the potential quantity and grade of the exploration targets was "conceptual in nature", as there had been insufficient exploration to estimate a mineral resource, making it uncertain if further exploration would result in the estimation of such a resource.

The Amitsoq component of the exploration target would be tested in an upcoming drilling programme, the board said.

"We commissioned this independent assessment of the potential quantity and grade of the graphite at the Amitsoq Graphite Project in order to provide support for there being significant tonnage potential at the project," said chief executive officer George Frangeskides.

"Having now declared an initial exploration target of between 1.3 million and 3.6 million tonnes of contained graphite for the two deposits combined, this gives us great confidence to move forward to a drilling programme at Amitsoq."

Frangeskides said the first aim of the programme would be to declare a maiden JORC-compliant mineral resource estimate at the Amitsoq deposit, where its test work programme both confirmed that the graphite had "exceptionally high" average grades.

"[It] also confirmed that it is battery grade material which can be sold into the electric vehicle sector, which is by far the largest growth market for graphite," he added.

At 1128 BST, shares in Alba Mineral Resources were up 9.12% at 0.32p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ALBA Market Data

Currency UK Pounds
Share Price 0.045p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.10p
52 Week Low 0.035p
Volume 5,591,684
Shares Issued 9,726m
Market Cap £4.38m
RiskGrade 447

ALBA Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
38.83% above the market average38.83% above the market average38.83% above the market average38.83% above the market average38.83% above the market average
20.63% above the sector average20.63% above the sector average20.63% above the sector average20.63% above the sector average20.63% above the sector average
Price Trend
82.62% below the market average82.62% below the market average82.62% below the market average82.62% below the market average82.62% below the market average
66.42% below the sector average66.42% below the sector average66.42% below the sector average66.42% below the sector average66.42% below the sector average
Income Not Available
Growth Not Available

ALBA Dividends

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Trades for 31-Oct-2024

Time Volume / Share Price
16:26 984,251 @ 0.043p
15:59 422,066 @ 0.045p
15:21 5,032 @ 0.046p
14:51 1,404,242 @ 0.045p
12:00 10,000 @ 0.042p

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