TIDMALBA
RNS Number : 7891F
Alba Mineral Resources PLC
31 October 2018
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Alba Mineral Resources plc
("Alba" or the "Company")
Maiden Reconnaissance Sampling Shows Significant Multi-Element
Anomalies at Inglefield Land, North-West Greenland
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, is pleased to report the
results from the recent reconnaissance sampling programme completed
at the Company's 100% owned Inglefield Land polymetallic project in
north-west Greenland.
Highlights:
-- Identified mineralisation confirms Inglefield Land
copper-gold potential with an assemblage akin to porphyry
copper/iron oxide-copper-gold ("IOCG") style deposits
-- The new results complement the results obtained by the
previous operator with both sets of assay data showing extensive
mineralisation potential over significant strike lengths
-- Polymetallic gold-copper-silver mineralisation identified at
the Kap Agassiz/Bear Island target
-- Channel sample gold grades up to 0.65 g/t
-- Rock sample copper grades up to 1.65%
-- Rock sample silver grades up to 18.6 g/t
-- Soil sample polymetallic gold-copper-silver-molybdenum
mineralisation identified at the Four-Finger target
-- Gold grades up to 0.36 g/t
-- Copper grades up to 0.18%
-- Silver grades up to 13.35 g/t
-- Molybdenum grades up to 0.11%
Alba's Executive Chairman, George Frangeskides, commented:
"The indications from these assay results is that large-scale
mineralising systems exist in Alba's licence areas and that this
could indicate the presence of porphyry copper and/or IOCG systems.
These deposits are typically polymetallic and very large in
scale."
"Given the potential significance of such a discovery, this is
something we intend to focus our future work on at our Inglefield
Land Project, both in terms of the further geological and
geophysical analysis to be undertaken over the winter as well as
the follow-up field exploration planned for 2019."
Project Description
The Inglefield licences, 2017/40 (90km(2) ) and 2018/25
(466km(2) ), are located 95 km north to 200 km north-east of
Qaanaaq. The area is underlain by rocks of the Paleoproterozoic
Inglefield Mobile Belt, which include structurally complex
metasedimentary and meta-igneous rocks. Geological mapping,
geochemical stream sediment sampling and airborne geophysical
surveys by the Danish and Greenlandic Geological Survey (GEUS), and
fieldwork by previous mineral exploration companies, identified
several mineral showings in the Inglefield Mobile Belt. Commodities
identified during these studies include gold, copper, molybdenum,
nickel, zinc and cobalt, and were typically associated with igneous
intrusions, or shear zones.
Field Programme
Alba completed a two-week reconnaissance sampling programme
across selected targets at Inglefield Land with targets being
accessed via helicopter from a base camp at the Four-Finger Lake
target. The exploration campaign was led by Mr Mark Hutchison, a
Greenland-based exploration geologist, supported by Mr Ole
Christiansen, a senior Greenlandic geologist who has extensive and
unrivalled experience of the geology and mineralisation styles at
Inglefield Land, not least from his time leading NunaMinerals, the
previous licence holder in the region.
In total 139 samples were collected from four targets within
Alba's licence areas. Not all planned targets were visited during
the reconnaissance exploration programme with numerous sites
planned for further investigation in 2019 along with follow-up
exploration based on the samples recently collected.
The Four-Finger and Kap Agassiz areas have been recognised
previously as copper-gold targets with multiple gossans and
malachite showings at surface. These areas were sampled by Alba's
field team via channel, soil and rock chips. Gossans are
iron-enriched zones which may signify areas of deeper-seated
metallic mineralisation, so the presence of multiple gossans may
suggest widespread mineralised targets.
At Kap Agassiz, copper, gold and silver mineralisation were
identified over a 200m zone. Here, copper grades of up to 1.65%
were found, gold grades of up to 0.65 g/t and silver grades of up
to 18.6 g/t. The area is dominated by calc-silicate gneiss,
paragneiss and marble, malachite staining and gossan zones, with a
selection of the assay results shown in Table 1.
Table 1: Select assay results from the Kap Agassiz/Bear Island
targets.
Sample Au_ppm Ag_ppm Cu_ppm
------- ------- ------- -------
411360 0.01 4.7 16,540
411362 0.199 6.73 6,641
411363 0.05 5.36 7,692
411364 0.105 1.85 3,784
411365 0.2 17.71 15,460
411366 0.026 3.99 5,982
411367 0.036 0.31 271
411426 0.059 13.48 8,125
411472 0.273 18.62 10,350
411473 0.142 0.24 634
411474 0.645 0.57 1,787
411475 0.197 0.36 849
411476 0.38 0.49 527
411477 0.208 0.18 611
411482 0.052 0.38 231
------- ------- ------- -------
The results obtained complement samples collected by previous
licence holder NunaMinerals where anomalous copper-gold values were
obtained from multiple locations which are within Alba's current
licence area. The NunaMinerals samples are up to approximately 7km
from the area sampled by Alba, and signify that a mineralised belt
exists in the area. Table 2 shows a selection of the NunaMinerals
sample results with gold grades up to 1.7 g/t and copper with a
maximum grade of 1% (limited in the upper detection limit due to
the assay method). Of note, molybdenum grades up to 0.075% were
also recorded, the presence of molybdenum commonly being associated
with large-scale copper-bearing systems.
Table 2: Select NunaMinerals assay results from the Kap
Agassiz/Bear Island targets.
Sample Au_ppm Ag_ppm Cu_ppm Mo_ppm
------- ------- ------- ------- -------
875540 0.008 2.3 9,600 1
879615 0.005 2.2 6,610 2
879617 0.238 2.8 10,000 2
879618 1.08 1.4 10,000 11
879619 1.68 1.7 10,000 3
879620 1.7 0.9 7,020 747
879151 0.076 < 0.2 3,330 5
879155 0.02 < 0.2 1,160 < 1
879156 0.02 < 0.2 3,200 2
879157 0.127 < 0.2 1,390 1
------- ------- ------- ------- -------
At the Four-Finger target, the assay results from the Alba
sampling revealed copper-gold-silver-molybdenum mineralisation over
a 500m zone. Here, copper grades reach up to 0.18%, gold grades
reach up to 0.36 g/t, silver grades reach up to 13.4 g/t and
molybdenum grades reach p to 0.113%. The samples taken were all
soil samples from the B-Horizon and, as such, lower grades can be
expected when compared to the results of rock chip or channel
samples. Geologically, the area is dominated by paragneiss and
granodiorite to diorite intrusives with extensive gossan zones,
with a selection of the assay results shown in Table 3.
Table 3: Soil sample results from the Four-Finger target.
Sample Weight Au_ppm Ag_ppm Cu_ppm Mo_ppm
------- ------- ------- ------- ------- --------
411406 1.93 0.12 1.19 440 36.01
411407 2.35 0.014 0.39 295.3 57.66
411408 1.63 0.011 0.33 321.8 53.95
411409 2.19 0.011 0.41 347.4 65.98
411410 2.01 0.36 7.16 227.3 37.24
411411 1.67 0.024 0.69 270.7 71.15
411412 1.62 0.028 0.66 360.9 79.51
411413 1.83 0.023 0.34 414.1 53.15
411414 1.95 0.018 0.51 298 49.16
411415 1.1 0.033 0.75 603.1 92.68
411478 2.5 0.032 0.68 169.7 2.95
411486 4.48 0.017 0.47 312.1 32.5
411487 4.1 0.009 0.35 267.6 17.12
411488 4.62 0.23 9.22 1770.8 109.5
411489 6.72 0.027 0.89 694 183.7
411490 5.28 0.036 1.09 668.1 247.55
411491 5.81 0.053 1.61 649.6 294.86
411492 6.07 0.139 3.55 1302.4 584.4
411493 5.85 0.182 13.35 1749.1 1130.45
411494 6.57 0.031 0.52 1003.2 274.72
411495 6.05 0.013 0.47 1019.8 175
411496 4.74 0.029 1.63 934.1 226.96
411497 4.73 0.091 1.52 742.8 65.36
411498 6.55 0.035 1.81 570.5 180.98
411499 5.23 0.054 1.68 627.2 65.38
411500 5.59 0.018 0.65 498.5 73.82
------- ------- ------- ------- ------- --------
Samples were also collected at the south-west zinc-cobalt
target. Due to limited time, only a handful of samples were
collected from this target area, with no significant assays results
obtained. However, the Company considers the south-west licence
area to remain a prospective zinc-cobalt exploration target, based
on the field work completed by NunaMinerals. Alba therefore plans
to carry out follow-up reconnaissance sampling in this area in
2019.
Porphyry Copper/IOCG Systems
The samples collected at Four Finger and Kap Agassiz confirm the
presence of anomalous copper-gold with the addition of associated
silver and molybdenum anomalies. Mineralisation is extensive over
numerous kilometres and only a small portion of the prospective
ground has been visited and sampled in any detail.
Historically, the area of north-east Inglefield Land has been
identified and documented as a potential site for IOCG
mineralisation although no focused investigation has previously
been carried out. Whilst no definitive conclusion can be reached at
this early stage of the Project, the mineralisation observed, and
confirmed by Alba's testwork results, suggests that large scale
mineralising systems exist in Alba's licence areas and that this
may indicate the potential for porphyry copper and/or IOCG systems.
Of note, a large intrusive monzogranite is present within the Kap
Agassiz target which may act as a source to the alteration and
mineralisation observed in this area. Granitic intrusions are also
noted throughout Inglefield land and a complex structural
architecture exists in the Kap Agassiz and Four Finger areas which
will undoubtedly play a role in the mineralisation
distribution.
Systems of this type are commonly extremely varied geologically
with by-product minerals such as gold, silver and molybdenum being
used to determine a copper equivalent grade. Alteration zones are
present which result in different mineralogical assemblages within
different zones of the deposits and, as such, not all minerals of
economic interest may be present in all zones.
It is said that porphyry deposits are responsible for 75 percent
of the world's copper production, 50 percent of molybdenum
production and 20 percent of gold production.
IOCG deposits, as being previously suggested to exist in the
area, are commonly linked with porphyry projects due to the
association with felsic intrusions (such as the monzogranite
observed in the area) and linked to strong structural controls and
abundant magnetite and/or haematite. Alba's fieldwork did not,
however, result in areas of iron oxide minerals being mapped and
the assay results obtained generally show low iron levels. However,
IOCG styles of mineralisation are not ruled out and further studies
will be undertaken in due course.
Summary
The results obtained show significant areas of mineralisation of
a polymetallic nature with the results being comparable in terms of
grade and assemblage to those identified in a porphyry copper/IOCG
system.
Alba intends to undertake a detailed examination of the full
suite of assay results obtained, using pathfinder elements to
assess the potential geological controls. This will be undertaken
in association with all available geophysical data and satellite
imagery which has been obtained by Alba. This will enable a
geological study to be undertaken of the mineralisation styles and
structural architecture within Inglefield Land.
More detailed follow-up exploration will be planned for the 2019
field season, targeting the areas recently studied and other
equally prospective parts of the extensive land holding under
Alba's ownership.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey PR (Financial PR/ IR)
Tim Thompson / Harriet Jackson / Henry Wilkinson
alba@yellowjerseypr.com +44 77 1071 8649
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Howard Baker, Technical Director of
Alba Mineral Resources Plc. Mr Baker is a Chartered Professional
Fellow of the Australasian Institute of Mining and Metallurgy
(Membership Number 224239) and a Competent Person as defined by the
rules of International Reporting Codes that are aligned with
CRIRSCO. Howard Baker has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration targets, Exploration Results, Mineral
Resources and Ore Reserves', also known as the JORC Code. The JORC
code is a national reporting organisation that is aligned with
CRIRSCO. Howard Baker consents to the inclusion in the announcement
of the matters based on his information in the form and context in
which they appear.
Alba's Project & Investment Portfolio
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest
in the Amitsoq Graphite Project in Southern Greenland and has an
option over the remaining 10 per cent.
Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold
Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau
Gold project situated in the Dolgellau Gold Belt in Wales.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence 2017/40 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba owns 100 per cent of the
Limerick base metal project in the Republic of Ireland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent
of mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Oil & Gas
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent
interest in Production Licence 235, which comprises the previously
producing onshore Brockham Oil Field.
Horse Hill (Oil & Gas, UK): Alba holds a 18.1 per cent
interest in Horse Hill Developments Limited, the company which has
a 65 per cent participating interest and operatorship of the Horse
Hill oil and gas project (licences PEDL 137 and PEDL 246 covering a
total area of 142.9 km(2)) in the UK Weald Basin.
Web: www.albamineralresources.com
Glossary
B soil horizon: Commonly referred to as "subsoil" and consists
of mineral layers which may contain concentrations of clay or
minerals such as iron or aluminium oxides or organic material moved
there by leaching. Plant roots penetrate through this layer, but it
has very little humus.
Calc-silicate gneiss: A gneiss formed from the alteration of
rocks in which calcium silicate minerals were present.
Diorite: A speckled, coarse-grained igneous rock consisting
essentially of plagioclase, feldspar, and hornblende or other mafic
minerals.
Geochemical: Relates to the chemical composition of the Earth
and its rocks and minerals.
Geophysics: The application of the methods and techniques of
physics to the study of the earth and the processes affecting
it.
Gossan: an iron-containing secondary deposit, largely consisting
of oxides and typically yellowish or reddish, occurring above a
deposit of a metallic ore.
Granodiorite: A phaneritic-textured intrusive igneous rock
similar to granite, but containing more plagioclase feldspar than
orthoclase feldspar.
G/T: grams per tonne (1g/t =1ppm)
Intrusives: An igneous rock formed from magma forced into older
rocks at depth within the Earth's crust, which then slowly
solidifies below the Earth's surface.
Iron Oxide Copper Gold (IOCG): considered to be metasomatic
expressions of large crustal-scale alteration events driven by
intrusive activity. Contain substantial accumulations of iron oxide
minerals.
Malachite: Malachite is a green copper carbonate hydroxide
mineral with a chemical composition of Cu(2) (CO(3) )(OH)(2) .
Meta-igneous: Metamorphosed igneous rock.
Metasedimentary: Metamorphosed sedimentary rock.
Metasomatic: is the chemical alteration of a rock by
hydrothermal and other fluids.
Mineralisation: the deposition of economically important metals
in the formation of ore bodies or lodes.
Monzogranite: a biotite-rich granite.
Paleoproterozoic: Geological era spanning the time period from
2,500 to 1,600 million years ago (2.5-1.6 Ga).
Paragneiss: A gneiss with mineralogy and texture indicating
derivation from a sedimentary rock.
Pathfinder Elements: In geochemical exploration, a relatively
mobile element or gas that occurs in close association with an
element or commodity being sought but can be more easily found
because it forms a broader halo or can be detected more readily by
analytical methods.
Porphyry Copper: copper orebodies that are formed from
hydrothermal fluids that originate from a voluminous magma chamber
several kilometres below the deposit itself.
PPM: parts per million (1ppm = 1g/t)
Strike Length: the length and direction of a vein or rock
formation measured on a horizontal surface.
Structural Architecture: the three-dimensional distribution of
bodies of rock.
Weathering Profile: a vertical assemblage of weathering zones
(subsurface zones of alteration differing physically, chemically or
mineralogically from adjacent zones) from the surface soil to the
unaltered bedrock.
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