TIDMALBA
RNS Number : 0628P
Alba Mineral Resources PLC
23 May 2018
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Alba Mineral Resources plc
("Alba" or the "Company")
Offer to Renew Prospecting Licence 3824 (Co. Limerick) and
Planned Drill Programme
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that it has had confirmation from the Exploration and Mining
Division ("EMD") of Ireland, part of the Department of
Communications, Climate Action & Environment, of an offer to
renew Prospecting Licence 3824 ("PL 3824") for two years to 26 May
2020, subject to certain conditions. Alba holds 100 per cent of the
Limerick base metal project in the Republic of Ireland through its
subsidiary, Aurum Mineral Resources Ltd ("AMR").
A review of the exploration results completed to date on the
Project has identified up to five drill targets with the correct
indicative geological framework and associated geophysical and
geochemical anomalies to potentially host zinc-lead ("Zn-Pb")
mineralisation. Drilling is being planned that will test some of
the targets identified with the work anticipated to be completed in
the coming summer months.
Licence Renewal Conditions:
The offer to renew is subject, inter alia, to the following
conditions:
-- Licence renewal would be for two years, until 26 May 2020.
-- AMR would be required to drill test one or more of the
targets identified by AMR in its recent review, with expenditure of
at least EUR50,000 and reporting of the results to EMD by 1(st)
December 2018.
-- In advance of a drilling programme, AMR is required to submit
an environmental screening report to EMD which assesses whether the
activity is likely to have a significant effect on the environment.
The site visit for this assessment has been completed on behalf of
AMR.
-- AMR must also commit to spending a further EUR50,000 in the
subsequent 18-month period ending 26 May 2020.
Alba's Executive Chairman, George Frangeskides, commented:
"Our recent technical review of our 100 per cent owned Limerick
Project concluded that the Project is host to a number of
attractive drill targets. Given the strategic location of the
ground and the fact that we are able to test some of these targets
relatively inexpensively, we have decided to seek a renewal of our
licence."
"The Irish mining sector has witnessed something of a resurgence
in recent months, with increased activity within the established
Irish Zinc District, in which Alba's Limerick Project is located.
The Irish Ore Field has been a major source of zinc production
since the 1960s and is currently home to some of Europe's largest
zinc projects including the Navan (Tara) zinc-lead mine (Boliden),
the Pallas Green deposit (Glencore) and the past producing Lisheen
mine (Vedanta) and Galmoy mine (Lundin Mining). Alba's neighbour
Group Eleven Resources Corp. last month announced a maiden
independent Mineral Resource estimate at its Stonepark zinc
project, some 10 km from Alba's Limerick Project."
Exploration Review and Target Generation
The geology of the licence area is dominated by Waulsortian Reef
Limestone Formation and the underlying Ballysteen Formation. This
sequence is inferred to subcrop in the west and south of PL 3824
and together, these units represent the host and footwall lithology
respectively for most of the Zn-Pb deposits in the Irish Midlands.
Historically, only five drillholes have been completed in the
licence, one by AMR and four by former JV partner Teck Resources.
These low levels of drilling are unusual in the Irish context and,
for this reason, the area is considered relatively
underexplored.
A total of five targets have been identified from our review of
the available data.
As part of the exploration programme, AMR is required to submit
an environmental screening report that assesses the potential
environmental impact at the suggested drill targets. The site visit
for this has been completed on behalf of AMR and upon finalisation
and review, the final drill targets will be selected. It is then
the intention to drill a selection of the targets, with the work
planned for the summer months to enable all results to be collated
and reported ahead of the 1 December 2018 deadline.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 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 / Richard Nash +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
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 Principal Operations & Investments
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds an 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) in the UK
Weald Basin.
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.
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.
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.
Gold Mines of Wales (Gold, Wales, UK): Alba holds a 49 per cent
interest in Gold Mines of Wales, the ultimate owner of the Clogau
Gold project situated in the Dolgellau Gold Belt in Wales.
Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per
cent of mineral exploration licences 2017/40 and 2018/15 in
north-west Greenland.
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.
Web: www.albamineralresources.com
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END
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