TIDMALBA
RNS Number : 8408K
Alba Mineral Resources PLC
07 January 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Renewal of Limerick Base Metals Project
Reduction of Greenland 2021 Expenditure Obligations
Alba Mineral Resources plc (AIM: ALBA) is pleased to confirm
that the exploration licence for the Company's Limerick Base Metals
Project (under Prospecting Licence ("PL") 3824) has been renewed
until 26 May 2022. The Company also notes the decision by the
Government of Greenland to reduce the expenditure obligations in
2021 for all mineral exploration licences to zero.
Key points
-- The mineral exploration licence for the Limerick Base Metals
Project, PL 3824, has been renewed until 26 May 2022.
-- Alba is in the process of determining the next phase of
exploration activities at the Limerick Base Metals Project, which
may include the drilling of key zinc targets.
-- The Government of Greenland has decided to roll over to 2021
the initiatives which were first applied in 2020 in response to the
COVID-19 pandemic, so that for all mineral exploration licences in
Greenland the exploration expenditure obligations for the year 2021
will be reduced to zero and the existing licence period will be
extended by one year.
George Frangeskides, Executive Chairman, commented :
"We are delighted to be able to confirm the renewal of the
exploration licence for our Limerick Base Metals Project. Our
Project is situated in the Irish Zinc Ore Field, the location of a
number of high-grade zinc-lead deposits. The region has been the
site of renewed drilling activity in recent years, and we look
forward to renewing our exploration for high-grade zinc on our
licence area in the coming months."
"In Greenland, the Government's decision to renew for a further
year the measures it first introduced in 2020 to assist licensees
facing the challenges of the COVID-19 pandemic are of course very
welcome. That being said, these initiatives do not lessen our
determination to progress our high-grade projects in Greenland,
once the pandemic restrictions in Greenland ease sufficiently to
allow us to do so. As such, it remains a key objective of the
Company for 2021 to drill our TBS Ilmenite Project to materially
increase the existing Resource and to drill our Amitsoq Graphite
Project to define a maiden Resource there."
Limerick Base Metals Project Licence Renewal
The Company's Limerick Base Metals Project is located in the
Irish Zinc Ore Field, which has been a major source of zinc
production since the 1960s and is host to some very significant,
high-grade zinc mines, notably Boliden's Tara/Navan Mine, with an
orebody of >100 million tonnes at a grade of 10% zinc+lead,
making it the largest zinc-lead deposit in Europe. Also, Glencore's
Pallas Green deposit which has a resource of >40 million tonnes
at 8% zinc+lead.
The Irish Zinc Ore Field has been the site of a great deal of
exploration activity in the past few years. Recent successes
include Group Eleven Resources Inc's drilling of their
Carricklittle Project, some 10 km or so from Alba's Limerick Base
Metals Project, where the most recent drilling (announced on 9
December 2020) included very high-grade zinc-lead intercepts in
three drill holes:
-- 7.24 metres at 23.9% zinc, 6.6% lead (30.5% combined), 108 g/t silver and 0.12% copper;
-- 5.35 metres at 11.6% zinc, 2.4% lead (14.0% combined) and 29 g/t silver; and
-- 3.00 metres at 4.8% zinc and 6.0% lead (10.8% combined) and 35 g/t silver.
See Figure 2 in the PDF version of this RNS for the location of
projects in the immediate vicinity of Alba's Limerick Base Metals
Project which have had notable, high-grade zinc-lead drill
intercepts.
Historically, only eight drillholes have been completed within
Alba's Project area, the most recent being the three holes drilled
in Q2 of 2019. These low levels of drilling are unusual in the
Irish context and, for this reason, the area is considered
under-explored. Alba has previously identified a number of
attractive targets that have never been drilled before. However,
Alba's current technical team, led by Mark Austin, Alba's COO and
Senior Geologist, will undertake a comprehensive review of the
licence area before determining the next phase of planned
exploration activities. An update on these planned activities will
therefore follow at the appropriate time.
The expenditure conditions attaching to the renewal of PL 3824
require the Company to incur expenditure of EUR15,732 by 26 May
2021 with a further EUR50,000 to be spent by 26 May 2022.
Reduction of Greenlandic 2021 Expenditure Obligations to
Zero
The Government of Greenland has notified the Company that the
following initiatives, which were first applied during the 2020
licence year, will also now be applied to the 2021 licence year for
all mineral exploration licences in Greenland:
-- The temporary adjustment of exploration expenditure
obligations in year 2021 for all mineral exploration licences to
zero (DKK 0);
-- The postponement of any transferred unfulfilled exploration
expenditure obligations from prior years by one year; and
-- The extension of the licence period for all mineral exploration licences by one year.
These initiatives are part of the Government of Greenland's
ongoing response to the COVID-19 pandemic.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Without prejudice to the generality of the foregoing,
uncertainties also exist in connection with the ongoing Coronavirus
(COVID-19) pandemic which may result in further lockdown measures
and restrictions being imposed by Governments and other competent
regulatory bodies and agencies from time to time in response to the
pandemic, which measures and restrictions may prevent or inhibit
the Company from executing its work activities according to the
timelines set out in this announcement or indeed from executing its
work activities at all. The Coronavirus (COVID-19) pandemic may
also affect the Company's ability to execute its work activities
due to personnel and contractors testing positive for COVID-19 or
otherwise being required to self-isolate from time to time.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 90%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Inglefield (copper, cobalt,
gold) Greenland 100%
----------- ----------
Limerick (zinc-lead) Ireland 100%
----------- ----------
Melville Bay (iron ore) Greenland 51%
----------- ----------
TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Brockham (oil) England 5%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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END
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