Alba Minerals reports progress across its portfolio

Alba Mineral Resources (ALBA)Follow | ALBA, which operates and invests in a portfolio of Northern European mining exploration assets, has reported significant progress across its projects in its half-year results.

The Clogau-St David's Gold Project – in which Alba owns outright after acquiring the remaining 10% post-period end - has made progress in identifying high-grade gold resources at its Lower Llechfraith and Main Lode Extension targets, supporting plans to submit updated technical reports and permit applications in September. 

Exploratory work at the historic waste tip has shown potential for standalone gold mining. After receiving clearance from NRW, five pits were dug in a 400m² area for sample collection. Independent assaying of 60 kg samples from each pit showed gold grades up to 11.35 g/t, with average whole-sample analysis of 3.50 g/t, consistent with Phase 1 results. Gold was found to be concentrated in the finest material extracted from the waste tip, as per size fraction analysis.

The company is currently conducting an economic assessment of the waste tip, with the aim of developing a mining plan and submitting a formal planning application to extract gold from the estimated 4,000 tonnes of fines material.

GreenRoc Mining (GROC)Follow | GROC, in which Alba holds a majority 54% interest, has made great progress with a maiden JORC Resource at the Amitsoq Island graphite deposit, with a follow-up drilling campaign underway that has already doubled the deposit's footprint. 

Along with mine design work, the company is now conducting environmental and social impact assessment studies, and following a scoping study is aiming to undertake its feasibility study in 2024. This year, the company will be conducting further analysis of large bulk samples, as well as continuing discussions with potential partners to accelerate the mine’s development.

Elsewhere, the Horse Hill Oil Field in southern England – in which Alba owns an 11.765% interest - was confirmed to have been lawfully granted production license, but the claimant has a final legal avenue to appeal to the Supreme Court. In May 2022, the Operator was granted a full Production Permit from the Environment Agency, allowing various operations under a single permit. The Retention Area work program was also extended, allowing for the drilling of a second well before September 2023, while a conditional farmout agreement to Pennpetro was announced in March.

View from Vox

Reports of steady progress across Alba’s portfolios are encouraging, and as chairman George Frangeskides told Vox the company is confident of soon gaining the necessary permits to take its now-100%-owned Welsh gold projects to production.    

Meanwhile, GreenRoc looks a solid investment. Under the impressive leadership of Stefan Bernstein, who was appointed as CEO in July 2022, the Amitsoq graphite project is accelerating rapidly towards production, including signing a non-binding Memorandum of Understanding with Norwegian mining and construction group LNS in March 2023 with a view to its potential appointment as the mining contractor during the construction and operational phases for the Amitsoq mine.

In March this year, GreenRoc was named "Greenland's Prospector and Developer of the Year" at PDAC Toronto, as well as receiving the official support of the European Raw Materials Alliance, which said that “GreenRoc's graphite resource is of global importance and…will enable the European Union to achieve a certain level of independence for the electrical vehicle supply chain.”