On Tuesday, Alba Mineral Resources (LON: ALBA) said that it has successfully completed drilling operations at the Thule Black Sands Project in northern Greenland.
Alba's subsidiary, White Eagle Resources, completed the drilling to expand and upgrade the resources defined during the 2018 drilling campaign.
30 fences of drill holes were planned, extending from the southern tip of the licence for 8 km to the north. While 125 holes were initially planned, the field team completed 249 holes for 550m.
The drilling was conducted by a tractor-mounted sonic drill rig to “pierce the permafrost.” The sonic drill rig was able to reach mineralised depths of up to 6m.
Alba said that while the higher-grade southern portion of the licence has been drilled, further upside potential in the central and northern areas remains. As a result, the company intends to cover these areas by extension drilling in the same way during next year's field season.
An aerial photogrammetry drone survey was also completed and a bathymetry survey of the offshore area to help the mine planning and location of infrastructure.
Mark Austin, Alba's COO, commented: “Once the drill samples from this programme have been assayed, the independent competent person will commence their resource estimation work. A significant upgrade in the defined resources at TBS will enable us to move forward rapidly with scoping level studies to assess the economic exploitation of the Project and to plan for the EIA/SIA work which will need to be completed in 2022 as a precursor to the application for a mining licence.”
Alba's share price is currently trading at 0.247p, up 2.92%.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.