The Alba Mineral Resources plc (LON: ALBA) share price rallied 20% after its portfolio company GreenRoc Mining Plc (LON: GROC) released the complete set of phase II drilling assay results from its flagship Amitsoq Graphite Project in South Greenland.
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The assay results confirmed the high-grade graphite intersections within the Amitsoq Island Deposit and significant mineable widths. The company has forwarded the results to an independent competent person to complete an updated mineral resource estimate (MRE), which should be ready in January 2023.
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Alba Mineral owns a 50.8% majority stake in Greenroc Mining and will be the primary beneficiary once the company starts commercial mining activities at the Amistoq Graphite project.
Some of the assay highlights included mineable widths of over 2.0m of graphite observed in eight holes of the UGL with graphite grades of 13.52 to 20.92 C(g) %.
Mineable widths of graphite were also evident in all 19 holes of the LGL, with some holes having two distinct graphite layers (LGL1 and LGL2). Graphite grades from the holes ranged from 17.80 C(g) % to 24.52 C(g) %.
The LGL thickens from the south (2.52m to 13.12m actual thickness, drill pads H and I) towards the north (drill pads J and C2) from approximately 12m to more than 20m thickness, while graphite grades seem unrelated to the ore body thickness.
The highest grade of 24.52 C(g) % comes from 6.89m thick LGL in hole AM_DD_018 at drill collar H in the south, while the 20.77m actual thickness intersection of LGL in hole AM_DD_035 at drill pad C2 to the north gives a high graphite grade of 23.32 C(g) %.
Furthermore, the 20.23m actual thickness intersection of LGL in drill hole AM_DD_037 at the same drill collar C2 returns 20.92 C(g) %.
Holes drilled from collar J in the northwest are typically between 14.71m and 17.07m in thickness except for hole AM_DD_026, which has an LGL split into two layers of 9.35m and 7.56m actual thickness. However, all holes return similarly high graphite grades of 20.30 to 22.37 C(g) %.
Alba Mineral shares rallied higher on the positive assay results but had given up most of their gains at writing.
*This is not investment advice.
Alba Mineral share price.
The Alba Mineral share price rallied 20% to trade at 0.12p, rising from Wednesday's closing price of 0.10p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.