Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
Alba Mineral Resources plc (LON: ALBA) share price plunged 8.13% despite the positive update from its investee company GreenRoc Mining plc.
GreenRoc today released positive results from its field programme at the Kalaaq Deposit. It confirmed substantial mineralisation zones at the Kalaaq deposit, which is part of the Amitsoq Graphite Project.
The highlights of today’s announcement include the discovery of new mineralisation zones combined with an expansion of the previously identified zones.
GreenRoc reported a 360m southward extension of the Upper Graphite Zone (UGZ) initially identified in 2017, which is now open along the strike.
The company also extended the Lower Graphite Bed 300m to the North along the strike, where the company recorded values of up to 33.1 C(g)%.
The recently discovered Niels Hede Pedersen (NHP) Zone has led to the extension of the graphite mineralisation at the BLZ Zone for an additional 1.3 kilometres and is also open on strike.
The decline in Alba Minerals share price was confounding given the positive update released by GreenRoc Mining, 54% owned by Alba. Investors sold Alba shares maybe because they expected better results.
Investors could also have been voicing their discontent that Alba Minerals does not own 100% of GreenRoc.
The company also singled out a new development area known as the New Domain Zone (NDZ), where it got a grab sample of 32.1 C(g)% grade.
Kirk Adams, GreenRoc's CEO, commented: “This summer's campaign at the Kalaaq Deposit has been highly successful in extending the strike lengths of the known mineralised zones, discovering new zones of mineralisation, and identifying high-grade samples outside of the Exploration Target area. The assay values from the sampling programme range from 17.43 to 33.1 C(g)%, and this confirms our faith that this is an extensive high-grade graphite area.”
The company now intends to use the results generated by the field sampling programme to design a drilling campaign targeting the discovery of the final dimension of the mineralised zones.
*This is not investment advice.
Alba Minerals share price.
Alba Minerals share price plunged 8.13% to trade at 0.1447p, falling from Monday’s closing price of 0.1575p.
Alba Minerals shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Alba Minerals shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 68 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .