Alba Mineral Resources plc (LON: ALBA) share price rallied 11.1% after its investee company GreenRoc Mining released the assay results from the drilling and channel sampling programme conducted at the Amitsoq Island deposit.
The drilling and sampling programme ran from June to August 2021, and the samples collected were being analysed during the past few months. Today’s results confirmed that Amitsoq is one of the highest-grade graphite projects worldwide.
The Amistoq graphite project is located in Southern Greenland. Alba Minerals owns 54% of the interest in GreenRoc mining, which means it will be the biggest beneficiary once the mine starts operations.
The lower graphite layer had drill intercepts graded up to 23.01% C(g) with an average of 22.56%. The channel sampling results in this layer produced samples that graded up to 30.35% C(g).
In the upper graphite layer, the drill intercepts were graded as high as 19.83% C(g), with samples from the channel sampling programme grading up to 27.40% C(g).
Investors cheered the move, evidenced by the GreenRoc Mining and Alba Minerals share price surge.
Kirk Adams, GreenRoc’s CEO, commented: “These results from the 2021 drilling campaign confirm the Amitsoq Island deposit as one of the highest-grade graphite deposits in the world.
“In addition, the consistency of grades, combined with the increasing true widths observed down dip at both graphite layers, represents particularly encouraging news and bodes well for the resource potential at the Amitsoq Island deposit.
“This update gives us confidence for the step-out drilling programme which we have planned for 2022, and we are positive about the prospects for the ultimate resumption of mining at the Amitsoq Island deposit.”
The rally in Alba Minerals share price extended an uptrend that has been in place since Monday, allowing investors who got positioned early a chance to pocket decent gains.
Investors who missed out on the latest gains are likely to get another chance in future when there is a pullback.
*This is not investment advice. Always do your due diligence before making investment decisions.
Alba Minerals share price.
Alba Minerals share price rallied 11.06% to trade at 0.1777p, rising from Thursday’s closing price of 0.16p.
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