REJUVENATING THE FORMER GRAPHITE MINE AT AMITSOQ SOUTHERN GREENLAND March 2017 Update PDAC Convention, Toronto 1
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Alba Minerals Overview Exchange: AIM (LSE) Symbol: ALBA Date of Listing: 4 April 2005 Current Price (mid-point): 0.3p (02/03/2017) Market Capitalisation: GBP5.7m (02/03/2017) Management: Mining Projects: George Frangeskides (Executive Chairman) Michael Nott (CEO) Manuel Lamboley (Non-Executive Director) Sandy Archibald (Technical Adviser) Amitsoq (Greenland) - Graphite, Ni-PGMs, Gold Limerick (Ireland) Base Metals Mauritania - Uranium 3
Location Location Amitsoq Project located in far southern Greenland, same latitude as Lerwick in Shetland Islands (northern Scotland) Southern Greenland served by excellent modern infrastructure (harbours, heliports, airports and hydropower plants) Southern coastline of Greenland boasts year round ice-free tidal waters Relatively mild (sub-arctic) climate Average temperatures approx. 8-10 C (summer) and approx. -6 C (winter) Licence 2013/06 encompasses the whole of Amitsoq island and the mainland to the east of Nanortalik Former Amitsoq mine located 15 km north of Nanortalik town and heliport Location of Amitsoq Project, Southern Greenland (Red Square) 4
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Introduction to Amitsoq Exploration Licence 2013/06 covering 146 km² Site of former Amitsoq graphite mine Prospective for graphite, PGEs, nickel and gold Alba Started earning into project in October 2015 Now owns a 90 per cent interest in licence holder, Obsidian Mining, with right to go to 100 per cent Work undertaken to date includes Remote sensing study Airborne EM-Mag survey Channel sampling Metallurgical test work (ongoing) 6
Historic Mine Total tonnes mined at Amitsoq reportedly between 4,785-5,726 t at 21% (1914-1922) Between 1918 and 1922, 571 t of concentrate shipped (Bondam, 1992) Historic estimates of resources vary greatly No further mining activity took place on Amitsoq after 1922 Bernard, 1915 7
Geological Overview Henriksen et al., 2009 Kolb et al., 2009 (modified after Garde, 2007) 8
Geological Overview Exploration Licence 2013/06 Covers 146 km² Licence holder Obsidian Mining Limited Alba 90 per cent interest through shareholding in Obsidian Licence is underlain by Paleoproterozoic metasedimentary and meta-igneous rocks of the Southern Domain (forearc sediments) Deformed during the Ketilidian Orogeny (ca. 1.8 Ga) 9
Highlights Summary of Work Completed Geochemistry performed by BGS on underground Amitsoq mine samples FeO remote sensing study over entire licence Channel sampling of surface outcrop at Amitsoq mine Airborne magnetic and EM geophysical survey Metallurgical study of channel sample material 10
Highlights Geochemical Study Mineralogy: graphite, quartz, feldspar, mica, sulphides (pyrite, pyrrhotite), oxides (magnetite, hematite) Graphitic carbon content varied from 20.5 to 35.4%, with an average of 28.7% Preliminary geochemistry (from a limited dataset) suggests that grab and channel samples from historic workings at Amitsoq are high grade in comparison to worldwide graphite resources www.techmetalsresearch.com (2015) 11
FeO Remote Sensing Study Remote sensing study (Q1 2016) found numerous and continuous FeO anomalies along strike and proximal to the mine Additional FeO anomalies interpreted to be favourable targets for platinum group metals, orogenic lode gold, and intrusion related copper-zinc mineralization Anomalies identified with geology similar to mineralization at the nearby Nalunaq gold mine (circa 340,000 ounces of gold produced to date), 5 km along strike from previous documented gold showings and 18 km to the southwest of the Nalunaq mine 12
Channel Sampling Channel sampling by SRK (August 2016) took 159 kg of graphite ore sampled from a surface bed that had previously been exploited Bed was measured to have a true thickness of 16.58 m and 13 channel samples were taken Observed strike length of 48.5 m Mineralogically the bed was composed of graphite with pyrite, chalcopyrite and pyrrhotite present Metallurgical test work on this material currently underway and will be reported on in due course 13
Channel Sampling 14
EM-Mag Survey SkyTEM Systems ApS commissioned to fly airborne geophysical survey in Q3/Q4 2016 over selected zones Survey comprised of four blocks containing a total of 343 km of planned flight lines Main part of the survey on Amitsoq Island flown at 200 m planned line spacing and 30 m ground clearance High-definition target - former Amitsoq graphite mine, Amitsoq Dyke, and two small gold targets east of Nanortalik flown at 100 m line spacing Helicopter conducting survey (Oct 2016) 15
EM-Mag Survey Preliminary results indicate several new faults and numerous (55) EM anomalies associated with potential graphite horizons Total combined strike length of the anomalies is 12.05 km 11 anomalies are between 350 metres and 1300 metres each in length, for a total strike length of 5.55 km Location of airborne survey grids (Oct 2016) 16
EM-Mag Survey Five principal target areas identified for 2017 ground campaign Two shallow, moderate intensity EM anomalies associated with a large ultramafic dyke (Amitsoq Dyke) known to contain magmatic sulphides of up to 0.4 g/t platinum, 0.6 g/t palladium, 0.2 g/t gold and 7 g/t silver (GEUS, 1971) Additional inversion work (Maxwell plate models) currently being performed on the data Principal target areas identified from EM survey 17
2017 Work Programme Work programme being finalised Likely to include some/all of: Completion of metallurgical testing of channel samples Optimization test work Ground truthing of graphite bearing horizons, and potential PGE and gold areas Drilling to investigate extent of graphite horizons and for additional metallurgical samples Initial environmental review and development study 18
Contact Us Sandy Archibald, Technical Adviser Tel: +1 289-316-0583 Email: sarchibald@albamineralresources.com Alba Mineral Resources plc 6th Floor, 60 Gracechurch St, London EC3V 0HR, UK Tel: +44 (0)207 264 4366 Email: info@albamineralresources.com Twitter: @AlbaMinerals Web: www.albamineralresources.com 19
Upper graphite horizon, Amitsoq mine 20