Alba Mineral Resources completes drilling at Thule

The AIM-traded firm said drilling was by tractor-mounted sonic drill rig to pierce the permafrost, adding that unlike 2018, where the maximum depth reached was around one metre, the sonic drill rig was able to reach mineralised depths of up to six metres.

A total of 249 holes were completed for 550 metres, making for an increase of 100% over the planned 125 holes.

Alba said an aerial photogrammetry drone survey was also completed, as well as a bathymetry survey of the offshore area, to assist in mine planning and the location of infrastructure.

“Every drill hole we completed penetrated the permafrost, and we expect this to have a positive impact on the overall level of resources that we will be able to declare at TBS,” said chief operating officer Mark Austin.

“While we have now comprehensively drilled the higher-grade southern portion of the licence, there remains further upside potential in the central and northern areas which we intend to tackle in the same way during next year's drilling season.”

Austin said that once the drill samples from the programme are assayed, the independent competent person would start 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.”

At 1113 BST, shares in Alba Mineral Resources were up 2.92% at 0.25p.