Project Location

The licences two sub-areas are located 20-40 km south to south-east of Thule Air Base.

Prior Testing

The previous licence holder performed geological mapping, reconnaissance geochemical sampling, a high-resolution magnetic survey and a drilling programme. The resource definition drilling programme at the Havik prospect outlined a maiden inferred resource of 67 Mt with a grade of 31.4% Fe (with a 0% Fe cut-off). Preliminary metallurgical test work indicated that a high-grade concentrate of 70% Fe, 2.0% Si, 0.3% AI203 and 0.01% P could be produced through conventional magnetic separation (Davis Tube Recovery).

Exploration drilling was performed at the De Dødes West and Haematite Nunatak showings. Both of these areas are mountains protruding from the inland ice (termed a "nunatak"). Five holes were drilled at De Dødes West where the widest intersection was 85.04 m @ 29.66% Fe (DWD002 from 12 m), and the highest grade encountered was 3.62 m @ 58.84% Fe (within a 69.06 m interval with a grade of 26.52% Fe from a depth of 117.9 m).

A total of four holes were drilled at Haematite Nunatak, with the widest intercept being 48.7 m @ 39.61% Fe (HND003), with the same drill hole also including the highest grade (0.6m @ 68.18% Fe). As the prospect name implies, the mineralization is mainly composed of haematite, rather than the magnetic mineralization present at Havik.

Structure

Alba will operate this licence under a 51:49 joint venture. It will manage the project (as the owner of 51% of the Project), and its joint venture partner, a private mineral resources investment group, will fund the first year's exploration expenditure in return for a 41% interest.

2017 Field Programme

During a visit to the Thule Black Sands Project, the field team also visited the Melville Bay licence area and took samples from outcropping material. These samples will be sent to accredited laboratories for assaying.

For more information, please refer to the RNS dated 4 September 2017.