JOHANNESBURG (miningweekly.com) – Resource company Alba Minerals has raised £800 000 through the issue of about 266-million shares at 0.3p a share on the Aim.

The proceeds will be used to advance and accelerate the company’s interests across its existing portfolio of assets in the onshore UK oil and gas sector (65%-interest in Horse Hill and 5%-interest Brockham), mining exploration (notably in Greenland and Wales) and for general working capital purposes.

The mining exploration is progressing swiftly, with the company’s Inglefield Land project, in Greenland, finding four initial high priority targets within the licence area that show anomalous grades of gold, copper, zinc and cobalt.

Alba will undertake further desktop-based geological and geophysical studies to assess the most appropriate field techniques to be applied and targets to be assessed during the forthcoming field work.

Alba’s Thule project, in Greenland, is undergoing testwork, which is showing ilmenite quality in a titanium oxide content range of 45.6% to 47.4% with an average of 46.4% and low contaminants.

Alba will soon start testwork on the two mini bulk samples collected from the maiden sampling campaign at Thule. The samples, each weighing 40 kg and representing a raised beach and an active beach environment, will undergo suitable preparation and processing at an independent laboratory to evaluate the potential to produce an ilmenite product.

Further, at Alba’s 90%-owned Amitsoq project, in Greenland, conceptual geological models have been created for both Amitsoq and Kalaaq graphite targets, which will assist in the planning of future exploration campaigns and potential drill targets.

At Alba’s 49%-owned Clogau gold project, in Wales, a geological model for regional exploration has been completed and initial regional exploration targets have been identified.