- Albion Resources’ IPO was successfully completed, with trading commencing towards the end of April 2021.
- ALB undertook various works at the project portfolio to unlock the significant value potential at the Lennard Shelf Project.
- The Company remains focused on drilling the highly promising prospects at Pillara East at the earliest.
Junior explorer Albion Resources Limited (ASX:ALB) has been continuing progress across the projects since its ASX listing on 30 April 2021.
ALB has been focusing on unlocking the significant value potential of its asset portfolio, which comprises the high-grade Lennard Shelf Project and the Leinster Project.
Lennard Shelf Regional Plan (Source: ALB Announcement 30/07/21)
Major progress at the Lennard Shelf Project
At its high-grade Zinc-Lead Lennard Shelf Project, the Company conducted a detailed review of the historical exploration at Pillara East that helped in identifying several copper, lead, and zinc high-grade rock chip.
Historical rock chip samples (Source: ALB Announcement 30/07/21)
RELATED ARTICLE: How is Albion making strides at Leinster and Lennard Shelf projects?
Notably, ALB believes that the first pass analysis highlighted exploration target areas in promising structural and stratigraphic locations. The geochemistry, proximal drill intercepts, occurrence of surface gossans and alteration products associated with the mineralisation support these findings.
ALB also concluded a successful site visit to the Project covered the granted tenure and achieved the following outcomes:
Source: ALB Announcement 18/06/2021
Besides this, ALB also attended meetings with Gooniyandi Aboriginal Corporation (GAC) Committee Members and Gooniyandi Traditional Owners in Fitzroy Crossing over numerous matters like planned exploration, heritage needs, community programs, etc.
Successful meeting in Fitzroy Crossing (Source: ALB Announcement 15/07/21)
Subsequently, ALB signed a Native Title, Heritage Protection and Mineral Exploration Agreement (HPA) with the GAC after the quarter-end. This agreement indicates the strong alliance that has been quickly formed between ALB and the Gooniyandi.
Further, the agreement also represents a key milestone that empowers ALB to take forward its diamond drilling program. However, the program remains conditional to the cultural clearance of the targeted exploration areas.
Source: ALB Announcement 30/07/21
Tenement granted at Leinster Project and site visit commenced
During the quarter, ALB was granted the tenement E36/1005, including the Leinster Project and concluded a review of the regolith setting and various historical datasets from surface exploration.
Leinster Project (Source: ALB Announcement 30/07/21)
Through the review, the Company observed that the historic drilling was largely shallow and the nickel and gold mineralised intercepts lacked adequate testing at depth through RC or diamond drilling.
At the Leinster Project, ALB kicked off a reconnaissance site visit, and the focus remains on the areas of interest that are close to the Perseverance Fault.
At the quarter-end, ALB’s cash on hand stood at AU$4.54 million.
RELATED ARTICLE: Meet the leadership team at the helm of Albion Resources (ASX:ALB)
The ALB stock closed the day’s trade at AU$0.180, with a market capitalisation of AU$8.14 million.