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ALB - Albion Resources (2 Viewers)

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In 2017, Albion Resources was founded for the purpose of scoping the globe for high grade zinc opportunities which included, amongst other jurisdictions, Australia, Ireland, Spain and the African continent.

The search culminated in the Company's acquisition of potential high-grade Zinc-Lead projects in the Lennard Shelf of Western Australia. The Lennard Shelf is a world class Mississippi Valley Type zinc-lead province where known resources prior to mining in 1987 included the Pillara Mine (19.3Mt @ 7.8% Zn and 2.6% Pb) and Cadjebut Trend (16.4Mt @ 8.9% Zn and 5% Pb). Since then, exploration in the province has been largely overlooked, despite comparable geology and a timely reversal in base metal prices.

In October 2020, the Company carried out a substantial aeromagnetic survey which assisted in defining prominent ENE trending structures, interpreted to be the control of the zinc-lead mineralisation. Past exploration primarily focussed on stratigraphic drilling targeting the occurrence of shallow granitic basement and the Pillara Formation. With highly anomalous geochemical and historical drill intercepts, such as 4.6m @ 5% Zn and 30.5% Pb from 53.3m, positioned on these ENE trending structures, the Company has numerous prospects that warrant drill testing.

In November 2020, the Company secured an exploration licence application for a 42km2 massive nickel sulphide project along strike from Auroch Minerals (ASX: AOU) Horn Ni-Cu discovery in the world class nickel region of Leinster, also in Western Australia. On 14 December 2020 Auroch Minerals announced grades peaking 4.09m @2.41% Ni, 0.61% Cu and 0.55g/t Pd from drill hole HNDD001 (from 119.91m). Data compilation across the Leinster project has highlighted the limited drilling at depths below 100m, despite drill-indicated nickel mineralisation from shallow historic drilling. The Company anticipates an exploration licence for the Leinster project will be granted later in 2021.

It is anticipated that ALB will list on the ASX during April 2021.

 

Dona Ferentes

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Listing date15 April 2021 # (provisional)
Contact detailshttps://albionresources.com.au/
Ph: +61 8 9481 0389
Principal ActivitiesExploration and project development
GICS industry groupTBA
Issue Price$0.20
Issue TypeOrdinary Fully Paid Shares
Security codeALB
Capital to be Raised$5,000,000
Expected offer close date15 April 2021
UnderwriterNot underwritten. CPS Capital Group Pty Ltd (Lead Manager)
 

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