TIDMALBA
RNS Number : 2912B
Alba Mineral Resources PLC
20 September 2018
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Alba Mineral Resources plc
("Alba" or the "Company")
Clogau Gold Exploration Update
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, is pleased to provide an
update on the progress of exploration activities at the Clogau Gold
Project (the "Project") in North Wales.
As announced on 24 August 2018, Alba now holds a 90 per cent
interest in the Project.
Highlights
-- Geochemical survey completed over Clogau-St David's mine area and near-mine extensions
-- Geochemistry samples have been collected and are being sent
for analysis to an accredited laboratory
-- Geophysical survey has commenced over Clogau-St David's mine area and near-mine extensions
-- Objective is to define new gold targets and to determine
suitable exploration techniques for the highest priority regional
gold targets
Alba's Executive Chairman, George Frangeskides, commented:
"Having completed a geochemical survey over the Clogau-St
David's mine area, our exploration team have now mobilised to site
to conduct electromagnetic and magnetic geophysical surveys over
the mine area, with the objective being to define new gold targets
there."
"This field programme is, to our knowledge, the first ever
concerted modern exploration campaign conducted on the Dolgellau
Gold Belt since the first gold discovery there in 1853. Once we
have completed the current mine and near mine exploration
programme, the intention is then to embark on a second phase
exploration campaign later this year which will cover the highest
priority regional gold targets identified within the entire 107
km(2) licence area."
"All the while, we are continuing to progress baseline
environmental studies at the mine, which are a key step in the
permitting process for restarting production at the historic
Clogau-St David's gold mine."
Exploration Update
Geochemical soil sampling has been completed across the
Clogau-St David's mine area. Samples were taken from various soil
depths to allow a range of assaying techniques to be applied. The
survey lines were completed across 200m line spacing by 20m sample
spacing.
Alba's field exploration team, led by geologists and
geophysicists from SRK Exploration Services, have now mobilised to
site to commence electromagnetic and magnetic geophysical surveys
over the mine area and near-extensions of the mine area. These
geophysical surveys will enable our technical team to characterise
the geophysical signature of the mineralisation host rocks and
controlling structures, with the objective being to define
potential new gold targets within the existing mine area.
The results obtained from these geochemical and geophysical
surveys will also be used to determine the most suitable
exploration techniques to then be rolled out to the highest
priority regional gold targets identified within the 107 km(2)
licence area.
Alba believes that that there is a high potential to find
unworked veins containing gold mineralisation of similar grade to
that known in historic mines in the area.
Aside from continuing to explore the wider Dolgellau Gold Belt,
Alba's principal objective remains the reopening of the Clogau-St
David's mine. With this in mind, the appointed consultants are
continuing to undertake certain baseline environmental studies
which are an essential part of the re-permitting process involved
in the reopening of the mine.
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey PR (Financial PR/ IR)
Tim Thompson / Harriet Jackson / Henry
Wilkinson
alba@yellowjerseypr.com +44 77 1071 8649
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Howard Baker, Technical Director of
Alba Mineral Resources Plc. Mr Baker is a Chartered Professional
Fellow of the Australasian Institute of Mining and Metallurgy
(Membership Number 224239) and a Competent Person as defined by the
rules of International Reporting Codes that are aligned with
CRIRSCO.
Howard Baker has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration targets, Exploration Results, Mineral
Resources and Ore Reserves', also known as the JORC Code. The JORC
code is a national reporting organisation that is aligned with
CRIRSCO. Howard Baker consents to the inclusion in the announcement
of the matters based on his information in the form and context in
which they appear.
Alba's Principal Operations & Investments
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds an 18.1 per cent
interest in Horse Hill Developments Limited, the company which has
a 65 per cent participating interest and operatorship of the Horse
Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK
Weald Basin.
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent
interest in Production Licence 235, which comprises the previously
producing onshore Brockham Oil Field.
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest
in the Amitsoq Graphite Project in Southern Greenland and has an
option over the remaining 10 per cent.
Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent
of mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Gold Mines of Wales (Gold, Wales): Alba holds a 49 per cent
interest in Gold Mines of Wales Limited ("GMOW"), the ultimate
owner of the Clogau Gold project situated in the Dolgellau Gold
Belt in Wales. Alba has conditionally agreed to move to 90 per cent
ownership of GMOW.
Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per
cent of mineral exploration licences 2017/40 and 2018/15 in
north-west Greenland.
Limerick (Base Metals, Ireland): Alba has 100 per cent of the
Limerick base metal project in the Republic of Ireland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Web: www.albamineralresources.com
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END
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