TIDMALBA
RNS Number : 3912A
Alba Mineral Resources PLC
29 May 2019
Click on or paste the following link into your website browser
to view the associated PDF document (including maps and
images):
http://www.rns-pdf.londonstockexchange.com/rns/3912A_1-2019-5-28.pdf
Alba Mineral Resources plc
("Alba" or the "Company")
Latest Sampling Results Expand Areas of Gold Mineralisation
at Clogau Gold Project
Alba Mineral Resources plc (AIM: ALBA) Alba (AIM: ALBA), the
diversified mineral exploration and development company, is pleased
to report the second set of results from the 2019 soil sampling
campaign being undertaken within the Company's 107 km(2) licence
area in North Wales. Alba's Clogau Gold Project hosts the
high-grade Clogau-St David's gold mine as well as the extensive
regional target known as the Dolgellau Gold Belt.
Highlights
-- Results have been obtained from a further 243 samples from
the recently completed 1,200 sample programme.
-- Gold-in-soil grades from two new anomalies away from the
existing mine area and not associated with historic mine workings
range in grade from 0.005 to 0.25 g/t Au (at a 0.005 g/t
cut-off).
-- Previously reported anomalies have been extended in strike length based on the new results.
-- Average grades for the new anomalies are well above the
average gold-in soil grades for Clogau-St David's and the other
historic mine areas.
-- In total, results have now been received for 768 samples of
the 1,200 sample programme, or 898 sampling results including the
2018 sampling programme.
-- Gold mineralisation has now been confirmed across 6 miles
along the strike extent of the Dolgellau Gold Belt and from within
multiple geological units.
-- The 1,200 sample programme has been completed and the field
team has commenced Phase 2 of the programme involving infill and
extension sampling.
Alba's Executive Chairman, George Frangeskides, commented:
"Our regional exploration of the Dolgellau Gold Belt continues
to bear fruit. We have now confirmed mineralisation across around
six miles of the Gold Belt, and in total have identified seven new
mineralised zones which are not associated with historic mine
workings. The fact that the average grades for those zones exceeds
the equivalent grades obtained over the Clogau-St David' s mine
itself is genuinely exciting."
"Our exploration team is back in the field now, and conducting
infill and extension sampling, as we seek to increase our knowledge
and understanding of these new gold zones. We will report further
developments as they arise."
Soil Sampling Programme
Ongoing soil sampling and geochemical analysis is being carried
out within the Dolgellau Gold Belt with samples generally collected
at 20 m intervals on lines 200 m apart. This exploration programme
is the first of its kind, utilising modern-day exploration
techniques, that has been undertaken on the Dolgellau Gold Belt
since the first discovery of gold and base metals there during the
18(th) century.
The current field programme complements and expands upon the
orientation programme that was completed in the summer of 2018.
During that orientation programme, soil sampling was undertaken in
the area above and immediately adjacent to the existing Clogau-St
David's mine. This confirmed the presence of an associated
gold-in-soil anomaly and thereby confirmed the validity of the
exploration technique which is now being rolled out across
extensive regional targets within the wider licence area.
At each sample location, a sample is being taken from the B soil
horizon (subsoil) by hand auger. The results from the current
programme have been taken from a total of 768 soil samples and were
submitted for assay at the accredited ALS laboratory in Ireland. To
date, including the 130 samples collected in the summer of 2018,
results have been received from a total of 898 submitted samples.
The team has now completed the initial 1,200 samples and has
commenced infill and extension sampling based on the new results
obtained.
For further details on the sampling results, see the pdf version
of this RNS where Figure 1 highlights the targets identified to
date from the sampling programme, being new targets based on the
most recent batch of samples results and previously reported
anomalies, both believed to occur where limited or no mining
activities have taken place. The new anomalies require detailed
ground-truthing although it is understood that no significant
mining activities have occurred in these areas.
Figure 2 in the pdf version of this RNS shows the locations of
all 898 samples collected and assayed to date. Sampling to date,
including those with assays still pending, covers a strike extent
along the Dolgellau Gold Belt of approximately 7.5 miles.
Figure 3 in the pdf version of this RNS shows all the results
obtained to date which have a laboratory gold detection limit of at
least 0.001 ppm (equivalent to 0.001 g/t) Au. The assay results for
the gold-in-soil show a restricted dispersion halo away from the
predicted historic targets. Given the limited weathering and thin
soil profile above bedrock, the anomalous values are considered
likely to be close to source and the sampling highlights that low
gold-in-soil levels can be significant anomaly indicators given the
fact that we have previously confirmed the presence of a low-grade
anomaly associated with the Clogau-St David's mine, which we know
to have historically produced a significant amount of high-grade
gold and which we consider to be prospective for additional gold
mineralisation.
The results show that gold-in-soil grades above the detection
limit occur at multiple locations within the areas sampled to date.
Elevated values correspond with the known mine areas as well as
multiple locations that appear to be unaffected by mining
activities, thus some appear to represent potential bedrock sources
of gold rather than being due to contamination. This includes a
sample returning an assay of 0.65 g/t Au that lies within the
Gamlan Formation and is associated with an igneous intrusive body
that may represent an ore-controlling feature at the Clogau Mine.
This is an area which will undergo further investigation.
The results obtained to date highlight multiple anomalies across
a range of geological features. This is not surprising given the
historic mining in the region targeted gold and base metals from
various lithological units. Traditionally, however, gold was mined
from within the Clogau Shale (shown in blue in Figures 2 and 3 in
the pdf version of this RNS) and it is clear from the results
obtained that a continuous anomaly is present within this unit.
However, elevated gold values are also now observed at contacts
between the Clogau Shale / Maentwrog boundary (shown in light grey
in Figures 2 and 3 in the pdf version of this RNS) and within the
Gamlan Formation (shown in dark grey in Figures 2 and 3 in the pdf
version of this RNS) that do not appear to have been the focus for
most of the historic mining activities. Results from the latest
batch of samples are, however, located predominantly within the
Clogau Shale unit.
If the samples collected within the preliminary target
boundaries of a grade equal to or above 0.005 ppm are compared with
those samples of that same grade which were taken within the
"historic" anomaly boundaries, it is clear that the average grade
of the samples across the new anomalies is very comparable to the
average grade of the samples from the "historic" anomalies (see
Table 1, below). Indeed, at the current level of investigation, the
average grades for new anomalies 1 and 2 are well above the
averages for Clogau-St David's and the other historic mine
areas.
Table 1: Comparison of average grades of samples equal to or
above 0.005 ppm.
Anomaly No. of Samples Min (ppm) Max (ppm) Average (ppm)
New Anomalies
1 14 0.005 0.250 0.039
--------------- ---------- ---------- --------------
2 7 0.006 0.247 0.053
--------------- ---------- ---------- --------------
Previously Reported Anomalies
1 17 0.005 0.060 0.012
--------------- ---------- ---------- --------------
2 6 0.005 0.279 0.056
--------------- ---------- ---------- --------------
3 4 0.006 0.648 0.170
--------------- ---------- ---------- --------------
4 7 0.005 0.01 0.007
--------------- ---------- ---------- --------------
5 2 0.005 0.007 0.006
--------------- ---------- ---------- --------------
Historic Anomalies
Clogau-St David's 10 0.005 0.013 0.008
--------------- ---------- ---------- --------------
Garthgell 14 0.005 0.022 0.008
--------------- ---------- ---------- --------------
Old Clogau 2 0.013 0.014 0.014
--------------- ---------- ---------- --------------
Vigra 3 0.014 0.018 0.016
--------------- ---------- ---------- --------------
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.
Glossary
B soil horizon: Commonly referred to as "subsoil" and typically
consists of clay or minerals such as iron or aluminium oxides and
minor organic material. Plant roots penetrate through this layer,
but it has very little humus.
Clogau Shale: A dark-grey or black-banded carbonaceous mudstone
and silty mudstone.
Geochemical: Relates to the chemical composition of the Earth
and its rocks and minerals.
Geophysics: The application of the methods and techniques of
physics to the study of the earth and the processes affecting
it.
Hand Auger: A hand tool with a long blade that resembles a
screw, which drills narrow diameter holes when turned.
Intrusives: An igneous rock formed from magma forced into older
rocks at depth within the Earth's crust, which then typically
slowly solidifies below the Earth's surface.
Lithological Units: The lithology of a rock unit is a
description of its physical characteristics visible at outcrop, in
hand or core samples or with low magnification microscopy, such as
colour, texture, grain size, and mineral composition.
Lithological Contacts: The contact between two lithologies of
differing characteristics.
Mineralisation: Economically important metals that can occur at
a variety of scales from small disseminations through to large
zones or ore bodies.
Pathfinder Elements: In geochemical exploration, an element that
occurs in close association with an element or commodity being
sought, but one can be more easily identified because it forms a
broader halo or can be detected more readily by analytical
methods.
Quartz Veins: A distinct sheet-like body dominantly composed of
quartz hosted within a rock formation.
Strike Length: The direction and length of a geological feature
(for example, a vein or rock formation) measured on a horizontal
surface.
Structural Architecture: The three-dimensional distribution of
bodies of rock, as controlled by geological structures.
Weathering Profile: A vertical assemblage of weathering zones
(subsurface zones of alteration differing physically, chemically or
mineralogically from adjacent zones) from the surface soil to the
unaltered bedrock.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3907 4297
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 +44 77 1071 8649
alba@yellowjerseypr.com
Alba's Project & Investment Portfolio
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.
Clogau (Gold, Wales): Alba owns a 90 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.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence ("MEL") 2017/40 and 2018/25 in
north-west Greenland.
Limerick (Base Metals, Ireland): Alba owns 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 MEL 2017/41 in Melville Bay, north-west Greenland.
The licence area benefits from an existing inferred JORC resource
of 67 Mt @ 31.4% Fe.
Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent
of MEL 2017/29 in the Thule region, north-west Greenland.
Oil & Gas
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.
Horse Hill (Oil & Gas, UK): Alba holds an 11.765 per cent
effective interest in the Horse Hill oil and gas project (licences
PEDL 137 and PEDL 246 covering a total area of 142.9 km(2)) in the
UK Weald Basin.
Web: www.albamineralresources.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLSEIFUAFUSELI
(END) Dow Jones Newswires
May 29, 2019 02:00 ET (06:00 GMT)
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Jul 2023 to Jul 2024