TIDMALBA
RNS Number : 2253M
Alba Mineral Resources PLC
20 September 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Dolgellau Gold Exploration Project Update
Expansion of Total Licence Area
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
the grant of an additional exclusive mineral exploration licence,
known as an Option Agreement, which secures further prospective
gold exploration ground within and adjacent to the Dolgellau Gold
Field.
Key Points
-- New Option Agreement granted for a six-year period
-- Area known to host gold mineralisation including former mine workings
-- New ground consolidates Alba's control of the Dolgellau Gold Field
-- A series of prospective structures running more than 10 km in
length through the new ground will be the focus of Alba's gold
exploration work
Alba's Executive Chairman, George Frangeskides, commented:
"We are very pleased to have been granted this new licence area
within the Dolgellau Gold Field. It consolidates our control of the
prospective gold exploration ground both within and adjacent to the
Gold Field. This new area will be included within our overall plan
for continued regional exploration of the Dolgellau Gold Field,
details of which will be announced soon."
New Exploration Licence
Alba's wholly owned subsidiary Dragonfire Mining Limited has
been granted a new Option Agreement ("Licence") by The Crown to
expand Alba's existing exclusive exploration ground into new and
prospective areas. The Licence, which is granted for a period of
six years, covers all areas of Clogau Shale exposure north of the
Barmouth Estuary, adding an additional 64 km(2) of ground and
bringing the total area under licence to Alba to 188 km(2) (see
Figure 1 in the PDF version of this RNS). The Clogau Shales and
immediately adjacent stratigraphic packages are known to be
critical controls on the development of vein-hosted gold
mineralisation, so securing these areas of ground gives Alba
extended control of prospective gold exploration ground in and
adjacent to the Dolgellau Gold Field ("DGF").
Of particular interest to Alba is the large tract of land added
to the north-west. Historical data sets, including the Mineral
Reconnaissance Programme ("MRP") completed by the British
Geological Survey in the 1980s which analysed a suite of panned
drainage samples for gold, indicate that the area hosts gold
mineralisation (see Figure 2 in the PDF version of this RNS).
The source of the gold is currently poorly understood, but Alba
is well-positioned to apply the comprehensive knowledge base it has
developed in the Clogau St. David's Gold Mine and in the DGF to
explore for the bedrock sources of these anomalies.
The area hosts some recorded mine workings, which were working
sulphide-bearing quartz veins. Whether mining here was developed in
search of gold or base metals is unknown, but the structures
highlighted by these workings show that mineralisation conforms to
north-east to south-west striking structures, in some cases more
than 10 km in length, similar to what is seen elsewhere in the
DGF.
Alba's geologists have identified a suite of these prospective
structures to investigate further, especially where these
structures interact with the Clogau Shales (see Figure 3 in the PDF
version of this RNS).
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Glossary
Mineralisation: Any single mineral or combination of minerals
occurring in a mass, or deposit, of economic interest. The term is
intended to cover all forms in which mineralisation might occur,
whether by class of deposit, mode of occurrence, genesis or
composition.
Quartz vein: A sheet-like body consisting predominantly of the
mineral quartz, which is known to host gold mineralisation in the
Dolgellau Gold Belt.
Panned Drainage Sample: A sample of sediment collected from a
river that has been panned to produce a heavy mineral concentrate
that can then be sent for analytical assay.
Geochemical Anomaly: A sample that contains a notably high
concentration of an element (in this case gold) which stands out
from the concentrations in other samples taken in the same
campaign.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Without prejudice to the generality of the foregoing,
uncertainties also exist in connection with the ongoing Coronavirus
(COVID-19) pandemic which may result in further lockdown measures
and restrictions being imposed by Governments and other competent
regulatory bodies and agencies from time to time in response to the
pandemic, which measures and restrictions may prevent or inhibit
the Company from executing its work activities according to the
timelines set out in this announcement or indeed from executing its
work activities at all. The Coronavirus (COVID-19) pandemic may
also affect the Company's ability to execute its work activities
due to personnel and contractors testing positive for COVID-19 or
otherwise being required to self-isolate from time to time.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Mark Austin. Mr Austin is a member
of SACNASP (Reg. No. 400235/06), Fellow of The Geological Society
and Fellow of the Geological Society of South Africa. He has a
B.Sc. Honours in Geology with 38 years' experience.
Mark Austin 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. Mr Austin consents to the inclusion in the announcement of
the matters based on his information in the form and context in
which they appear.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 100%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 100%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Inglefield (copper, cobalt,
gold) Greenland 100%
----------- ----------
Limerick (zinc-lead) Ireland 100%
----------- ----------
Melville Bay (iron ore) Greenland 100%
----------- ----------
TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Horse Hill (oil) England 11.765%
----------- ----------
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