REG - Alba Mineral Resrcs. - Clogau Gold Mine Update

Alba Mineral ResourcesAnnouncement

22/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240322:nRSV9370Ha&default-theme=true

RNS Number : 9370H  Alba Mineral Resources PLC  22 March 2024

Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector: Mining

22 March 2024

Alba Mineral Resources Plc

("Alba" or the "Company") 

 

Clogau Gold Mine Update

Alba Mineral Resources Plc (AIM: ALBA) is pleased to provide this update on
its work at the Lower Llechfraith workings (the "Llechfraith Target"), its
principal gold target at the Company's 100% owned Clogau-St David's Gold Mine
in north Wales ("Clogau" or the "Mine"), and across the wider Dolgellau Gold
Belt.

Key Points

·     Following the completion of the statutory notification requirements
in respect of Alba's planned bulk sampling of the Llechfraith Target and
trenching of the Clogau Waste Tip, the Company will now be proceeding with
both of those exercises (refer to the indicative timetable set out below).

 

·     In respect of the more than 40 samples taken from No.4 Level at the
Llechfraith Target:

o  all have now been processed in the Company's processing plant in the
Llechfraith Mine Yard (the "Llechfraith Plant") to produce heavy mineral
concentrates; and

o  composites of the concentrates are with a third-party refining facility,
with results expected shortly.

 

·     Processing and interpretation of the airborne geophysical survey
undertaken over Alba's key regional gold targets continues, with results
expected from the first survey site, Clogau, in the week commencing 25 March.

George Frangeskides, Executive Chairman, commented:

"We are really pleased to have now passed the final regulatory step in our
planned bulk sampling of our primary underground target within the Lower
Llechfraith workings and also at the historic Clogau Waste Tip.  As a result,
those exercises can now proceed.

"The Waste Tip bulk sampling will proceed along a shorter timeline, as
described below, reflecting the much more straightforward nature of that
exercise.  The underground bulk sampling, meanwhile, as one would expect,
involves greater complexity in terms of engineering, logistics and safety
aspects, not to mention the blasting of a significant volume of rock and its
removal to surface for sorting and processing. Nonetheless, we expect to
commence both processes in April.

"This is an exciting time for all of us, Alba management, Alba shareholders
and of course all of our many friends and supporters within the local
communities in north Wales, especially around Bonttdu and Dolgellau, as we
finally move into this critical phase of work at our primary underground gold
target deep within the Lower Llechfraith workings, work which will allow us
for the first time to assess the overall gold grade in those never previously
mined workings and in turn enable us to confirm the economic feasibility of
recommencing commercial mining operations from the UK's largest gold mine."

Details

Underground and Waste Tip Bulk Sampling

Further to the Company's announcement on 22 February, following the completion
of the statutory notification requirements in respect of Alba's planned bulk
sampling of the Llechfraith Target and trenching of the Clogau Waste Tip under
Permitted Development Rights, the Company is now in a position to proceed with
both those exercises.

Indicative timelines for both bulk sampling exercises are as follows:

(a)      Waste Tip exercise (to extract approx. 120 tonnes of fines for
processing and smelting):

 

a.  Trenching: April.

b.  Processing of bulk samples to gold concentrate: May.

c.  Refining and smelting of gold concentrates: June.

 

(b)     Underground Bulk Sampling exercise (to extract approx. 150 tonnes
of rock from two newly developed raises for sorting, processing and refining):

 

a.  Site mobilisation and preparation: April/May.

b.  Blasting, ore removal and sorting: June/July.

c.  Processing ore to gold concentrate and then refining & smelting:
July/August.

Level 4 Sampling

As reported on 22 February 2024, the Company has taken more than 40 samples
from No.4 Level at the Llechfraith Target. All of those samples have now been
put through the Company's Llechfraith Plant to produce heavy mineral
concentrates.  Composites of these concentrates have been sent to a
third-party refining and smelting facility to determine their gold content.
The results are expected shortly.

Airborne Geophysical Surveys

Processing and interpretation by the Company's specialist geophysicists of the
airborne geophysical surveys undertaken over Alba's key regional gold targets
continues, with results expected to be received by Alba from the first survey
site, Clogau, in the week commencing 25 March.

 

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.

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 and
availability of qualified staff, contractors, services, equipment and
materials, 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. Actual results and timelines 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 40 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.

 

**ENDS**

For further information, please visit www.albamineralresources.com
(http://www.albamineralresources.com/)  or contact:

 Alba Mineral Resources plc                 +44 20 3950 0725

 George Frangeskides, Executive Chairman
 SPARK Advisory Partners Limited (Nomad)    +44 20 3368 3555

 Andrew Emmott
 CMC Markets plc (Broker)                   +44 20 3003 8632

 Thomas Smith / Douglas Crippen

 

 

 Alba's Projects & Investments
 Projects Operated by Alba          Location   Ownership
 Clogau (gold)                      Wales      100%
 Dolgellau Gold Exploration (gold)  Wales      100%
 Gwynfynydd (gold)                  Wales      100%
 Investments Held by Alba           Location   Ownership
 GreenRoc Mining Plc (mining)       Greenland  37.49%
 Horse Hill (oil)                   England    11.765%

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSEWSMEELSEED