REG - Alba Mineral Resrcs. - Dolgellau Gold Exploration Update

Alba Mineral ResourcesAnnouncement

02/04/2024 10:00

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RNS Number : 9486I  Alba Mineral Resources PLC  02 April 2024

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

2 April 2024

Alba Mineral Resources Plc

("Alba" or the "Company") 

 

Dolgellau Gold Exploration Update

New Targets Identified Through Airborne Magnetic Surveys

Alba Mineral Resources Plc (AIM: ALBA) is pleased to announce three gold
targets which have been identified from the review and interpretation of the
first part of the magnetic data generated during Alba's recent airborne
magnetic survey of certain high-priority gold targets across the Dolgellau
Gold Belt ("DGB"). Two of the targets are located within the envelope of the
Company's 100% owned Clogau-St David's Gold Mine in north Wales ("Clogau" or
the "Mine") and represent the potential definition of new drill targets within
the Mine. The third target has been identified on a fault that extends 4 km
northeasterly in the DGB and thus falls within the Company's 100% owned
Dolgellau Gold Exploration Project.

Key Points

·     Alba commissioned airborne magnetic surveys over the Clogau,
Castell Carndochan and Hafod Owen prospects, located in the DGB.  These were
flown between November 2023 and January 2024.

 

·     As the target gold quartz veins are not magnetic, proxy structures
(as in proxies for gold) are looked for in the magnetic data. In the case of
Clogau and the DGB, discontinuities in the magnetic sill basement can be used
as proxy markers for the possible presence of mineralised quartz veins and
therefore worthy of further ground investigations.

 

·     The two in-mine targets may merit follow-up underground drilling to
define potential new economic zones of mineralisation.  The third target will
be subjected to basic ground exploration involving geochemical sampling and
mapping and ground-truthing for the presence of any outcropping quartz vein.

 

·     These new targets identified to date only relate to one part of the
completed airborne magnetic survey.  The interpretation of the survey data
over the Carndochan and Hafod Owen prospects is awaited and will be reported
on in due course.

Mark Austin, Alba's COO and Senior Geologist, commented:

"The airborne magnetic survey that we recently carried out over some of our
key targets over the DGB is the first survey of its kind since the regional
survey that was undertaken by the British Geological Survey in the early
1970s. Given advances in technology, this latest survey has revealed a lot
more detail than was generated by that earlier survey. Thus, we now have data
guiding us to the identification of specific exploration targets.

"The three targets that we have identified over the Clogau-St Davids survey
area make a lot of sense in the context of the overall geological model we
have developed over the years. From the drilling we carried out in 2021, we
were able to identify vein structures parallel to the main Clogau vein, and
this has now been corroborated by the aeromagnetic survey data. The advantage
of two of the targets being in-mine is that we should be able to access them
by the drilling of some short holes from the existing underground development,
a much quicker and most cost-effective way to prove up these potentially new
gold-bearing vein structures.

"These are exciting developments and we look forward now to the reporting of
the interpretations of the Castell Carndochan and Hafod Owen survey areas to
see what further targets may be revealed over this hugely prospective, and
still massively underexplored, gold belt."

Details

Unmanned aerial vehicle (or "UAV") magnetic surveys were carried out by Alba's
specialist contractors between November2023 and January 2024, targeting the
Clogau, Castell Carndochan and Hafod Owen gold prospects within the DGB.

The interpretation of the airborne survey over the Clogau prospect has
generated three new targets of immediate interest. These targets will be
subjected to further focused exploration or "ground truthing" to confirm
whether they host mineralised quartz veins.

As the target gold quartz veins are nonmagnetic, proxy structures are used
that can be identified in the magnetic data. The targeted gold quartz veins
are typically associated with the ubiquitous normal faulting of east to
north-east (ENE) strike. Because these faults postdate the emplacement of the
regional magnetic sill complex (estimated at a depth of 50 to 70 m below
surface), they might exhibit discontinuities within the imaged magnetic field.
These magnetic discontinuities are regarded as potential sites for further
ground investigations, especially the intersection of structures.  These are
potential fault-related dilation structures, which may enhance permeability
and consequent conduits for mineralised quartz veins.

 

 

 

 

 

 

 

 

Figure 1. Map of lineaments of ENE to NE strike (Black) superposed with mapped
quartz veins (Purple) underlain by a magnetic map generated from the 2023-24
aeromagnetic survey data.

 

 

 

 

 

 

 

 

Figure 2. Aeromagnetic map of the Clogau survey area showing the three newly
identified exploration targets (circled yellow).

 

Target 1 is centred on the Brynterion Fault and the displacement of the Clogau
vein across the fault to St Davids (see Figures 1 and 3). Alba geologists have
previously identified this area as having potential for additional vein
development and this has now been confirmed by the survey.

Target 2 shows possible faulting which intersects the current Clogau vein in
the Grandfathers area - an area of known structural complexity (see Figures 1
and 3). It also shows that the magnetic anomalies pick out the trend of the
Clogau vein. The Grandfathers area was extensively stoped on high grade ore
and is easily accessible along the Llechfraith Adit. The target area shown
represents new potential zones of mineralisation at Grandfathers which have
never previously been mined.

Target 3 is based on a strong anomaly centred on an interpreted arcuate
structural feature which extends from the north-east to the west across the
Clogau area (see Figure 2).

Figure 3. Zoomed in aeromagnetic map of the Clogau survey area showing the two
newly identified in-mine exploration targets (circled yellow).

 

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 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. 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 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%

 

 

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