REG - Alba Mineral Resrcs. - Operational Update

Alba Mineral ResourcesAnnouncement

27/05/2025 07:00

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RNS Number : 0920K  Alba Mineral Resources PLC  27 May 2025

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

27 May 2025

Alba Mineral Resources Plc

("Alba" or the "Company") 

 

Operational Update

Alba Mineral Resources Plc (AIM: ALBA) is pleased to provide this operational
update in respect of the Company's 100% owned Clogau-St David's Gold Mine in
north Wales ("Clogau" or the "Mine") and its high-grade REE and gold farm-in
prospect, Finnsbo, in Sweden.

Key Points

Clogau (Gold)

·      The Company has finalised the plan for the next phase of blasting
at Clogau, including making modifications to the technical blasting
specifications to be employed in order to achieve greater frequency and faster
progression through the blasting sequences.

 

Finnsbo (Rare Earths and Gold)

·      A specialist geophysics contractor has successfully completed a
ground-based geophysical survey at Finnsbo.

 

·      The results of the survey have strengthened the indications that
the more unique "POP 2" style of high-grade gold, copper and rare earth
element ("REE") mineralisation is of magmatic origin and related to the
intrusive tonalite.

 

·      Further exploration should focus on core drilling the contact
zone starting at the POP 2 location and stepping out towards the southeast,
seeking continuity of high-grade mineralisation.

 

George Frangeskides, Executive Chairman, commented:

"We are very pleased to have refined and confirmed the technical plan for the
next phase of underground blasting at Clogau.  We anticipate that the
technical modifications made will enable us to achieve greater frequency and
progression through the blasting sequences.

"We are also delighted that our first significant field programme at Finnsbo,
our high-grade gold and rare earth prospect in southern Sweden, has been
successfully completed and appears, from our preliminary assessment, to have
generated excellent data. Further technical analysis and interpretation will
be undertaken, but this new data set for the licence confirms that the focus
of future work should be the drilling of a few short exploratory holes at the
contact zone starting at the POP 2 location and stepping out towards the
southeast, seeking continuity of the high-grade gold, copper and rare earth
mineralisation we have encountered at POP 2."

Details

Clogau Update

In respect of the next round of underground blasting at Clogau, following
further technical analysis and discussion the overall blasting plan remains as
communicated on 13 March 2025, namely to reposition the first raise so as to
be able to commence it much sooner in the planned blasting programme than
previously planned (see Figure 1).  This will involve commencing Raise 1
within 5 metres from the current face position of the No.5 Level Drive West,
enabling an earlier transect across the projected payshoot. The raise will be
developed at an angle of +50° so that it will be self-cleaning, eliminating
the need for time-consuming mucking out.

Other technical specifications for the next phase of blasting have been
modified with a view to achieving greater frequency and faster progression
through the blasting sequences.  The current intention is to complete Raise 1
first and then process it for its gold content before moving onto commence
Raise 2.

Figure 1: Section through Llechfraith showing the No 5 Level development in
relation to the projected pay shoot. Blasting has taken place at the Drive
West and the Drive East. 4.5 Level drive is off-reef which means that Raise 1
can be commenced from closer to the current No.5 Level Drive West position.

 

Finnsbo Rare Earths & Gold

The Company is pleased to announce that the Finnish geophysics contractor
appointed to perform a ground-based magnetic survey and data processing
exercise within the Finnsbo licence in Sweden has successfully completed their
work.

 

For the purposes of the ground magnetic survey, a 60ha polygon was designed
covering a strike length of prospective ground from the west of POP 2 to the
historic Bredasen shafts, a distance of approximately 1.13km (see Figure 2).
The survey was divided into 25m spaced lines to fill the 60ha polygon. A total
of 23.74 line kilometres was traversed by the contractor's personnel using a
continuous magnetometer with backpack GPS antenna, with the longest line
running to 550 metres. The base station was setup on the southern border of
the survey area. The survey utilised continuous sampling of one reading per
second, providing at least one data point every metre along the line.

 

A magnetic susceptibility survey in mineral exploration uses the magnetic
properties of rocks and minerals to locate and characterise potential mineral
deposits. It involves measuring the degree to which earth materials become
magnetised when exposed to an applied magnetic field. The purpose of the
survey at Finnsbo will be to provide information in the immediate area
regarding the near-surface occurrence of the mineralisation that was sampled
on surface. It is expected that drill targets will be generated from this
survey. Additionally, the presence of historical magnetite mining operations
in the area could lead to further magnetite iron ore occurrences being
located.

 

 

Figure 2: View of Finnsbo licence (red outline) and the extent of the
completed 60ha geophysical survey (white outline).

 

The Finnsbo licence occurs within regionally metamorphosed sedimentary and
volcanic geology of Palaeoproterozoic age. The northwest-southeast schistose
fabric is generally steeply dipping and highly deformed. Extensive masses of
coarse-grained granodiorite and tonalite of the Uppsala Batholith Suite have
intruded this sequence (see Figure 3).  The 60ha polygon for the ground
magnetic survey straddles a contact between tonalite in the north and folded
schist and quartzite to the south.

 

 

 

 

Figure 3: Geological overview, with area of geophysical survey shown as a blue
polygon.

 

 

The image on Figure 4, showing the results of the processing of the
geophysical survey data (known as a First Vertical Derivative (1VD) image),
indicates that the polygon footprint is dominated by a clear large fold
structure as defined by magnetite replacement. Such compression of the
underlying layered former sedimentary strata is typical of high strain zones
in steepened collision tectonic settings. This feature trends parallel with
the estimated structural grain of the northwest-south east zone as shown on
the geology map (see Figure 2).

 

Across the Finnsbo licence, there are several artisanal magnetite workings,
the largest of which is called Bredasen (Figure 4). This is a series of three
flooded vertical shafts of roughly 30-40m depth, according to the Swedish
Geological Survey (SGU). Bredasen occurs at the eastern end of the ground
magnetic survey polygon. In addition, there are four (4) other shallow
exploration pits all labelled Fe (see Figure 4).

 

The magnetic highs are all located along magnetite zones within the fold
feature. The extent of magnetite replacement appears to increase within the
keel of the fold. Magnetite workings all coincide with magnetic ridges. The
northern half of the polygon on Figure 4 shows a very different pattern of
magnetism. This is the tonalite intrusive body (see Figure 2) and contains
patchy zones of weaker magnetism. A yellow line demarcates the approximate
contact of the tonalite intruding into the folded schist rock. Closer to
Bredasen this contact has been observed in the field.

 

POP 2 occurs close to, or just south of the inferred tonalite contact (see
Figure 4). This strengthens the hypothesis that the more unique POP 2 style of
mineralisation is of magmatic origin and related to the intrusive tonalite.
This high-grade gold, copper and rare earth metal mineralisation occurrence
differs significantly from the older, magnetite-related sulphide event.

 

The results of the geophysical survey confirm the thinking that further
exploration should focus on core drilling the contact zone starting at the POP
2 location and stepping out towards the southeast, seeking continuity of
high-grade gold, copper and rare earth mineralisation.

 

Figure 4: First Vertical Derivative (1VD) processed image from geophysical
survey. High-grade rare earth and gold occurrence (Pop 2) and known magnetite
occurrences (marked as "Fe") shown.

 

Previous work by the project owners at Finnsbo has returned assay results at
POP 2 of up to 3.5% Total Rare Earth Oxides (TREO) (with overall grades
ranging from 0.5% to 3.5% TREO), with 37-38% of the TREO in each case being
made up of high-value NdPrDy (neodymium-praseodymium-dysprosium) oxides, as
well as gold and copper grades of up to 27g/t (with overall grades ranging
from 7 to 27g/t) and 2.9% (with overall grades ranging from 0.9% to 2.9%)
respectively.

 

Samples taken by Alba from broken rock blasted during previous operations at
Finnsbo have been found to contain visible gold and returned assay results
including grades of 9.72 grams per tonne (g/t) gold and 2.36% total rare earth
oxides (TREO).

 

As reported in the Company's RNS of 11 December 2024, as the high-grade gold
assay reported in that RNS of >10g/t was above the maximum reportable grade
for the assay protocol selected

(being 10g/t), the laboratory was subsequently ask to run the assay again
using a different protocol to arrive at a precise gold content for the sample,
hence the revised figure stated above of 9.72g/t.

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, financial and business conditions, competition
for and availability of qualified staff and contractors, regulatory processes
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 finance, execute and implement
future plans and programmes, 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**

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 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 Strategic Materials Plc (graphite - anode)  Greenland  28.01%
 Horse Hill (oil)                                     England    11.765%
 Earn-in Projects                                     Location   Earn-in Rights
   Finnsbo (rare earths, copper, gold)                Sweden     Up to 100%
 Optioned Projects                                    Location   Further details
   Norrby (gold, other metals)                        Sweden     RNS 6/11/24
   Glava (copper, gold)                               Sweden     RNS 6/11/24

 

 

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