TIDMALBA
RNS Number : 9287I
Alba Mineral Resources PLC
17 December 2020
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Alba Mineral Resources plc
("Alba" or the "Company")
Phase 1 Surface Trenching over Dolgellau Gold Exploration
Project
Identifies Two-Metre Wide Quartz Vein
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that the first phase of the surface trenching programme over the
Company's 100 per cent owned Dolgellau Gold Exploration Project has
been successfully completed. A significant 2.1 metre-wide quartz
vein has been discovered.
Key Points
-- The completed first phase of surface trenching is a
validation of Alba's regional geological model, by uncovering
quartz veins in target area identified from Alba's extensive soil
sampling programme
-- 2.1 metre width quartz vein discovered in trench 10,
comparable with the widths of the worked veins in the Clogau-St
David's Gold Mine
-- Follow-up exploration work being planned for this site in
2021 together with trenching over some of the remaining nine gold
targets identified by Alba over the Dolgellau Gold Field.
Alba's Executive Chairman, George Frangeskides, commented:
"This first phase of our surface trenching campaign has been a
real success. We have uncovered several quartz veins, including one
over two metres in width. Follow-up work in 2021 will be designed
to ascertain the full extent of the vein, and to further sample it
for its gold content."
"This work we are carrying out in the Dolgellau Gold Field, to
discover new gold deposits away from the Clogau-St David's and
Gwynfynydd Gold Mines, should be seen as a separate exercise to the
work we are doing to bring those mines back into production, but is
certainly no less exciting. We will continue to move our Dolgellau
Gold Exploration Project forward in 2021 at the same time as we
progress work at the two gold mines."
Details
Alba's 100 per cent owned Dolgellau Gold Exploration Project
(the "Project") encompasses the regional exploration activities
being conducted by the Company over the Dolgellau Gold Belt (or
Dolgellau Gold Field), the known, 26 km long geological formation
in north Wales which incorporates both the Clogau-St David's and
Gwynfynydd gold mines and where the Company believes there are
strong prospects for discovering new economic gold deposits.
As previously reported, a surface trenching programme has been
undertaken over one of the ten separate target areas within the
Project which showed strong gold anomalism in the 2019 regional
soil sampling campaign, but where no significant past mining
activity has taken place. The trenching area is located 1.2 km east
of the Clogau-St David's Gold Mine and 4.2 km north-west of
Dolgellau.
In total eight trenches were completed, and a total of 278.4
metres was trenched. Table 1 displays the width, length and azimuth
of each trench.
Table 1. Length, width and azimuth of each completed trench.
Trench Number Length (m) Width (m) Azimuth
1 61 1.4 140
----------- ---------- --------
2 58 1.4 120
----------- ---------- --------
3 47 1.4 135
----------- ---------- --------
4 39.5 1.4 140
----------- ---------- --------
5 22.3 1.4 150
----------- ---------- --------
7 19.5 1.4 110
----------- ---------- --------
9 20.1 1.4 146
----------- ---------- --------
10 11 1.4* 140
----------- ---------- --------
*Trench widened in places to uncover full width of 2.1 m quartz
vein.
In total 49 samples were taken across all the trenches,
including 17 quartz vein samples. There were three minor quartz
veins (up to 0.3m wide) located in trenches 1 and 3, which were
hosted by greenstone sills and contain clasts of greenstone sill
and soft black material assumed to be altered Clogau shale.
Trench 10 uncovered a significant 2.1 m wide east to north-east
trending quartz vein (see Figure 5 in PDF version of this RNS). The
quartz vein is hosted by greenstone sill. This quartz vein is
comparable to the widths of the worked quartz veins in the
Clogau-St David's Gold Mine. In total fourteen samples were taken
across trench 10 for sampling.
The samples collected will be sent to an accredited laboratory
for assay. Follow-up exploration work is being planned for this
site for the first half of 2021. This first phase of surface
trenching having validated the data obtained from the Company's
regional soil sampling programme, the Company intends to roll out
further phases of surface trenching in 2021, covering some of the
remaining nine gold targets identified over the Dolgellau Gold
Field.
All activities and timelines in this announcement are subject to
the timely receipt of regulatory and other third-party consents and
to the timely availability of contractors, plant and equipment.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Glossary
Quartz vein: A sheet-like body consisting predominantly of the
mineral quartz, which is known to host gold mineralisation in the
Dolgellau Gold Belt.
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 90%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Inglefield (copper, cobalt,
gold) Greenland 100%
----------- ----------
Limerick (zinc-lead) Ireland 100%
----------- ----------
Melville Bay (iron ore) Greenland 51%
----------- ----------
TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Brockham (oil) England 5%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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