TIDMALBA
RNS Number : 0567G
Alba Mineral Resources PLC
22 July 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Dolgellau Gold Exploration Project Update
New High-Grade Gold Target Identified
Alba Mineral Resources plc (AIM: ALBA) is pleased to report that
it has identified a new high-grade regional gold target within its
exploration licence area. Stream sediment sampling and studies are
also ongoing.
Key Points
-- A new regional gold target has been identified within the
Company's exploration licence area, close to Gwynfynydd, with grab
samples grading up to 24 g/t.
-- Stream sediment samples taken as part of an ongoing study in
collaboration with Camborne School of Mines.
Alba's Executive Chairman, George Frangeskides, commented:
"The fact that our team have unearthed this new high-grade gold
target on our licence area, grading up to 24 g/t, is a timely
reminder of the great potential of the Dolgellau Gold Field, which
is solely under licence to Alba. There are some 300 historical
workings in the Dolgellau Gold Field, not to mention no fewer than
11 past producing gold mines."
"We will be returning to this target area as soon as possible
for follow-up exploration of the multiple structures we have
identified."
Dolgellau Gold Exploration Project
Alba's technical team has recently undertaken field exploration
over a gold target within the Company's extensive exploration
licence area, close to the Gwynfynydd Gold Mine. The field
exploration was undertaken following a historical data review,
during which the Alba team identified 5-6 topography-controlling
north-south structures, all of which are associated with historical
mine workings.
During a ground-truthing exercise at the site, quartz boulders
were found close to the historical mine workings, considered likely
to be there as a result of historical mining activity.
One boulder clearly showed a multi-stage banded vein reminiscent
of epithermal mineralisation. Upon being broken open, a pod of
massive sulphide mineralisation was revealed within the central
part of the vein. The boulder was sampled and sent for assay, which
returned elevated grades of 6.5 g/t and 24.1 g/t Au.
Another sample taken during this initial reconnaissance visit
was a float sample of breccia mineralisation which returned a grade
of 3.8 g/t Au.
These factors indicate that there is potential for both vein-
and breccia-hosted mineralisation along and between the 5-6 target
structures.
Alba is planning to undertake a follow-up field campaign of
mapping and bedrock sampling in the area in August 2021, which will
aim to identify further examples of mineralisation and to better
constrain the structures that are potentially critical for both
styles of mineralisation.
Stream Sediment Sampling
Alba has collected stream sediment samples within the Company's
Gwynfynydd exploration licence area. This will form the basis of a
study currently being completed by an MSc (Exploration Geology)
student at Camborne School of Mines. The study will identify the
best sampling and analysis methodology for stream sediment sampling
in the Dolgellau Gold Belt as well as including a comprehensive
review of existing regional stream geochemistry and drainage basin
analysis.
Drainage basin identification is important as it constrains the
location of the gold mineralisation that is found in the stream
sediment samples and therefore narrows down the target generation
effort. A shortlist of drainage basins of the greatest potential
will be highlighted for follow-up sampling by Alba in order to
explore for the presence of gold mineralisation in underexplored
regions of high prospectivity.
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
Breccia: A rock that has been broken up into fragments and
cemented together into a cohesive rock, in this context by the
action of mineralising fluids.
Drainage Basin: Drainage basins refer to the area of land
drained by a river and its tributaries. Drainage basins are
separated by watersheds.
Massive sulphide: A volcanogenic massive sulphide ore deposit is
a type of metal sulphide ore deposit which is associated with and
created by volcanic-associated hydrothermal events in submarine
environments. As a class, they represent a significant source of
the world's copper, zinc, lead, gold and silver ores.
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.
Epithermal: Precious metal mineralisation deposited from warm
waters at rather shallow depth under conditions in the lower ranges
of temperature and pressure, often in association with current or
historical volcanic activity.
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 1568
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 100%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Gwynfynydd (gold) Wales 100%
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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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