TIDMALBA
RNS Number : 0517V
Alba Mineral Resources PLC
09 December 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Clogau-St David's Gold Mine Update
Further Validation of Key Development Targets
Alba Mineral Resources plc (AIM: ALBA) is pleased to provide an
update on the progress of technical work at the Clogau-St David's
Gold Mine ("Clogau").
Key Points
-- Analysis of assays from the 2021 Phase 2 underground and
surface drill core, 2019 drill core and additional in-mine rock
samples has identified four distinct geochemical groupings.
-- The most important grouping is the auriferous vein ("AV") group which:
-- has a compelling gold-silver-bismuth-lead-tellurium
association indicative of the presence of gold-bearing mineralising
fluids;
-- is directly comparable to the basket of metals for the
bonanza-grade gold stage described in historical ore mineralogy
assessments for the Dolgellau Gold Field; and
-- is present in all key development target structures
identified to date, validating the potential of those targets to
host untapped gold mineralisation.
-- Alba continues to progress the preparation of detailed
submissions seeking a reconsideration of its application to dewater
the Llechfraith Shaft.
Alba's Executive Chairman, George Frangeskides, commented:
"This detailed multi-element analysis of the core samples
obtained during all our drilling at Clogau to date has provided
further validation of the key development targets we have
identified from that work. This includes the two clear targets
which have been defined for near-term development: the Llechfraith
Payshoot, below the Llechfraith Adit, where drilling has proven
vein continuity up to 122 m below existing workings, and the Main
Lode System Extension, where drilling has defined a previously
unknown Lode (termed the New Branch Lode) whilst also intercepting
the 7-10 Lode and Grandfathers Payshoot at up to 60 m below
existing workings.
"The fact that we are seeing the same multi-element signature in
these areas as was found in the bonanza-grade gold stage at Clogau,
gives us a great deal of confidence as we move forward with the
development of these zones."
Phase 2 Drill Core Assay Results and Geostatistical Analysis
Per Alba's announcement of 19 July 2021, the Phase 2 surface and
underground drilling programme at Clogau was successful in its
primary objective of defining a number of target zones for future
development within structures which are known to host all of the
historic high-grade gold within the mine.
Assay results have now been received in respect of the drilling
programme and have validated the potential of all key development
target structures identified to date to host untapped gold
mineralisation. All core samples were analysed using an aqua-regia
digestion and ICP-MS methodology to give results for 59 elements.
The same methodology was also applied to core samples from Alba's
2019 drilling programme, as well as to a suite of rock samples
taken from a specific in-mine exploration target on the
Tyn-y-Cornel level, where the Main Lode displays a split to the
east. This lode has not been historically developed and displays a
similar morphology to the Paraffin Lode split on which significant
historical high-grade workings have been developed.
A total of 23 elements were selected from this broad analytical
suite to approximate potential lithological and mineralogical
contrasts between different styles of mineralised and barren veins,
as well as samples influenced by wall rock lithologies. From that
selection, four distinct groupings were defined, believed to
distinguish between auriferous veins ("AUR_VEIN" or "AV"), barren
veins ("BV"), sulphide-rich samples ("SR") and host rock influenced
("HRI").
The AV grouping is the most significant, in that it represents
data points heavily influenced by gold (Au), silver (Ag), bismuth
(Bi), lead (Pb) and tellurium (Te). This is directly comparable
with the basket of metals found in the bonanza-grade gold stage
described in historical independent assessments of ore mineralogy
in the Dolgellau Gold Field, notably Mason, J., Bevins, R., and
Alderton, D. (2002), "Ore mineralogy of the mesothermal gold lodes
of the Dolgellau gold belt, North Wales" (Applied Earth Science:
IMM Transactions section B 111(3): 203-214).
49 of the samples included in the study have been classified
into the AV group. The modelling of these groupings reveals AV
signatures throughout the newly identified New Branch Lode, located
between the Main Lode Extension and the 7-10 Lode. This gives a
strong indication of the presence of auriferous or gold-bearing
fluids in this structure.
Identifying the presence of such pathfinder elements is key in
projects like Clogau, where, given the particular geological
setting, the purpose of all drilling is by necessity for structural
confirmation, not for the determination of a representative grade.
Given the small sample sizes produced by diamond drilling combined
with Clogau being a narrow vein, nuggety effect gold deposit, the
absence of elevated gold grades in drilling is expected and normal,
as shown by the highest-grade gold intercept in Phase 2 (in drill
hole GMOW_JW002) grading a modest 0.09 g/t Au over 0.43 m from
96.45 m.
The 7-10 intercepts show the same distinct geochemical
characteristics, including a very strong and consistent AV
signature in borehole JW006. The Grandfather's payshoot also shows
evidence of the AV signature, highlighting the potential for gold
mineralisation at depth below existing workings. Phase 2 drilling
confirmed the physical extension of the Grandfather's Lode at
depth.
Underground holes GMOW_UG002 and UG003 both intersected the Jack
Williams Lode, albeit in a poorly developed stringer zone. However,
the multi-element analysis suggests that these intercepts also show
AV signatures. This also highlights how AV signatures were
identified in a vein structure intersected to the south of the
mine, which likely approximates to the Canol Vein System identified
previously in the Phase 1 Surface Drilling.
The 2019 surface drill holes completed by Alba targeted the
Llechfraith payshoot and represent the closest intercepts to a
historically mined target structure. The fact that these intercepts
display strong AV signatures close to where historical production
has taken place helps to validate these geochemical
classifications.
On the Tyn-y-Cornel Level, a previously unworked vein fork has
been identified close to where the Paraffin Lode splits off to the
east from the Main Lode. This secondary fork shows a similar
morphology to the Paraffin Split but has not been exploited
historically, possibly because the vein hosted at this location is
hosted within a greenstone sill and did not display sufficient
visible gold mineralisation to warrant further investigation
historically (when mining for grade was done solely by visible
sorting).
Alba's technical team collected and sent material from this vein
for multi-element assay, revealing above detection limits of gold
as well as some enrichments in pathfinder elements. Incorporating
this data into the geochemical model has shown the AV signature in
two of the ten samples, with a further three samples showing an SR
signature. These preliminary assays indicate that this structure is
of interest to Alba in its search for near-mine targets, and that
more work should be done to test the potential of this
structure.
Clogau-St David's Gold Mine - Update on Water Discharge
Application
The Company is pleased to provide an update further to the
announcement on 22 November 2021, which reported on constructive
discussions between Alba and the regulatory authorities regarding
the Company's application for the necessary permits to allow
treated mine water from the Llechfraith Shaft to discharge to the
River Cwm-Llechen.
Following further discussions, the Company continues to progress
its work on a set of detailed submissions seeking a further
consideration by the authorities of the Company's dewatering
application. Material updates will continue to be provided as and
when they are available.
S
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.
For further information, please visit
www.albamineralresources.com or contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott +44 20 3368 3555
ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
St Brides Partners (Financial PR)
Isabel de Salis / Catherine Leftley alba@stbridespartners.co.uk
Glossary
7-10 Lode The 7-10 Lode is a parallel vein structure to
the Main Lode, lying some 30-40m to the south
of the Main Lode. The whole of the Llechfraith
Level is developed on the 7-10 Lode.
Aqua Regia A 3:1 mixture of concentrated Hydrochloric Acid
and concentrated Nitric Acid used to dissolve
geochemical samples for analysis. Aqua Regia
can dissolve gold unlike some other wet chemistry
methods.
-----------------------------------------------------
Bonanza Grade The commonly accepted industry definition is
any result above 34g of gold per tonne of rock/ore.
Also typically used to describe very high gold
grades.
-----------------------------------------------------
Borehole or A hole drilled into bedrock using a diamond-coated
drillhole bit to return core samples.
-----------------------------------------------------
Geostatistical Geostatistics is a class of statistics used
Analysis to analyse and predict the values associated
with spatial phenomena. In this case the data
that is analysed is in the form of elemental
assay data.
-----------------------------------------------------
Grandfathers Grandfathers or Grandfathers Lode is a pay-shoot
within the 7-10 Lode.
-----------------------------------------------------
ICP-MS Inductively Coupled Plasma Mass Spectrometry
is a common analytical method for determining
the elemental concentrations in a sample with
high precision and low detection limits.
-----------------------------------------------------
Intercept A section of core in which a target lithology,
structure or significant assay result has been
identified.
-----------------------------------------------------
Jack Williams The Jack Williams Stope is the most westerly
mined portion of the Main Lode on the Tyn-y-Cornel
Level.
-----------------------------------------------------
Main Lode The main quartz vein structure along which the
majority of historic mining took place at Clogau-St
David's. The Main Lode was mined from the Jack
Williams Stope for approximately 300m eastwards
to the Bryntirion Fault, on the other side of
which it was mined over a strike of at least
150m at the St David's Mine.
-----------------------------------------------------
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.
-----------------------------------------------------
Pathfinder Elements Pathfinder elements or pathfinder minerals are
used in mineral exploration to narrow down the
search area for many different types of ore
deposits. When found within sediments or rocks,
these minerals indicate the possible presence
and location of specific types of mineralisation
and are commonly used in the search for gold.
-----------------------------------------------------
Quartz vein A sheet-like body consisting predominantly of
the mineral quartz, which is known to host gold
mineralisation in the Dolgellau Gold Field.
-----------------------------------------------------
Stope A mined-out area along a lode structure from
which ore has been extracted.
-----------------------------------------------------
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.
Alba's Projects and Investments
Mining Projects Operated Location Ownership
by Alba
Clogau (gold) Wales 90%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 90-100%
----------- ----------
Gwynfynydd (gold) Wales 100%
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Limerick (zinc-lead) Ireland 100%
----------- ----------
Investments Held by Alba Location Ownership
----------- ----------
GreenRoc Mining Plc (mining) Greenland 54%
----------- ----------
Horse Hill (oil) England 11.765%
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