TIDMALBA
RNS Number : 1095Q
Alba Mineral Resources PLC
24 February 2021
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Alba Mineral Resources plc
("Alba" or the "Company")
Dolgellau Gold Exploration Project, North Wales
Exploration Update
Alba Mineral Resources plc (AIM: ALBA) is pleased to report on
the latest planned phase of work at the Company's Dolgellau Gold
Exploration Project ("DGEP") in north Wales. The DGEP encompasses
those parts of the Dolgellau Gold Field that lie outside the
footprint of the two mines of the Dolgellau Gold Field, namely the
Clogau-St David's Gold Mine and the Gwynfynydd Gold Mine.
Alba has the exclusive exploration rights over the entire length
of the Dolgellau Gold Field, including over the Clogau-St David's
and Gwynfynydd mines.
Key Points
- The next phase of work over the Dolgellau Gold Field will
involve stream sediment sampling, designed to identify hard-rock
gold sources upstream of the sampling locations
- This programme represents the first field work to be carried
out over the Company's Gwynfynydd exploration licence area since
the Company was awarded the Gwynfynydd licence in November 2020
Alba's Executive Chairman, George Frangeskides, commented:
"As we all emerge from a tough winter, for more reasons this
year than usual, our technical team are positively champing at the
bit to get out into the Dolgellau Gold Field and continue our work
to find new sources of gold that have never been exploited
before."
"This regional exploration is a separate exercise to our work to
bring the Clogau-St David's and Gwynfynydd gold mines back into
commercial production. It requires a different methodology and
mindset, and the use, to start with at least, of some quite simple
field exploration tools and techniques that are employed in
countless mineral exploration projects the world over, such as
stream sediment sampling. Nonetheless, this is important and
potentially very significant work."
"For the first time, we will be expanding our regional
exploration programme to cover our recently granted Gwynfynydd
exploration licence. We are very optimistic about the prospects for
finding new gold deposits in the Dolgellau Gold Field."
Background
The Company has planned the next phase of its regional
exploration of the Dolgellau Gold Field ("DGF"). Initially, this
phase of work will be focused on the Company's Gwynfynydd
exploration licence.
There have been only a handful of significant regional
exploration programmes over the DGF. Most recently, in 2018-19,
Alba conducted an extensive soil sampling programme over the
Dolgellau Gold Belt. A total of 1,996 samples were taken, and
continuous gold mineralisation was confirmed over a 9km stretch of
the DGF, with 10 separate gold targets being identified away from
historic mine workings (see Figure 1 in the PDF version of this
RNS).
Prior to Alba's work over the DGF, one has to go back to the
1960s and 1970s to find significant regional exploration programmes
over the gold field. Between 1972 and 1977, the national Mineral
Reconnaissance Programme ("MRP") was completed by the British
Geological Survey ("BGS") on behalf of the Department of Industry.
It presented the results of an airborne geophysical
(electromagnetic, magnetic and radiometric) survey of the eastern
part of the Harlech Dome. See Figure 2 in the PDF version of this
RNS for the location of the Harlech Dome and its proximity to the
DGF and Alba's exploration licence areas.
In addition, beginning in the 1960s, the BGS Geochemical
Baselines Survey of the Environment ("G-BASE") project was a
national strategic geochemical mapping programme for Great Britain,
which sought to establish the chemistry of the surface environment
by the collection and analysis of stream sediment, stream water and
soil samples. The final G-BASE samples were collected in southern
England as recently as 2014.
The G-BASE programme included the taking of stream sediment
samples from active drainage channels of first- or second-order
streams at a density of about one sample in every 1-2 km(2) in
rural areas. The collected material was analysed for a range of
elements; however this did not include gold. While the resulting
geochemical database does not therefore directly assist Alba in the
determination of possible gold targets over the DGF, it may still
provide useful in correlating the pathfinder elements found in the
G-BASE programme with those found in the forthcoming Alba
programme.
Accordingly, in order to extend its knowledge of the DGF and its
regional gold target generation the Company intends to undertake
its own stream sediment sampling programme over the DGF. The first
phase of the programme will be focused on two distinct areas within
the Company's Gwynfynydd licence area (see Figure 3 in the PDF
version of this RNS). Depending on the success of Phase 1, a Phase
2 stream sediment sampling programme will then be carried out over
a wider area.
Details of the sampling programme
It is proposed that a stream sediment sampling campaign be
performed over two areas within the Company's Gwynfynydd licence
area. This, along with drainage basin identification, will enable
the targeting of areas of likely gold mineralisation. The objective
of stream sediment sampling is to look for pathfinder minerals
which may indicate a hard-rock source of gold mineralisation
upstream.
This initial targeting could lead to follow-up soil geochemical
sampling, detailed geophysical surveys, trenching, and ultimately
diamond drilling.
The study will focus on two drainage or catchment areas within
the Gwynfynydd and Craig y Penmaen basins (see Figures 3 and 4 in
the PDF version of this RNS).
Six samples (GWSS_0001-0006) are planned in the streams in the
proximity of the Gwynfynydd Mine. These are designed to act as a
known mineralisation reference point for the study. A further six
samples are planned in the Craig y Penmaen basin, which are
designed to target a stretch of Clogau Shales that is not currently
known to host any mineralised quartz veins. It is expected,
therefore, that this second group of samples will represent
environments more distant from known mines and mineral occurrences,
adding to the understanding of the regional geology and the
possible identification of new gold targets.
The samples will be taken from the gravel sediments situated
within the main flow of the stream. About 15-25 kg of material is
expected to be collected and sieved at each sample location to
provide a sufficient sample weight for analysis. The fine fraction
will be left to settle and then bagged, air-dried and dispatched
for preparation and analysis. A total of around 2 kg by weight will
be removed from each sample location and dispatched to an
accredited laboratory for analysis. The coarse fraction will be
washed, shaken and panned to a heavy mineral concentrate in the
field, and examined for minerals of economic interest, including
gold. It will then be returned to the stream from where it was
collected.
Samples will be collected over a period of about one week by the
Company's geological team. In an ongoing collaboration with
Camborne School of Mines, the Company will be taking on a Masters
student, currently studying for an MSc in Mining Geology at
Camborne, to work exclusively on the stream sediment sampling
programme.
Stream sediment sampling is a proven effective regional
exploration methodology to identify mineralisation at low cost but
with good accuracy. By focusing on gold content in streams, it
enables large areas to be covered in short time spans.
Part of the sampling will take place within the Gwynfynydd SSSI.
The SSSI has been designated as such due to its biological
features, including woodland, grassland and lichens. While this
does not directly include rivers or streams, the Company will
consult with Natural Resources Wales ("NRW") before taking samples
within the SSSI.
Subject to regulatory approvals, to the extent required, this
first phase of the sampling programme is expected to commence in
March 2021.
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
Clogau Shales Black pyritous and carbonaceous mudstones
and silty mudstones with rare silt laminae
and sparse fine-grained sandstone beds.
The gold deposits of the Dolgellau Gold
Belt have been shown to be related to
the presence of the Clogau Formation,
interactions with igneous sills, and/or
reef splitting to form discrete ore shoots.
Drainage basin A drainage basin, also called a catchment
area, is an area from which all precipitation
flows to a single stream or set of streams.
-------------------------------------------------
Harlech Dome The Harlech Dome is a geological dome
in southern Snowdonia in north Wales,
extending approximately from Blaenau Ffestiniog
in the north to Tywyn in the south, and
includes Harlech, The Rhinogydd, Barmouth
and Cadair Idris.
-------------------------------------------------
Pathfinder element In geochemical exploration, a relatively
mobile element or gas that occurs in close
association with an element or commodity
being sought, in this case gold, but can
be more easily found because it forms
a broader halo or can be detected more
readily by analytical methods.
-------------------------------------------------
Quartz vein A distinct sheet-like body dominantly
composed of quartz hosted within a rock
formation.
-------------------------------------------------
SSSI Site of Special Scientific Interest.
-------------------------------------------------
Stream sediment sampling A common gold exploration method which
involves the collection and analysis of
the silt or sand in a stream or riverbed.
Anomalous assay results may indicate an
area of mineralisation upstream of the
anomalous samples.
-------------------------------------------------
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 technical information in this release 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%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 90-100%
----------- ----------
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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