TIDMALBA
RNS Number : 2677E
Alba Mineral Resources PLC
17 October 2018
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Alba Mineral Resources plc
("Alba" or the "Company")
Field Work Results Indicate Additional Gold Targets
at Clogau Gold Project, North Wales
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, is pleased to report the
results from the recent soil sampling and geophysical surveying
completed at the Clogau-St David's gold project in North Wales by
the Company's retained consultants, SRK Exploration Services. The
exploration programme is, to Alba's knowledge, the first of its
kind, utilising modern day exploration techniques, that has been
undertaken on the 107 km(2) licence area since the first discovery
of gold in the Dolgellau Gold Belt in 1853.
Highlights:
-- Geochemical soil sampling has confirmed that gold anomalies
occur across the full strike length of the existing mine area,
confirming the validity of the exploration technique used.
-- A detailed analysis of the geochemical results is being
undertaken to assess potential pathfinder elements to assist in
future gold discoveries.
-- Anomalous values have been detected away from the main mine
area indicating additional gold targets for follow-up
exploration.
-- Further and more extensive soil sampling programmes of the
regional gold targets are now in the planning phase.
Alba's Executive Chairman, George Frangeskides, commented:
"The data that we are collecting at Clogau, using methods which
we have tested over the mine area and that we now intend to roll
out across the regional gold targets within our extensive licence
area, are a major leap forward for the Dolgellau gold belt.
Previous exploration simply involved following and mining the
visible gold veins, and systematic, technical exploratory studies
to understand the potential of the entire gold belt have never
previously been carried out."
"We have already found potential extensions of mineralisation
close to the existing mine workings, specifically in the western
portion of the mine area but also away from the mine workings, at
the contact between the different geological formations. We are
excited about the work that lies ahead and the potential that
exists in this known high-grade gold system."
Project Description
The Clogau Gold Project is located within the Dolgellau Gold
Belt in North Wales and consists of three separate permits that
encompass a total area of 107 km(2) .
Soil Sampling
Geochemical soil sampling was completed across the Clogau-St
David's mine area with samples collected at 20 m intervals on lines
200 m apart. At each sample location, one sample was taken from the
B soil horizon (Subsoil) by hand auger and a second sample taken at
a 10 to 20 cm depth for ionic leach assaying, which can detect
anomalous grades at lower detection limits. A total of 130 soil
samples and 87 ionic leach samples were submitted for assay at the
accredited ALS laboratory in Ireland.
The results show that gold in soil grades, being above the
detection limit, predominantly lie on the north-western side of the
historic workings and are present across the full strike
length.
Higher gold values are noted in areas with fewer identified mine
workings, specifically in the western portion of the mine area
which represents an area warranting further exploration to assess
the potential for mineralised extensions or new zones of
mineralisation.
The highest-grade soil sample, being 0.279 ppm Au, lies in the
south-west, away from the mine workings and isolated from the
dominant northern anomaly, an area being considered for follow-up
exploration.
The results also indicate subtle and localised elevated gold
values where the Clogau Formation is in contact with the Gamlan and
Maentwrog Formations. Whilst the significance of these are not yet
understood, lithological contacts can represent favourable
locations for gold deposition in this type of mineralisation. This
is particularly evident for a sampling grading 0.279 ppm Au which
lies along the Clogau/ Maentwrog boundary with elevated sample
grades on adjoining sections.
The assaying included a full suite of 51 elements. Given the
limited historical data available for the area, a detailed
assessment of all elements will be undertaken to determine if any
suitable pathfinder elements can be used to assist in the
identification of potential gold-bearing regions within the
licence.
Given the reported localised and nuggety nature of the free gold
within the quartz veins, and the limited weathering profile that is
traditionally more a feature of deposits located in more tropical
climates, a project-specific geochemical model is being developed
for the Dolgellau Gold Belt. The data collected in the current
campaign will greatly assist in this and enhance Alba's
understanding of the controls on gold distribution.
Further assessment of the appropriateness of the lower detection
limit ionic leach assaying method will also be undertaken, although
early observations suggest similar zones of identified anomalies to
those discovered in the soil sampling programme. Traditional soil
sampling has clearly identified anomalous gold values at the higher
detection limits that can be directly correlated to a known
underlying gold-bearing mineralisation, and this method is
therefore deemed suitable to be used in the wider licence area.
Going forward, Alba intends to develop a soil sampling programme
across the other identified targets, where favourable geological,
mineralisation and historical mining characteristics occur.
Geophysical Survey
SRK Exploration Services has also completed resistivity and
magnetic surveys over the Clogau Mine area at 100 m and 50 m line
spacing respectively. The resistivity survey measures the
electrical properties of rock to approximately 6 m depth.
The results of the surveys show that geophysical methods can be
used to delineate the underlaying lithological units with
relatively high confidence. Whilst supporting the validity of the
regional British Geological Survey (BGS) 1:50,000 scale geological
map, the surveys have also shown that additional localised detail
could be added to the historic mapping in the area.
The high apparent resistivity anomalies correlate well with the
mapped intrusive units and are generally hosted within the
conductive Clogau Formation, which is found between the moderately
resistive Gamlan and Maentwrog Formations. This is significant as
the contact between the Clogau Formation and the resistive
intrusives is believed to be one of the main ore-controlling
features of the project. The identification of similar features
will therefore be one of the key indicators from future surveys
over the regional targets.
The magnetic response delineates the extents of the Clogau
Formation, particularly the contact with the larger intrusive unit.
It also provides information regarding the underlying structural
architecture, which will help in determining potential gold bearing
formations controlled by fluid pathways or late stage faults,
offsetting veins. For example, the magnetics show the North-South
fault that offsets the Clogau and St David's mines.
Alba now plan to utilise these same geophysical methods over
regional targets identified by future geochemical sampling.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray / Richard Nash +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Competent Person Declaration
The information in this release that relates to Exploration
Results has been reviewed by Mr Howard Baker, Technical Director of
Alba Mineral Resources Plc. Mr Baker is a Chartered Professional
Fellow of the Australasian Institute of Mining and Metallurgy
(Membership Number 224239) and a Competent Person as defined by the
rules of International Reporting Codes that are aligned with
CRIRSCO. Howard Baker 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. Howard Baker consents to the inclusion in the announcement
of the matters based on his information in the form and context in
which they appear.
The information in this release that relates to Exploration
Results has also been reviewed by Mr. Christopher Barrett,
Principal Exploration Geologist of SRK Exploration Services Ltd. Mr
Barrett is a Chartered Geologist (CGeol) with the Geological
Society of London (Fellowship number 1003738) and also 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 JORC Code. Based on the review,
Mr. Barrett consents to the statements and images in the release in
the form and context in which they appear.
Glossary
B soil horizon: Commonly referred to as "subsoil" and consists
of mineral layers which may contain concentrations of clay or
minerals such as iron or aluminium oxides or organic material moved
there by leaching. Plant roots penetrate through this layer, but it
has very little humus.
Clogau Shale: A dark-grey or black-banded carbonaceous mudstone
and silty mudstone.
Geochemical: Relates to the chemical composition of the Earth
and its rocks and minerals.
Geophysics: The application of the methods and techniques of
physics to the study of the earth and the processes affecting
it.
Hand Auger: A hand tool with a long blade that resembles a
screw, which drills holes when turned.
Intrusives: An igneous rock formed from magma forced into older
rocks at depth within the Earth's crust, which then slowly
solidifies below the Earth's surface.
Ionic Leach Assaying: Ionic Leach(TM) is an innovative leach
technique is designed for near surface soil samples. It is designed
to improve geochemical mapping and enhance the potential to detect
and resolve geochemical anomalies for a range of commodity
elements.
Lithological Contacts: The contact between two lithologies of
differing characteristics.
Lithological Units: The lithology of a rock unit is a
description of its physical characteristics visible at outcrop, in
hand or core samples or with low magnification microscopy, such as
colour, texture, grain size, or composition.
Magnetic Survey: investigates spatial variations in the magnetic
field intensity at various locations.
Mineralisation: the deposition of economically important metals
in the formation of ore bodies or lodes.
Pathfinder Elements: In geochemical exploration, a relatively
mobile element or gas that occurs in close association with an
element or commodity being sought but can be more easily found
because it forms a broader halo or can be detected more readily by
analytical methods.
Quartz Veins: a distinct sheet-like body dominantly composed of
quartz hosted within a rock formation.
Resistivity Survey: investigates variations of electrical
resistance, by causing an electrical current to flow through the
subsurface using wires (electrodes).
Strike Length: the length and direction of a vein or rock
formation measured on a horizontal surface.
Structural Architecture: the three-dimensional distribution of
bodies of rock.
Total Magnetic Intensity: the vector resultant of the intensity
of the horizontal and vertical components of the Earth's magnetic
field at a specified point.
Weathering Profile: a vertical assemblage of weathering zones
(subsurface zones of alteration differing physically, chemically or
mineralogically from adjacent zones) from the surface soil to the
unaltered bedrock.
Alba's Principal Operations & Investments
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest
in the Amitsoq Graphite Project in Southern Greenland and has an
option over the remaining 10 per cent.
Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold
Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau
Gold project situated in the Dolgellau Gold Belt in Wales.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence 2017/40 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba owns 100 per cent of the
Limerick base metal project in the Republic of Ireland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent
of mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Oil & Gas
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent
interest in Production Licence 235, which comprises the previously
producing onshore Brockham Oil Field.
Horse Hill (Oil & Gas, UK): Alba holds an 18.1 per cent
interest in Horse Hill Developments Limited, the company which has
a 65 per cent participating interest and operatorship of the Horse
Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK
Weald Basin.
Web: www.albamineralresources.com
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END
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