TIDMALBA
RNS Number : 9972X
Alba Mineral Resources PLC
11 January 2022
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Alba Mineral Resources plc
("Alba" or the "Company")
Clogau-St David's Gold Mine Update
Work to Commence at Waste Rock Dump
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that a pitting and sampling programme is scheduled to commence
shortly at the historic waste rock dump at the Clogau-St David's
Gold Mine, where an initial sampling exercise in 2021 returned gold
grades of up to 9.89 g/t .
Key Points
-- Follow-up pitting and sampling exercise to commence shortly
at waste dump, focusing on higher-grade zones
-- Clearance for pitting and sampling exercise received from the
competent Mineral Planning Authority and Natural Resources Wales
(NRW)
-- Five pits are to be dug within an area of 400m (2) with 60 kg
samples of fines material from each pit submitted for independent
assaying
-- Assuming assay values in line with first sampling phase, Alba
intends to process a larger volume of the excavated fines through
its existing gravity plant to extract the gold content and,
thereafter, to submit a plan to mine and process the higher-grade
section of the dump
-- Entire waste dump estimated to hold up to 5,000 tonnes of
fines material which has the potential to be mined at low cost
Mark Austin, Alba's Chief Operating Officer, commented:
"This second pitting and sampling phase should give us a more
accurate assessment of the economic potential of one section of the
waste rock dump at Clogau. Assuming these next assay values are in
line with the first phase of sampling, we intend to process a
greater volume of the excavated fines through our existing gravity
gold plant and, thereafter, to design and submit a plan to mine and
process the higher-grade section of the dump."
Details
The waste rock dump at Clogau, which covers 2,833 m (2),
comprises ore rock mined but discarded and not processed for its
gold content during previous periods of mining. The initial
sampling of the dump in June 2021 enabled the Company to assess the
depositional history of the dump and identify the areas where
higher gold grades are to be found. Significant gold grades of up
to 9.89 g/t were returned from the assay laboratory, following
analysis of the samples from the eight pits dug by Alba. Average
grades returned were up to 4.37 g/t for the fine fractions and 3.80
g/t for the medium fractions.
Alba has received clearance from the competent Mineral Planning
Authority and from Natural Resources Wales (NRW) to commence a
larger pitting and sampling exercise at the waste rock dump. This
phase will focus on a more targeted area within the dump where,
from the results of the previous exercise, higher gold grades are
expected to be found.
The objective of this exercise is to assess grades and tonnages
more accurately, so that Alba can proceed to a formal decision on
the commercial exploitation of the dump as a whole. The waste rock
dump is close to Alba's pilot processing plant and could be mined
at low cost, adding another route to near-term gold production at
Clogau. Given an estimated in-situ tonnage of approximately 15,000
tonnes for the waste rock dump, about 33% of which is comprised of
the <20mm size fraction, this suggests that up to 5,000 tonnes
could be available for processing for its gold content.
Five pits will be dug by excavator and the material excavated
from each pit (anticipated to be around 6-12 tonnes per pit) will
be screened on-site to a size fraction of less than 20mm. From this
finer material (anticipated to be around 2-4 tonnes of material per
pit), a sample of around 60 kg will be taken per pit and submitted
to an independent laboratory to be screened to three size
fractions: coarse (20mm-5mm), medium (4.75mm-2.36mm) and fine
(<2mm). Each size fraction will be split into five samples and
assayed separately in order to give an average of the gold
deportment.
Assuming the assay values obtained are broadly in line with the
values from the first sampling phase, Alba intends to then process
a larger volume of the excavated fines through its existing gravity
gold plant to extract the gold content and, thereafter, to design
and submit a plan to mine and process this section of the dump.
Further pitting and sampling of other areas of the dump may also be
undertaken as a separate exercise.
ENDS
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
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.
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.
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%
----------- ----------
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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END
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