Alba Mineral Resources pleased with results from recent soil sampling

Diversified mineral exploration and development company Alba Mineral Resources reported the second set of results from its 2019 soil sampling campaign at its 107 square kilometre licence area in North Wales on Wednesday.

The AIM-traded firm said the Clogau Gold Project hosted the high-grade Clogau-St David's gold mine, as well as the “extensive” regional target known as the Dolgellau Gold Belt.

It said results had been obtained from a further 243 samples from the recently-completed 1,200 sample programme.

Gold-in-soil grades from two new anomalies away from the existing mine area and not associated with historic mine workings ranged in grade from 0.005 to 0.25 grams per tonne of gold, at a 0.005 grams per tonne cut-off.

Previously-reported anomalies had been extended in strike length based on the new results.

Average grades for the new anomalies were said to be “well above” the average gold-in soil grades for Clogau-St David's and the other historic mine areas.

In total, results had now been received for 768 samples of the 1,200 sample programme, or 898 sampling results including the 2018 sampling programme.

Gold mineralisation had now been confirmed across around six miles along the strike extent of the Dolgellau Gold Belt, and from within multiple geological units.

The company said the 1,200 sample programme had now been completed, and the field team had started the second phase of the programme, involving infill and extension sampling.

“Our regional exploration of the Dolgellau Gold Belt continues to bear fruit,” said Alba Mineral Resources executive chairman George Frangeskides.

“We have now confirmed mineralisation across around six miles of the Gold Belt, and in total have identified seven new mineralised zones which are not associated with historic mine workings.

“The fact that the average grades for those zones exceeds the equivalent grades obtained over the Clogau-St David' s mine itself is genuinely exciting.”

Frangeskides said the exploration team was back in the field now, and conducting infill and extension sampling, as the firm seeked to increase its knowledge and understanding of the new gold zones.

“We will report further developments as they arise.”