Alba reports progress at Clogau-St David's Gold Mine

22nd Mar 2024 16:10

(Sharecast News) - Alba Mineral Resources updated the market on its activities at the Lower Llechfraith workings within the Clogau-St David's Gold Mine in north Wales on Friday, and advancements across the broader Dolgellau Gold Belt.

The AIM-traded firm said it had completed the necessary statutory notifications for its planned bulk sampling of the Llechfraith Target and trenching of the Clogau Waste Tip.

It said the activities were now slated to proceed according to the provided timeline.

More than 40 samples from number four Level at the Llechfraith Target had been processed at the company's processing plant in the Llechfraith Mine Yard, resulting in the production of heavy mineral concentrates.

The concentrates were currently undergoing further analysis at a third-party refining facility, with results anticipated shortly.

Alba said the processing and interpretation of an airborne geophysical survey conducted over Alba's primary regional gold targets were ongoing.

Initial results from the survey site at Clogau were expected during the week commencing 25 March.

"We are really pleased to have now passed the final regulatory step in our planned bulk sampling of our primary underground target within the Lower Llechfraith workings and also at the historic Clogau Waste Tip; as a result, those exercises can now proceed," said executive chairman George Frangeskides.

"The Waste Tip bulk sampling will proceed along a shorter timeline reflecting the much more straightforward nature of that exercise.

"The underground bulk sampling, meanwhile, as one would expect, involves greater complexity in terms of engineering, logistics and safety aspects, not to mention the blasting of a significant volume of rock and its removal to surface for sorting and processing."

Nonetheless, Frangeskides said the company expected to start both processes in April.

"This is an exciting time for all of us, Alba management, Alba shareholders and of course all of our many friends and supporters within the local communities in north Wales, especially around Bontddu and Dolgellau, as we finally move into this critical phase of work at our primary underground gold target deep within the Lower Llechfraith workings, work which will allow us for the first time to assess the overall gold grade in those never previously mined workings and in turn enable us to confirm the economic feasibility of recommencing commercial mining operations from the UK's largest gold mine."

At 1621 GMT, Alba Mineral Resources shares were down 0.9% at 0.08p.

Reporting by Josh White for Sharecast.com.