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Alba Mineral Resources raises funds for mine exploration programmes

The injection of capital will support work programmes across three mining projects - in Greenland, Wales and Ireland respectively.

Alba geologists in field
Alba team including Chairman George Frangeskides at Limerick zinc project

Alba Mineral Resources plc (LON:ALBA) has raised £500,000 of new capital to support the maiden drill programme at the Amitsoq graphite project in Greenland.

Funds will also be directed to ongoing operations at the Clogau gold project in north Wales and the Limerick base metals project in the Republic of Ireland.

READ: Alba unearths new gold anomalies at Clogau

Alba sold 250mln new shares, priced at 0.2p each, in order to raise the funds. In early morning trade, Alba shares were chaging hands at 0.21p each.

At Amitsoq, the plan is to conduct the first drill programme with a view to confirming the previously observed ‘exceptionally high’ grades and enable a maiden resource estimation. The drilling programme is slated to start in July.

In Wales, the company intends to carry out the first ever systematic underground exploration programme within ‘modern times’ at the Clogau-St David's mine. The broader programme will include bulk sampling and drilling.

It is also advancing regional exploration of the Dolgellau gold belt, with results so far finding seven new gold zones for follow up.

At the Limerick base metals project, within the Irish zinc ore fields, the company is presently drilling high-priority exploration targets.

 -- Adds share price --

Quick facts: Alba Mineral Resources PLC

Price: 0.075 GBX

AIM:ALBA
Market: AIM
Market Cap: £3.11 m
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