viewAlba Mineral Resources PLC

Alba Mineral Resources brings first ever drilling programme to historic Welsh gold mine

Clogau, in North Wales, was first discovered in the mid-19th century

Alba Mineral Resources PLC -
Alba will be taking core samples as it strives to prove its geological model

Alba Mineral Resources PLC (LON:ALBA) has flagged the imminent commencement of the first-ever drill programme on the site of the historic Clogau Gold Mine in north Wales.

Since its first discovery in the mid-19th century, periodic exploitation of the area has been limited to extracting only the visible precious metal.

Alba has said it will use modern exploration techniques designed to maximise the prospects for unearthing new mineralisation.

Llechfraith area

First diamond drilling will focus on the Llechfraith area, the site of mining during the 1980s where three potential gold shoots and areas of visible gold were reported.

Llechfraith is thought to be host to what’s called an anticline fold structure, which is an arch-type shape that pushes lower-lying mineral horizons closer to the surface.

The Clogau shale within this area is potentially up to 200 metres thick and therefore Alba has marked it as a high priority target for future mining. 

The main objective is to test for structure in order to confirm the aforementioned geological model and “provide support for follow-up infill drilling and future mining activities”.

Modest programme 

The company said three to four diamond drill holes are planned for a total of 200-300 metres, targeting extensions to the reported Llechfraith ore shoots.

"While this is a fairly short drilling programme, primarily designed to test the structural model, if that model is confirmed it will provide us with the necessary support to then move onto infill drilling and bulk sampling and processing at Llechfraith," said Alba chairman George Frangeskides.

"The strong recovery in the gold price, which recently hit a five-year high of more than US$1,500 per ounce, allied to the premium prices which Welsh gold fetches on the open market, underpins our belief in the Clogau Gold Mine as a key prospect for significant future revenue generation, He added"

Welsh gold, such as the metal formerly mined from Clogau, is highly prized for its rarity.

Analyst provides his insight

“Investors appear to be attaching little value to Alba’s Clogau gold project, hence any form of positive news from drill core results on this maiden drill programme would provide the foundation upon which to hopefully move the shares higher,” said Jason Robertson, analyst at First Equity.

Of course, Alba is closely followed because of its near 12% holding in Horse Hill, an onshore project close to Gatwick airport.

“High impact news flow” is expected shortly in form of results from the recently-completed horizontal drill programme testing the hydrocarbons potential of the Portland horizon.

Quick facts: Alba Mineral Resources PLC

Price: 0.325 GBX

Market: AIM
Market Cap: £20.24 m

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