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008 I think you need to do a bit of research on that, BP drilled just outside the target and because they didn't test the logs below 1500ft as they didn't expect oil at such a low level ( but of course you already new that !!!)
Please.....
Both ukog (UK Oil & Gas PLC) and angs (Angus Energy PLC) drilled for oil at locations where BP had drilled ,but ended in failure.
There are dozens of gold focused companies both on AIM and other stock exchanges who are using modern mining techniques to find further gold veins and gold rich ore from old workings and within and around old mines.
Check out the video on Gibb River Diamonds (listed on asx) for example where they have made an exciting discovery at their Edjudina Gold Project, WA. It looks post apocalyptic. And yet they have found a LOT of gold right around old mine workings.
Or perhaps AEX listed in U.K. and Canada who have just announced today some exciting finds right around the old Nalunaq mine in Greenland.
Happening all the time!
Alba is doing the same and good luck to anyone selling before the news hits. Can you handle the fomo?
It always happens when a RNS is issued that contains information that is mostly already known and is not overly essential! Seen it happen lots of times.
People are ****ed because a positive rns drops but the sp tanks !! It’s a joke tbh and understandable for LTHs
All we need is patience, there's plenty gold in the hills here. It's not just about the rehabilitation of the mine, the gold is in the fields and river all along the Dolgellau gold belt.
Mr008
After producing copper and a little lead for quite a number of years, the mine developed into gold production in the 1862 'rush' and continued as a major operator until 1911, during which 165,031 tons of gold ore was mined resulting in 78,507 troy ounces (2,442 kg) of gold.
It worked the St David's lode of Clogau mountain alongside the co-owned Vigra Mine.
Since 1911 the mine has been re-opened several times for smaller-scale operations.
It last closed in 1998. In 1999 the mine was taken over and held by a local exploration company.
In November 2010 the mine was acquired by a new exploration company, who hope to restore the mine to production.
Within every piece of Clogau jewellery is rare Welsh gold from the Clogau St. David’s Gold Mine in Bontddu (“bont-thee”). This is undoubtedly one of the rarest, most expensive and most sought-after gold’s in the world.
During the early 20th century, the Clogau mine was Britain’s largest and richest gold mine producing nearly 2.5 tonnes of gold between 1862 and 1911.
For over 150 years, the mine went through mixed fortunes with the gold veins being most inconsistent and difficult to locate.
By the late 1990’s however, the last train carrying Welsh gold from the Clogau mine clanked to a halt. One of the miners at the Clogau mine once said:
Finding gold in most mines around the work is like finding the cream in a sponge cake
Finding Welsh gold on the other hand is like finding the sixpence in the biggest Christmas cake you could imagine.
There’s no pattern, no logic, and you never know when you’re just inches away.“
It will take time to find this gold, so whare is the issue... Nothing has changed atm
Also Welsh gold attracts a premium price not long now for the results .
I’m sure we will be paying a lot more the the shares in a few months time.
I’m topping up now.
@Mr008 There are many mines that have had a long and discontinuous history of mineral exploitation in many different geological settings. Many are in Wales. Clogau being one, Dolau Cothi another, Paris, Great Orme, Rhyd y Car many heavy metal mines in North Ceredigion. Its quite normal to stop mining when it's ecnomically disadvantageous to continue.
@Dilema
it wasnt just the US$ 300 / oz Au
it was also that there were new environmental compliance requirements on the testing / treatment of minewater discharged into Afon Mawddach.
Mr008
It's about economic viability.
You know this, stop pretending otherwise.
If you thought there was no gold then why would you be invested?
If your not invested then why would you be reading this board?
I am sure all the miners who have taken payment of work in the form of shares think there is something there!
Anyone who doesnt believe there is any gold in the mine - what are you doing here???
Mm opportunities- just keep buying the dips!
Mr008, the low price of gold made it uneconomical to carry on mining. Modern technology and high gold prices have changed that. And Alba isn't just relying on the Clogau mine, we're here for the rest of the Dolgellau gold belt.
Each to their own but i look at the facts. Gold was very low at the time the gold mine was closed so limited pofitablity then. Alba has alot of experience in place with new tech which was not available previouly and they are driliing at several areas so my money is definitely on Alba striking it rich. Big profits are made when you buy before big news is revealed so i will be buying as and when i can whilst we await the results. Also Alba has their Greenland assets which are very promising.
Bit of a joke seeing this was 0.55-0.58 a few weeks ago. I’m still 50% up but there will be people seeing thousands wiped off their holding. Sort it out Alba, I know you read this...
Anselmo,
I don't think that the original gold mining company abandoned gold mines because of the low gold price that year. I think they abandoned this gold mine because the gold mine resources have been exhausted.
I don't think there are any gold mines on the site of gold mines that have been mined and abandoned.
Dear Mr 008...
the only information i found is that total of 3 Tons of gold was dig out from this mine, worth in current value 160.000.000$ - the reason why they stop was very simple gold was worth 300$ per ounce - today is worth over 1940$ per once - do the maths folks :)
Modern technology + low cost (manpower 10 people) +premium price = ????
Not just the tech that changed either. The geology knowledge has increased incredibly since the old boys followed their noses
and mining techniques progressed.
Price of gold was tiny
The market changed.
Gold mines were mined in this place 30 years ago. Are there any gold mines now? If there are still gold mines, why did the original mining company give up?