Commissioned airborne magnetic surveys for prospects:

- Clogau

- Castell Carndochan

- Hafod Owen

Flown Nov'23 and Jan'24

3 New Gold Targets

3 new Gold targets identified from data generated from airborn survey across Dolgellau Gold Belt

- 2 within the Clogau St David's Gold Mine

- 1 on a fault that extends 4km NE on the DGB

Market Intelligence

- Target 1 data confirms what geologists have believed for some time

- Target 2 represents new areas of mineralisation not previously mined

- Target 3 is based on a strong anaomoly which extends from NW to W across the Clogau area

"The airborne magnetic survey that we recently carried out over some of our key targets over the DGB is the first survey of its kind since the regional survey that was undertaken by the British Geological Survey in the early 1970s. Given advances in technology, this latest survey has revealed a lot more detail than was generated by that earlier survey. Thus, we now have data guiding us to the identification of specific exploration targets.

"The three targets that we have identified over the Clogau-St Davids survey area make a lot of sense in the context of the overall geological model we have developed over the years. From the drilling we carried out in 2021, we were able to identify vein structures parallel to the main Clogau vein, and this has now been corroborated by the aeromagnetic survey data. The advantage of two of the targets being in-mine is that we should be able to access them by the drilling of some short holes from the existing underground development, a much quicker and most cost-effective way to prove up these potentially new gold-bearing vein structures.

"These are exciting developments and we look forward now to the reporting of the interpretations of the Castell Carndochan and Hafod Owen survey areas to see what further targets may be revealed over this hugely prospective, and still massively underexplored, gold belt."

Mark Austin, Alba's COO and Senior Geologist, Alba Mineral Resources.