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(Alliance News) - Alba Mineral Resources PLC on Friday said it is progressing exploration and processing work at its wholly owned Clogau-St David's gold mine in Wales and gearing up for fieldwork at its rare earth elements and gold prospect in Sweden.
The Northern Europe-focused mineral explorer said that it is continuing to process waste tip material at its on-site pilot plant at Clogau, with a newly added trommel screen improving the separation of fine material. Visible gold has been observed during this latest round of processing, though grades have not yet been confirmed.
Alba also said it is close to finalising plans for a new round of underground blasting at the Welsh site. The company was recently granted a multi-year renewal of its exclusive exploration rights at Clogau.
"We are very pleased to be close to finalising our revised work plan for the next phase of blasting at Clogau. Our recent gold sales, which achieved 8.5 times the spot price of gold, have given us great confidence," said Executive Chair George Frangeskides.
In Sweden, Alba announced it has commissioned a specialist contractor to begin a ground-based magnetic survey at its high-grade Finnsbo rare earth and gold prospect. The survey will cover 24 line kilometres and aims to better define target areas for follow-up drilling.
Previous samples from Finnsbo have returned assay results of up to 3.5% total rare earth oxides, with around 38% made up of high-value neodymium, praseodymium, and dysprosium oxides. Gold grades from earlier sampling ranged from 7 grams per tonne up to 27g/t.
Chair Frangeskides said Finnsbo's location in northern Europe and high-grade surface outcrops make it an attractive strategic asset. "Access to the rare earth minerals...has become an absolutely hot button topic for Western nations in the face of China's current near monopoly in the mining and downstream processing of rare earths."
Shares in Alba Mineral were down 4.2% at 0.023 pence in London on Friday morning.
By Eva Castanedo, Alliance News reporter
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