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(Alliance News) - Alba Mineral Resources PLC has begun the second phase of its surface drilling programme at the Clogau-St David's gold mine, it said on Monday.
The mineral exploration firm's second phase of drilling will target what Alba believes to be the source of most of the mine's historic gold production.
Underground drilling at the Clogau-St David mine in North Wales was completed in October 2020 and consists of an eight to 10 hole programme for around 2,000 metres.
Alba's Executive Chair George Frangeskides said: "The Main Lode has provided most of the historic gold production at the Clogau-St David's gold mine, so finding a continuation of the Main Lode which has never previously been exploited would constitute the most important discovery at the mine in many decades.
"With that major objective in mind, we are excited to get this next phase of our surface drilling programme underway."
Alba said further drilling would either prove that there is a relationship between the mined Main Lode and the morphology of the vein quartz in the borehole or that another, separate vein system has been intersected. In either case, it believes this to be "a potentially very significant new discovery".
Shares in Alba Mineral fell 13% to 0.28 pence in London on Monday afternoon. The stock is down 45% so far in 2021.
By Will Paige; willpaige@alliancenews.com
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