(Alliance News) - Alba Mineral Resources PLC on Tuesday said the largest anomaly found at the Clogau gold licence in North Wales is nearly two kilometres long.
This anomaly, Alba said, is four times as big as the anomaly associated with the main Clogau-St David's mine, the UK's most prolific gold mine historically.
Alba said the mine historically produced 81,000 ounces of gold at a grade of 24 grams of gold per tonne of ore.
Overall, the now-finished sampling programme has found 10 "significant" anomalies away from major known mines in the region, and mineralisation has been found across nine kilometres of the Dolgellau gold belt. Potential extensions have also been found.
The company is now planning trenching work at selected targets, drilling for extensions at Llechfraith, and the sample of material within Clogau-St Davids itself.
Executive Chair George Frangeskides said: "The completion of this extensive exploration programme over the Dolgellau gold belt has confirmed what should already have been apparent from previous announcements: Alba's licence area has serious potential to host one or more new gold deposits that could rival the historic Clogau-St David's mine in importance.
"The fact the Cerys-Gwyneth anomaly trend is four times the size of the anomaly over the Clogau mine should need no further explanation."
"While that ongoing exploration success alone represents a huge and unique opportunity for Alba, the key focus for the company in the coming 12 months will be in pushing forward with the work to re-open one or more of the historic mines for commercial production, as that represents a clear cash-flow generative opportunity for the company. With that in mind, the completion of the first phase of mine safety works represents an important milestone," Frangeskides continued.
Alba Mineral Resources (ALBA)