George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Alba Mineral Resources To Start Exploring At Gwynfynydd Gold Mine

Fri, 20th Nov 2020 11:11

(Alliance News) - Alba Mineral Resources PLC on Friday announced it has been awarded the exclusive exploration rights to the Gwynfynydd Gold Mine in north Wales.

The exploration and development company with assets in Greenland and the UK now has the exclusive exploration rights over the entire length of the Dolgellau Gold Belt for six years.

Alba said the Gwynfynydd Gold Mine is the second largest producer of gold in the UK's history, second to Clogau-St David, which the company is also exploring.

Gwynfynydd Gold Mine has historically produced around 45,000 ounces of gold at a mining grade of 15 grams per tonne.

Commercial operations at Gwynfynydd ceased in 1999 when the gold price was only around USD300 per ounce, Alba said.

Executive Chair George Frangeskides said: "We are delighted to have secured the exclusive mineral exploration rights to the Gwynfynydd Gold Mine and its surrounding exploration ground. Alba now has the exclusive exploration rights across the entire length of the Dolgellau Gold Belt."

"Gwynfynydd shares many of the same characteristics and the same geological setting as Clogau-St David's, and as such we intend to approach the exploration and development activities at Gwynfynydd in much the same way as we have done at Clogau, using all the tools in the extensive modern-day exploration tool-box, from underground 3D mine scanning to geochemical soil sampling, surface trenching, diamond drilling and bulk sampling."

Additionally, Alba said drilling at Clogau-St David is going well.

Results for Clogau-St David will not be known and reported until all the drilling has been completed and the drill core analysed, Alba said.

Alba shares were up 7.8% 0.485 pence each in London on Friday morning.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Related Shares

More News
22 Mar 2024 16:10

Alba reports progress at Clogau-St David's Gold Mine

(Sharecast News) - Alba Mineral Resources updated the market on its activities at the Lower Llechfraith workings within the Clogau-St David's Gold Min...

22 Mar 2024 13:41

IN BRIEF: Alba Mineral to start sampling of Llechfraith gold target

Alba Mineral Resources PLC - northern Europe-focused mineral explorer - Will start sampling of the Llechfraith Target and trenching of the Clogau was...

23 Feb 2024 08:59

TRADING UPDATES: Plant Health eyes Mexico Saori launch; NARF wins deal

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued this week and not separately reported...

7 Feb 2024 14:34

GreenRoc says Greenland law change will accelerate Amisoq project

(Alliance News) - GreenRoc Mining PLC on Wednesday said that a recent change to Greenland's mining laws would expedite exploitation licencing for its ...

18 Jan 2024 19:42

TRADING UPDATES: Coro Energy strikes finance deal in Vietnam

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.