(Alliance News) - Alba Mineral Resources PLC on Friday said it has completed the final hole of a drilling programme at its Clogau-St David's gold mine in Wales.
Alba shares were 13% higher at 0.39 pence each in London on Friday morning.
LL010, the last hole of the phase one programme, was drilled to 176.4 metres.
"Hole LL010 was designed to assess whether the newly identified lode system beneath the Llechfraith mine area extends to 100 metres below those previous workings. In the event, the hole has greatly exceeded our expectations, intersecting the lower lode at a depth of 122 metres below the lowest workings," Chief Operating Officer Mark Austin said.
Alba said results from the final hole reinforce its assessment that the Llechfraith area at Clogau-St David's is a "key target for future development and production".
By Eric Cunha; ericcunha@alliancenews.com
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Alba Mineral Resources (ALBA)