RE: CASH FLOW11 Aug 2019 15:54
Alba's Executive Chairman, George Frangeskides, commented:
"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 that 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."
"The next stage of work will involve identifying potential zones of unexploited gold for commercial production, whether from the underground sampling and clean-up operation which is being planned or from the drilling of the exciting Llechfraith Mine target. In the 1980s, visible gold was reported in the Llechfraith Mine adjacent to westerly dipping greenstone intrusives along the lowest number 4 level, which is only about 30 metres below the Llechfraith adit entrance. Despite that, only very limited further work was done in the area and, as such, this represents one of the best opportunities for the discovery of economic deposits of gold."
"A series of short holes is currently being planned to test this Llechfraith Mine sequence, in which the Clogau shale is potentially up to 200m thick."
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