RE: RNS29 Oct 2024 07:03
Key Points
- Underground operations are ongoing at the Llechfraith Target, Alba's priority target at Clogau, with blasting having taken place at Levels 4.5 and 5. Newly blasted ore currently remains underground but will be removed to surface for sample processing and assaying.
- The volume of ore found in situ at Levels 4 and 5 from historic mining operations has greatly exceeded what was anticipated, leading to a significant ore extraction exercise being completed prior to blasting, involving some 25 tonnes. Although this has added to the Company's development timeline, it is considered overall positive as this additional ore will be processed for its gold content.
- Site visits completed by HM Inspectorate of Mines, part of the Health and Safety Executive ("HSE"), and Natural Resources Wales ("NRW"), with some further remedial works requested by HSE having since been completed.
- While these developments have pushed out the Company's timelines for the completion of bulk sampling at the Llechfraith Target, Alba now expects the next sequence of blasting to commence on Level 5 later this week. Following the completion of the next sequence, the Company expects to be able to provide an update on overall timings.
- Blasts undertaken to date have been successful and confirmed that the rocks at Clogau are amenable to blasting by low-impact deflagrating explosives, which is a major positive as the Company moves forward with the development of the Project.
- From the test gold production to date, the Company intends to auction a limited run of commemorative coins in the coming weeks. Further details will be announced in due course.
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