Alba Mineral Resources PLC Clogau Gold Exploration Update (2912B)

TIDMALBA

RNS Number : 2912B

Alba Mineral Resources PLC

20 September 2018

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Alba Mineral Resources plc

("Alba" or the "Company")

Clogau Gold Exploration Update

Alba Mineral Resources plc (AIM: ALBA), the diversified mineral exploration and development company, is pleased to provide an update on the progress of exploration activities at the Clogau Gold Project (the "Project") in North Wales.

As announced on 24 August 2018, Alba now holds a 90 per cent interest in the Project.

Highlights

   --     Geochemical survey completed over Clogau-St David's mine area and near-mine extensions 

-- Geochemistry samples have been collected and are being sent for analysis to an accredited laboratory

   --     Geophysical survey has commenced over Clogau-St David's mine area and near-mine extensions 

-- Objective is to define new gold targets and to determine suitable exploration techniques for the highest priority regional gold targets

Alba's Executive Chairman, George Frangeskides, commented:

"Having completed a geochemical survey over the Clogau-St David's mine area, our exploration team have now mobilised to site to conduct electromagnetic and magnetic geophysical surveys over the mine area, with the objective being to define new gold targets there."

"This field programme is, to our knowledge, the first ever concerted modern exploration campaign conducted on the Dolgellau Gold Belt since the first gold discovery there in 1853. Once we have completed the current mine and near mine exploration programme, the intention is then to embark on a second phase exploration campaign later this year which will cover the highest priority regional gold targets identified within the entire 107 km(2) licence area."

"All the while, we are continuing to progress baseline environmental studies at the mine, which are a key step in the permitting process for restarting production at the historic Clogau-St David's gold mine."

Exploration Update

Geochemical soil sampling has been completed across the Clogau-St David's mine area. Samples were taken from various soil depths to allow a range of assaying techniques to be applied. The survey lines were completed across 200m line spacing by 20m sample spacing.

Alba's field exploration team, led by geologists and geophysicists from SRK Exploration Services, have now mobilised to site to commence electromagnetic and magnetic geophysical surveys over the mine area and near-extensions of the mine area. These geophysical surveys will enable our technical team to characterise the geophysical signature of the mineralisation host rocks and controlling structures, with the objective being to define potential new gold targets within the existing mine area.

The results obtained from these geochemical and geophysical surveys will also be used to determine the most suitable exploration techniques to then be rolled out to the highest priority regional gold targets identified within the 107 km(2) licence area.

Alba believes that that there is a high potential to find unworked veins containing gold mineralisation of similar grade to that known in historic mines in the area.

Aside from continuing to explore the wider Dolgellau Gold Belt, Alba's principal objective remains the reopening of the Clogau-St David's mine. With this in mind, the appointed consultants are continuing to undertake certain baseline environmental studies which are an essential part of the re-permitting process involved in the reopening of the mine.

For further information please contact:

 
 Alba Mineral Resources plc 
 George Frangeskides, Executive Chairman    [phone] 
 
 Cairn Financial Advisers LLP (Nomad) 
 James Caithie / Liam Murray                [phone] 
 
 First Equity Limited (Broker) 
 Jason Robertson                            [phone] 
 
 Yellow Jersey PR (Financial PR/ IR) 
 Tim Thompson / Harriet Jackson / Henry 
  Wilkinson 
  [e-mail]                   [phone] 
 

Competent Person Declaration

The information in this release that relates to Exploration Results has been reviewed by Mr Howard Baker, Technical Director of Alba Mineral Resources Plc. Mr Baker is a Chartered Professional Fellow of the Australasian Institute of Mining and Metallurgy (Membership Number 224239) and a Competent Person as defined by the rules of International Reporting Codes that are aligned with CRIRSCO.

Howard Baker has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration targets, Exploration Results, Mineral Resources and Ore Reserves', also known as the JORC Code. The JORC code is a national reporting organisation that is aligned with CRIRSCO. Howard Baker consents to the inclusion in the announcement of the matters based on his information in the form and context in which they appear.

Alba's Principal Operations & Investments

Oil & Gas

Horse Hill (Oil & Gas, UK): Alba holds an 18.1 per cent interest in Horse Hill Developments Limited, the company which has a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin.

Brockham (Oil & Gas, UK): Alba has a direct 5 per cent interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.

Mining

Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent.

Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/29 and 2017/39 in the Thule region, north-west Greenland.

Gold Mines of Wales (Gold, Wales): Alba holds a 49 per cent interest in Gold Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales. Alba has conditionally agreed to move to 90 per cent ownership of GMOW.

Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/40 and 2018/15 in north-west Greenland.

Limerick (Base Metals, Ireland): Alba has 100 per cent of the Limerick base metal project in the Republic of Ireland.

Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per cent interest in mineral exploration licence 2017/41 in Melville Bay, north-west Greenland. The licence area benefits from an existing inferred JORC resource of 67 Mt @ 31.4% Fe.

Web: www.albamineralresources.com

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September 20, 2018 02:00 ET (06:00 GMT)