Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Alba Mineral Resources (LON: ALBA) announced on Thursday that it has identified a new high-grade gold target within its exploration licence area, close to the Gwynfynydd gold mine.
During a ground-truthing exercise at the site, the company said quartz boulders were found with one sampled and sent for assay, which returned elevated grades of 6.5 grams per ton and 24.1 grams per tone of gold.
Another sample taken during the initial reconnaissance visit was a float sample of breccia mineralisation which returned a grade of 3.8 grams per ton of gold.
Alba is now planning to undertake a follow-up field campaign in August, aiming to identify further examples of mineralisation.
The AIM-quoted company also collected stream sediment samples within the area, which will form the basis of a study currently being completed by an exploration geology student at Camborne School of Mines. The study will identify the best sampling and analysis methodology for stream sediment sampling in the Dolgellau Gold Belt.
Alba's Executive Chairman, George Frangeskides, commented: “The fact that our team have unearthed this new high-grade gold target on our licence area, grading up to 24 g/t, is a timely reminder of the great potential of the Dolgellau Gold Field, which is solely under licence to Alba. There are some 300 historical workings in the Dolgellau Gold Field, not to mention no fewer than 11 past producing gold mines.”
“We will be returning to this target area as soon as possible for follow-up exploration of the multiple structures we have identified.”
The company's shares are trading at 0.2565p on Thursday, up 0.51%.
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