Alba Mineral Resources (LON: ALBA) shares are climbing Monday after it provided an update on the Clogau-St David's Gold Mine in North Wales.
Alba said there is additional potential for gold mineralisation at and around Clogau, which was revealed by the multi-element Prospectivity Modelling of Alba's 2019 Soil Sampling Programme (SSP).
There were 6 high-confidence targets refined from the 10 targets previously defined by the SSP for follow-up investigation. These included a 1.8 km long structure to the east of the Brintirion Faul, and a 2 km long target in the NE of the project area.
A geophysical survey is now being commissioned to pinpoint the bedrock sources of geochemical anomalies.
Alba said its report has been submitted to NRW regarding its Habitat Regulations Assessment of the proposed dewatering of the Llechfraith Shaft.
George Frangeskides, Alba's Executive Chairman, commented: “We continue to make excellent progress at the Clogau-St. David's Gold Mine in Wales as we build our understanding of the potential extent of near-mine gold mineralisation.
“Our recent work has distilled the 10 regional and near-mine gold targets we previously identified into six high-priority targets, including two which are 1.8 km and 2 km long.”
Alba shares rose to a high of 0.22p earlier in the Monday session. However, they are now trading at 0.2105p, up 0.24%.
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