Alba Mineral Resources shares have rallied in early Monday trading after it told investors that further exploration across several high-priority regional exploration targets in the Dolgellau Gold Field Project has yielded substantial precious and base metal results.
Alba shares are currently up 2.78% at 0.15p. However, they initially hit a high of 0.16p.
The AIM-quoted firm said multi-commodity mineralisation was confirmed from sampling at Hafod Owen Prospect and Carndochan Gold Mine.
Meanwhile, a new regional exploration target has been identified at the Afon Gain Prospect.
Within the additional licence expansion, the company has identified the Caerwych Prospect, with copper grades of up to 2.92%, and structural gold targets identified for follow-up work.
Alba's Executive Chairman, George Frangeskides, said: “Our ongoing exploration programme at the Dolgellau Gold Field in Wales has not only yielded substantial precious metal grades, including 20.6 g/t gold and 27.1 g/t silver at the Carndochan Gold Mine, but, importantly, it has also generated strong base metal results, which greatly increase the Project's multi-commodity potential.
“With grades for high demand metals of up to 3.96% copper, 4.25% lead and 2.39% zinc at the newly identified Afon Gain Prospect, we look forward to continuing to advance this multifaceted UK project and quantifying its full potential.”
The Executive Chairman also said he was pleased to report that constructive discussions have “been held with the regulatory authority on the matter of our application to dewater the Llechfraith Shaft at the Clogau Gold Mine.”
Alba Mineral Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are ALBA shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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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.