Shares of Alba Mineral Resources (LON: ALBA) are climbing on Wednesday after it released an update of the development plans at the Clogau-St David's Gold Mine.
Alba's mine plan is under development to extend underground workings to key production targets, including Llechfraith Payshoot and Jack Williams, New Branch, 7-10 and Grandfathers Lodes.
The modelling of the Phase 2 surface and underground drilling results has meant reassessing the extension of the Main Lode system, including identifying an overlooked Lode termed the New Branch Lode.
After looking at historical mine plans, Alba said it has identified workings above the Tyn y Cornel level that can give direct access onto the New Branch Lode and the 7-10 Lode high within the critical Clogau Shales package.
In addition, the company's dewatering application for the Llechfraith Shaft has seen Natural Resources Wales undertake a Habitat Regulations Assessment.
“We are pushing forward with our development plans at Clogau. An up-to-date mine plan is coming together, pulling together the key development zones we have identified in our drilling and other work activities,” said Alba's COO and Senior Geologist, Mark Austin.
Alba's Executive Chairman, George Frangeskides, stated: “We wanted to provide a fuller update than usual in this release, as we know that shareholders are keen to learn in detail of the progress of works at Clogau.
“As Mark has highlighted above, we believe we are now in a strong position to move this project into the development phase, with no less than three significant new target zones identified within the existing envelope of the mine and, no less importantly, being target zones which should be accessible by putting in a relatively modest amount of new development.”
Alba's share price is trading at 0.23p following the news, up 2.18% from Tuesday's close. However, despite today's rise, the company's shares are down almost 58% for the year.
On Monday, Alba announced it had obtained an additional mineral exploration licence for further prospective gold exploration ground within the Dolgellau Gold Field.
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