Shares of AIM-quoted mineral exploration and development firm Alba Mineral Resources (LON: ALBA) have fallen Thursday on the back of an update from its Clogau-St David's Gold Mine.
The company told investors that analysis from underground and surface drill core and additional mine rock samples has identified 4 “distinct geochemical groupings.”
“This detailed multi-element analysis of the core samples obtained during all our drilling at Clogau to date has provided further validation of the key development targets we have identified from that work,” said Alba's Executive Chairman, George Frangeskides.
Alba labelled the auriferous vein group as the most important. The company said it has a “compelling gold-silver-bismuth-lead-tellurium association,” signifying the presence of gold-bearing mineralising fluids. It is also comparable to the basket of metals for the bonanza-grade gold stage described in historical assessments of the Dolgellau Gold Field.
“The fact that we are seeing the same multi-element signature in these areas as was found in the bonanza-grade gold stage at Clogau, gives us a great deal of confidence as we move forward with the development of these zones,” added Frangeskides.
The company continues to progress its preparation for a detailed submission for reconsidering its application to dewater the Llechfraith Shaft.
At the time of writing, Alba shares are down 4.71% at 0.162p. They hit a low of 0.1462p at the start of the session.
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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.