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AIM-listed Alba Mineral Resourcess (LON: ALBA) said it has confirmed multiple mineralised gold zones in its Phase 1 drilling results from Llechfraith Lode at the Clogau-St David's Gold Mine.
Alba Mineral's share price spiked to 0.33p following the news. It is currently trading at 0.2895p, up 3.59%.
The London based firm said Gold mineralisation has been proven in the veins identified from the drilling, with individual values up to 4.25 g/t, and gold mineralisation has been confirmed across several separate zones up to one metre thick.
Alba said the intersection of values strongly reinforces its view that the newly modelled zone, called Llechfraith Lode, is a key target for future development and production at Clogau-St David's.
Two other vein systems are also targets for further exploration.
The company said the results “add weight to the Company's objective to dewater the Llechfraith Shaft as soon as possible to allow direct access to the on-reef development.”
Mark Austin, Alba's Chief Operating Officer, commented: “The drilling at Llechfraith has proved that the main lode in fact comprises two discrete lodes, separated by about 10m. In addition, the drilling has also identified two other vein systems further to the south.
“The best developed of these new vein systems we are calling the “Canol Vein System” and the uppermost the “Sill Vein System”.
“The assay values received are highly significant in that we now have proof that the lodes are mineralised. Indeed, although we are drilling for structure not for grade, nonetheless the grades returned of up to 4.25 g/t are really pleasing, not least when considered against the highly nuggety nature of the lodes.”
“These results have added impetus and urgency to the dewatering of the Llechfraith Shaft and the subsequent underground development – we believe that this on-reef development will reveal the true nature of the orebody ultimately leading to a mining operation.”
Alba Mineral 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 Mineral shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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