The Alba Mineral Resources plc (LON: ALBA) share price edged 1.96% higher after releasing its half-year report for the six months ended 31 May 2023. The Group made a profit of £2,102,000 after tax compared to a loss of £815,000 in 2022, including an accounting profit regarding the de-consolidation of GreenRoc of £2,672,000.
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The mineral exploration and mining company reported that its operating loss shrunk to £459,000 compared to £814,000 in the previous year. The company attributed its lower costs to its decision to cease consolidating GreenRoc Mining plc from 9 March 2023. The company no long holds a majority stake in GreenRoc Mining.Â
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Alba Minerals also updated the various milestones achieved at its Welsh Gold projects, including the Clogau-St David's Gold Mine in north Wales, which hosts the Lower Llechfraith Workings. The Clogau Mine is the highest-priority gold target within the Mine system. The company spent most of its time securing ecological permits to dewater the mine.
The Lower Llechfraith workings have all the critical geological characteristics for the occurrence of high-grade gold mineralisation, including greenstone sills, Clogau Shales and structural complexity in the lode itself. Hence, it was the critical area of focus during the last large-scale development efforts before Alba took over the mine.
Alba’s 2020-21 surface drilling programme uncovered the downward continuation of the Llechfraith lode structure up to around 122 metres below where it was last explored on Level 4. Therefore, historical exploration and development have not touched the target structure below this level.
The company could not access the Lower Llechfraith workings has not been possible for some decades due to flooding, hence the requirement for a dewatering programme. The programme entails pumping water out of the flooded workings and treating it in the Clogau mine yard to remove excess suspended solids.Â
Alba Minerals was finally awarded the permits to dewater the Clogau mine in July 2023 and went ahead to start the process since it had already done the necessary preparation, such as lining up contractors, materials and equipment before the award.
Alba Minerals share price.
The Alba Minerals share price edged up 1.96% to trade at 0.12p, from Wednesday’s closing price of 0.1177p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.