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Alba Minerals’ Shares Soared 89.1% on Clogau Dewatering Permit

Analyst Team trader
Updated 4 Jul 2023

The Alba Mineral Resources plc (LON: ALBA) share price soared 89.1% after announcing that it had been granted the ecological permits required for the planned dewatering and associated exploration of its primary target within the Clogau-St David's Gold Mine in north Wales, the Lower Llechfraith workings.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Investors cheered the news that now paves the way for the company to continue developing the Clogau mine, which has significant revenue potential once it is operational. The company is currently conducting the necessary on-site preparations so that the dewatering exercise may commence as soon as possible.

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The ecological permits granted at Clogau comprise a European Protected Species Licence (EPSL), Water Discharge Permit, and Water Abstraction (or Transfer) Licence regarding the dewatering and associated exploration of the Lower Llechfraith workings.

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.

Alba Minerals’ 2020-21 surface drilling programme proved the downward continuation of the Llechfraith lode structure up to ~122 metres below where it was last explored on the No.4 Level; the target structure has been untouched by historical exploration and development.

Whether today’s rally shall transform into a sustained uptrend over time remains to be seen. 

George Frangeskides, Executive Chairman, commented: “We are delighted to have received the ecological permits to allow us to dewater and explore the Lower Llechfraith workings, our primary gold target within the Clogau-St David's Gold Mine. Detailed planning has been in train for some time so that we did not lose time once the permits were granted. Accordingly, we are well placed to complete our preparations on site and commence the dewatering exercise within a matter of days.”

Adding: 

“I would like to thank our whole team, as well as our highly skilled technical consultants, for supporting us throughout the permitting process, and I look forward to providing further operational updates in due course.”

*This is not investment advice. 

Alba Minerals share price. 

The Alba Minerals share price soared 89.13% to trade at 0.2105p, from Monday’s closing price of 0.1113p.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.