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24 Feb 2021 | 12:45

Alba Mineral Resources begins work on Gwynfynydd licence

(Sharecast News) - Alba Mineral Resources updated the market on the latest planned phase of work at its Dolgellau Gold Exploration Project in north Wales on Wednesday, reporting that the next step would involve stream sediment sampling. The AIM-traded firm said the project encompassed the parts of the Dolgellau Gold Field that lay outside the footprint of the field's two mines, which are the Clogau-St David's Gold Mine and the Gwynfynydd Gold Mine.

It said it had the exclusive exploration rights over the entire length of the Dolgellau Gold Field, including over the Clogau-St David's and Gwynfynydd mines.

The company said the next phase of work over the field would involve stream sediment sampling, designed to identify hard-rock gold sources upstream of the sampling locations.

It said the programme represented the first field work to be carried out over the Gwynfynydd exploration licence area since it was awarded the Gwynfynydd licence in November 2020.

"As we all emerge from a tough winter, for more reasons this year than usual, our technical team are positively champing at the bit to get out into the Dolgellau Gold Field and continue our work to find new sources of gold that have never been exploited before," said executive chairman George Frangeskides.

"This regional exploration is a separate exercise to our work to bring the Clogau-St David's and Gwynfynydd gold mines back into commercial production."

Frangeskides said it required a different methodology and mindset, and the use to start with of "quite simple" field exploration tools and techniques that were employed in a number of other mineral exploration projects globally, such as stream sediment sampling.

"Nonetheless, this is important and potentially very significant work.

"For the first time, we will be expanding our regional exploration programme to cover our recently-granted Gwynfynydd exploration licence.

"We are very optimistic about the prospects for finding new gold deposits in the Dolgellau Gold Field."

At 1224 GMT, shares in Alba Mineral Resources were down 4.29% at 0.31p.
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