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Alba Mineral Resources promises rest of the year will be a busy one

Things are starting to move again at Horse Hill and Brockham in the Weald Basin.
Horse Hill
"We await the start of flow testing at Brockham," Alba said

Alba Mineral Resources PLC (LON:ALBA), the mineral exploration and development company, has completed the acquisition of a further 41% of Gold Mines of Wales Limited.

Alba now holds a 90% stake in the Clogau gold project located in the Dolgellau gold belt in North Wales.

READ Alba Mineral Resources set to take a further 41% stake in Clogau gold mine​

The company also released its results for the six months to the end of May.

The pre-revenue company made a loss before tax of £381,367, compared to a loss the year before of £335,320.

The company said there had been “a significant hiatus” in its oil & gas investments in the Weald Basin, as the operators at both Horse Hill and Brockham spent much of the preceding 12 months navigating their way through the regulatory maze.

“As previously announced, we are finally seeing welcome progress at both sites,” the company said.

“At Horse Hill, we are currently in the middle of a long-term testing programme that should tell us a great deal about the commercial viability of the project and we await the start of flow testing at Brockham, which project already benefits from a production licence,” it added.

As for its mining projects, the summer programmes at both Thule and Inglefield Land in Greenland have been completed and the next stage will be to assess the results of those campaigns.

Meanwhile, the company has just begun field work at the Clogau gold project.

“The rest of the year promises to be a busy time for the company, as we push our mining projects through the next phase in their development and oversee what we hope to be the rapid progress of the onshore oil & gas assets in which we are invested,” Alba said.

Alba’s shares were up 4.1% at 0.5p late on Friday afternoon.

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