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Alba updates on Clogau, Thule Black Sands, Limerick and Horse Hill

Alba has a diverse portfolio of mining and oil and gas projects

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Welsh gold could command a premium

Alba Mineral Resources PLC (LON:ALBA) has updated the market on progress across its portfolio of resources assets.

At the Clogau gold project results have been obtained from a further 463 samples from the recently completed 1,200 soil sample programme. 

READ: Alba Minerals: A diversified portfolio with serious production potential

At Thule Black Sands the latest test work confirms that contained ilmenite within the heavy mineral concentrate ranges in TiO2 content from 45.8% to 47.6% with very low contaminant levels.

At Limerick a short drilling programme has been successfully completed, with analysis of drill core ongoing.

At Horse Hill Alba has decided not to contribute to the most recent cash call issued by the operator, HHDL, for £261,000, as Alba has decided to deploy its cash reserves to the mining projects which Alba operates and controls.

Any dilutive effect on Alba's 18.1% shareholding in HHDL will be negligible.

Alba's Executive Chairman, George Frangeskides, commented:

"We now have all results in from Phase 1 of our regional gold exploration programme at Clogau,” said Alba’s executive chairman George Frangeskides.

“In total we have identified no fewer than nine new gold anomalies that are not associated with any significant historic mining, with these results now confirming gold mineralisation over six miles across the Dolgellau Gold Belt.  This is a great result."

Quick facts: Alba Mineral Resources PLC

Price: 0.165 GBX

AIM:ALBA
Market: AIM
Market Cap: £6.06 m
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