🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Alba Mineral Resources advances Clogau gold mine operations

EditorFrank DeMatteo
Published 10/29/2024, 08:30 AM
© Reuters.
ALBA
-

LONDON - Alba Mineral Resources Plc (AIM: ALBA), the mining company focused on the Clogau-St David's Gold Mine in North Wales, has reported significant progress in its underground operations. The company's priority target, the Llechfraith area, has seen successful blasting activities, which are crucial for the advancement of the project.

The volume of ore discovered from historic mining activities at Levels 4 and 5 has surpassed expectations, resulting in an extensive ore extraction process involving approximately 25 tonnes. This development, while extending the company's timeline, is viewed positively as it provides additional material to be processed for gold content.

Alba has encountered delays in its bulk sampling schedule at the Llechfraith Target due to the unexpected volume of ore and additional remedial work requested by the Health and Safety Executive's Mines Inspectorate. However, the company anticipates resuming blasting later this week and will provide an update on the overall timings following this phase.

The blasts conducted thus far have confirmed the rocks' amenability to low-impact deflagrating explosives, a significant step forward for the project. Additionally, Alba plans to auction a limited series of commemorative coins produced from the test gold production in the coming weeks, with further details to be announced.

Since the last operational update on August 30, 2024, Alba has completed numerous underground works, including infrastructure improvements and preparation for transport and processing activities. Surface works and safety enhancements have also been undertaken, alongside regulatory compliance efforts, such as the extension of the European Protected Species Licence valid until September 30, 2025.

The company's executive chairman, George Frangeskides, expressed confidence in the project's progress and the upcoming blasting program's efficiency. He also highlighted the efforts towards the commercialization of gold from Clogau, indicating the upcoming release of details related to the commemorative coins.

This update is based on a press release statement from Alba Mineral Resources Plc, which outlines the latest developments at its wholly-owned Clogau gold mine project.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.