Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Alba Mineral Resources said assay testing from a maiden drilling campaign at the Clogau-St David's gold mine in Wales had not returned high-grade results.
The company, however, said the drilling successfully intersected a quartz vein sequence up to some 25 metres below known historical mine workings.
'These results therefore indicate that a gold-bearing system may exist within that quartz vein sequence at depth,' the company said, adding they gave it confidence to perform follow-up work at the Llechfraith mine area.
Executive chairman George Frangeskides said: 'The primary objective of the drilling was to confirm the presence of gold-bearing structures in areas that have never been previously mined, and this has undoubtedly been achieved.'
'While the assays themselves have not returned high-grade results, this was to be expected due to the nuggety effect of the Clogau gold system, where gold is known to occur in discreet, high-grade pods, as well as due to the limited amount of drilling undertaken.'
At 1:32pm: (LON:ALBA) Alba Mineral Resources PLC share price was +0.01p at 0.15p