Alba Mineral Resources (ALBA ) said a previous soil sampling programme has identified the additional potential for gold mineralisation at and around the Clogau-St David’s gold mine. 

Following geochemical analysis of 1,997 soil samples collected in 2018-19, 10 targets were defined around clusters of gold anomalies in a large area centred over Clogau’s Mine.

Six high-confidence targets were then refined from these 10 targets previously identified by Alba’a 2019 Soil Sampling Programme (“SSP”) via multi-element prospectivity modelling.

It explained: ‘Gold is known to be prone to the “nugget effect” during sampling programmes and this is especially prevalent in the style of mineralisation seen at Clogau.

Therefore, incorporating additional elements into targeting workflows is important to pick up the traces of mineralisation in the absence of Au itself or in the case of low-level gold anomalism.’

The multi-element analysis confirmed several key pathfinder trace elements in the mineralising system, showing that silver (‘Ag’), Arsenic (‘As’), bismuth (‘Bi’), admium (‘Cd’), antimony (‘Sb’), selenium (‘Se’) and tellurium (‘Te’) are enriched within the quartz veins.

In addition, the more common elements cobalt, copper, lead, and zinc, are known to be found in mineral phases closely associated with Au in the Dolgellau Gold Field and at Clogau. 

The targets included a 1.8 km long structure to the east of the Brintirion Fault which cuts through and displaces the lodes between the Clogau and St. David’s workings, as well as a 2 km long target in the NE of the project area, previously tested by trenching in late 2020.

Highly prospective ground was also identified immediately to the south of the Mine workings, showing the potential for extensions along-strike of the Old Clogau lode and other lodes.

To narrow the possible bedrock sources of the key targets identified by the geochemical survey programme, Alba is commissioning Wales-based UAVE Ltd to carry out a UAV-borne geophysical survey to map the magnetic properties of the subsurface below these targets.  

Alba will use UAVs (or drones) in order to perform airborne geophysical surveys which it said will confer ‘significant benefits’ over traditional helicopter or fixed-wing aircraft surveys.  

This is because drones are ‘considerably cheaper to commission, cause minimal disturbance, collect data at a much higher resolution and have a significantly lower carbon footprint.’

The survey will use Geometrics MFAM (Micro Fabricated Atomic Magnetometer) system, a recent technological advance which has allowed a 10-fold reduction in size and power consumption ‘whilst retaining the high quality of a Cesium-vapour magnetometer,’ it said.

The survey objective is to pinpoint the bedrock sources of geochemical anomalies, which will have significant implications for regional exploration and near-mine resource opportunities. 

‘The resolution of the survey, using a 25 m line spacing and with the drone able to operate just 30-50 metres from ground level, will enable Alba to define targets with enough confidence to undertake intrusive follow-up investigations such as drilling,’ the Company told investors.

If successful, Alba will then look to roll out the same drone-borne aeromagnetic surveys to a number of the other regional gold exploration targets within the Alba portfolio, allowing the team to explore for significant new resource opportunities in the Dolgellau Gold Field.

Alba noted that the survey will be undertaken once all relevant landowner consents are in place, a process currently underway, and that it hopes to undertake the first survey in 1Q22.

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At the end of September 2021, the Group confirmed to investors this morning that GreenRoc Mining, a spin-off vehicle based on its Greenland mining assets, had begun trading on AIM.

On its first day of dealings, GreenRoc Mining announced that it has raised £5.12 million at 10p a share, valuing the company at £11.1m upon its admission to London’s junior AIM market.Alba will be majority shareholder of GreenRoc with a 54% stake in the new vehicle.

Under the terms of the spin-off, GreenRoc has now acquired all the Greenlandic mining assets of Alba Mineral Resources being the Thule Black Sands Ilmenite Project, the Amitsoq Graphite Project, the Melville Bay Iron Project and the Inglefield Multi-Element Project. 

The Company intends to progress exploration and development activities in respect of the Greenland Projects ‘with the aim of securing a mining licence and commencing commercial production at one or more of the projects within the earliest practicable timescale.’

The London-listed firm announced in its final results for the year ended 30 November 2020 published back in May 2021 its intention to form a new AIM-quoted, Greenland-focused, spin-out company that would unlock ‘real and sustained value’ across its asset portfolio. 

The plan formed after the pandemic had placed some doubt upon Alba’s ability to execute its field programmes, particularly at the Amitsoq Graphite Project where it had plans to drill.

At the time, it said it believed that moving the Greenland Projects into a new listed vehicle would allow the market to set ‘a clear value for those assets in isolation’ rather than as part of a larger pool of diverse mining, oil and gas and exploration assets, as is currently the case. 

According to the European Commission, nearly half of the EU’s supply of natural graphite and titanium is provided by China, highlighting the EU’s overdependence on Chinese supply. 

GreenRoc said its strategy of seeking to fast-track the development of the Amitsoq and the Thule Black Sands Ilmenite Projects are therefore supported by both the US and the EU. 

In recent weeks, more investors have turned their eyes towards Greenland after KoBold Metals, a mineral exploration firm backed by Jeff Bezos and Bill Gates, signed an agreement with Bluejay Mining to search for critical materials used in EV vehicles within the region. 

Kirk Adams, Chief Executive Officer of GreenRoc, told shareholders that GreenRoc’s debut on AIM comes at a time when demand for critical minerals is “increasing significantly.” 

“Our objective is to fast-track exploration, supported by our successful £5.12m fundraising, to significantly add to the inherent value of our assets and move towards development. 

In a Q&A from May 2021, Alba Minerals’s Chairman, George Frangeskides elaborates on the rationale behind spinning out their Greenland assets into a new listed entity.

He discusses the benefits to both Alba and its shareholders, funding and the advantages of Greenland.

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