- 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

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