Alba Min Res PLC (ALBA.L) Clogau-St David’s Gold Mine Update

Projected Vein System Now Extends 66 Metres Below Existing Workings

Alba Mineral Resources plc (AIM: ALBA) is pleased to provide an update on the Company’s work activities at the Clogau-St David’s Gold Mine. The latest results from the ongoing Phase 1 drilling programme have enabled the Company to project the newly identified vein system as extending some 66 metres below the deepest previously worked zone at the Llechfraith mine area.

Key Points

· Surface Drilling Update

o Six drill holes have been completed for 724 metres in total .

o Since last drilling updates (announced on 21 December 2020 and 8 January 2021) covering holes LL001-LL003, holes LL004-006 have been completed for a further 324.5 metres.

o LL005 succeeded in intersecting the projected vein system some 16 metres or so below the intercepts for drill holes LL001-LL004. Hole LL005 intersected significant quartz veins at 90m and 102m.

o Alba now projects the newly identified vein system as extending 66 metres below the deepest previously worked zone at the Llechfraith mine area.

· Llechfraith Dewatering

o Application submitted for bespoke water discharge permit to allow lower workings in the Llechfraith Shaft to be dewatered in order to undertake underground drilling and bulk sampling directly from that zone.

· Pilot Processing Plant Operation

o Pilot gold processing plant now fully operational.

· Gwynfynydd and Dolgellau Gold Exploration Project

o Airborne geophysical and stream sediment sampling data being reprocessed with the objective to more narrowly define the regional gold targets.

George Frangeskides, Alba’s Executive Chairman, commented:

“This surface drilling campaign is delivering on our objectives in spades. We wanted to identify the existence and extent of the vein system below the historic workings at Llechfraith, and we have now been able to show that it extends at least 66 metres below the deepest previously mined section. This provides us with a significant zone for follow-up channel and bulk sampling once we can get much closer access, which we will be able to do as soon as we have dewatered the Main Shaft at Llechfraith.”

“Ultimately, assuming that sampling programme stacks up well, we would then look to sink an extension to the Main Shaft some 60 metres down from No 4 Level, with several new Levels then being driven across from the extended shaft in order to be able to access the lode structure at a number of intervals. Thanks to modern engineering techniques and equipment, putting this new development in place would not be anything like the endeavour it would have been when the last development was put in place at Clogau some decades ago.”

“It is really exciting to see our work coming together in this way.”

Surface Drilling

To date, six holes (LL001-LL006) of the Company’s Phase 1 surface drilling programme have been completed for 724 metres. The seventh and final drill hole in this drilling phase, LL007, has now commenced and is expected to be approximately 110m in length (see Table 1).

This Phase 1 surface drilling programme has been designed to target mineralisation below the existing mine workings at the Llechfraith mine area (see Figures 1 and 2 in the PDF version of this RNS), thus testing the continuation of mineralisation at depth.

By stepping out the drilling so that the drill collar was set further away from the mine area, the current phase of drilling has been designed to intersect the quartz vein at a higher, and therefore more favourable, angle to dip. This has so far proved successful (see Figures 1 and 2 in the PDF version of this RNS), given the significant widths of quartz vein which have been intersected. LL001 has intersected a total of 6.48 metres of quartz veins, LL002 a total of 3.65 metres and LL003 a total of 5.7 metres.

LL005 intersected lode quartz in a zone 1.76m wide, however the significance of LL005 is that it intersected the projected lode structure some 16 metres deeper than LL001-003 did, meaning that the Company now believes the projected lode structure potentially extends at least 66 metres below the previously deepest worked section of the Llechfraith Mine, the No 4 Level.

The structural information obtained from the Phase 1 drill holes has been critical in enabling Alba’s technical team to model the vein intercepts within the existing 3D geological model for Clogau-St David’s to show, for the first time, the projected extent of the identified vein system.

The identification of this significant projected lode structure below No 4 Level now provides the Company with a significant zone for follow-up exploration drilling and bulk sampling. The objective will be to access this zone directly from the Llechfraith shaft, once dewatered. This will enable far more targeted exploration than has been possible to date, initially by channel and bulk sampling from the newly dewatered No 4 Level and, in due course, by extending the existing Llechfraith Shaft from No 4 Level down 60 metres or so and creating a number of sub-levels forking off from the shaft extension (see Figure 3 in the PDF version of this RNS).

The installation of a shaft extension and new sub-levels to access the projected lode for bulk sampling and, ultimately, mining would represent the most significant piece of development work undertaken at the Mine in several decades.

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