Alba Mineral Resources (ALBA) has followed a “Clogau Field Work Results” announcement with a “Horse Hill Update”. On the former, we previously noted it has been a stockmarket promote owned by various companies and doubted it will have a commercial value. However, the “to our knowledge… first ever concerted modern exploration campaign conducted on the Dolgellau Gold Belt since the first gold discovery there in 1853” may yield some news flow excitement.
The latest includes that a detailed analysis of geochemical soil sampling results confirming gold anomalies across the existing mine area is being undertaken to assess potential pathfinder elements, that anomalous values have also been detected away from the main mine area and that “further and more extensive soil sampling programmes of the regional gold targets are now in the planning phase”. These see Chairman George Frangeskides emphasise “we are excited about the work that lies ahead and the potential that exists in this known high-grade gold system”.
This has been followed by news from Horse Hill (Alba 11.765% beneficial interest) that the operator, following an extended well test programme, now considers the Portland oil field to be commercially viable and that it “is now targeting the start-up of long term Portland oil production during 2019, subject to the grant of necessary regulatory consents… The Portland field's first new horizontal production well, HH-2, which has Surrey County Council planning and Environment Agency consents, is planned to spud in early 2019 following completion of the Kimmeridge Limestone 4 extended well test”.
The progress sees a “stated objective to submit a planning application for Portland and Kimmeridge field development by the end of the year” and we continue to look for the skilled mega-rampers behind Horse Hill to spark excitement with the potential news flow. With also read-across Greenland upside potential from Bluejay Mining (JAY), at up to 0.58p and targeting 0.80p, our stance remains buy.
Filed under: Alba Mineral Resources, MX Oil, Versarien, Safestyle UK, TomWinnifrith.com, HotStockRockets
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