Alba Mineral Resources plc has surrendered its Limerick zinc-lead prospecting licence in the absence of the third-party consents for drilling and viable drill targets.
PRINCIPAL ASSETS
The licence contained prospective targets but had not been a key focus and its surrender would have no material impact, said the company.
“In fact, the surrender frees up both expenditure and manpower for Alba’s principal assets, namely its 100% owned Welsh gold projects, supporting the long-term growth of its investee company GreenRoc Mining plc, and other potential growth opportunities for the company.”
LICENCE 3824
The company renewed the licence in August 2022 and identified targets for follow-up drilling.
Necessary third-party consents for drilling were not forthcoming and alternative drill targets were considered “not viable or practicable” to pursue further.
Alba added that there were no financial consequences or penalties to the company or its local subsidiary Aurum Mineral Resources Ltd.
The licence has already been fully impaired in the group’s audited accounts.
CLOGAU-ST DAVID’S
Alba added it was still awaiting to hear regulatory responses to its revised ‘Report to Inform a Habitat Regulations Assessment’ (HRA), together with renewed applications for a water discharge permit and a European Protected Species licence for its operations in Wales.
The approvals are needed for the proposed dewatering exercise and safety and exploratory works at the primary target within the Lower Llechfraith workings of the Clogau-St David’s gold mine.
The company said that Natural Resources Wales (NRW), which in November 2021 refused to grant permission, had advised that the applications remained in process.
Standard turnaround times did not apply to the company’s applications due to the volume of information, the complexity of the applications and the requirement for an HRA, added Alba.