There didn't appear to be any trace of where rails may have been. The bit which vanishes over an edge is, I think, due to subsidence rather than being intentional.
The metal section seems to strap the 'sleepers' together although the ground conditions are not noticeably different to anywhere else I've seen.
I'm probably going to pop back up and have another look in the next couple of days as I've lost my penknife and I think I may have dropped it somewhere there - so I'll use the opportunity to have a closer look and measure the 'gauge'.
My suspicion would be that it was some form of base for carting (as has been suggested) rather than the remains of a tramway. There is a tunnel between the pits that has remains of this in as well as (I think) rails, so I'll see if I can get a decent picture of that too.
Having done a bit more reading last night, I think this may be Glynrhonwy Uchaf rather than Isaf - the description in the gazetteer suggests it is Uchaf, whereas the grid reference is more like Isaf!
Hello again darkness, my old friend...