Stellar Resources rockets on high-grade gold discovery in Wales

Stellar Resources advanced on news it discovered high grade gold samples at the Clogau Gold Mine in Wales.

Shares soared 49.25% to 2.50p by late Thursday morning after the company said it received promising first assay results from the venture though its 49.9% interest in Gold Mines of Wales.

Assay results from underground grab samples ranged from 263 grams/tonne of gold to 11.65 grams/tonne.

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Gold Mines of Wales currently holds an exploration licence area of 120km squared covering the Dolgellau Gold Belt which contains 61 known occurrences of gold mineralisation.

The Clogau mine has about 20 miles of drives and shafts. Grab sampling was focused along 200 metres of the Tynn Cornel level and produced strong results.

"These high grade gold samples from Colau highlight that significant amounts of gold remains within the old mine," Chairman David Lenigas said.

"The mine has the potential to contain other high grade pockets of gold in areas that have yet to be tested. Further samples will be taken from the surrounding area and a planned drill programme is very much the focus for 2013."

RD