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.

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.

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

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Government plans could see NS&I boost interest rates
Savings

Government plans could see NS&I boost interest rates

The government-backed bank has a new funding target, which could prompt it to boost the rates on its Premium Bonds, ISAs and bonds.
16 Mar 2023
Share tips of the week – 17 March
Investments

Share tips of the week – 17 March

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
10 Mar 2023
How to make your child a tax-free millionaire by age 37
Investments

How to make your child a tax-free millionaire by age 37

Exclusive research for MoneyWeek reveals how funding an ISA and a pension for your child until age 18 could build up a seven-figure sum by the time th…
14 Mar 2023