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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Millions of state pension records ‘set to be deleted’ – putting thousands at risk of never getting their moneyThousands of families could miss out on money owed to them if the government deletes historic state pension records.
-
What makes you wealthy in the UK? Could it make you a target in Rachel Reeves’ Budget?Wealthy Brits could be at risk from a Budget tax raid – but how much money do you need to be considered wealthy in the UK?
