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.
Subscribe to 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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Is a mortgage in retirement always a bad idea?
A mystery shopper exercise shows high street lenders are “shunning” retirees looking to take out a mortgage. Are they right to do so?
-
Three funds to consider as UK small caps trade at 30% discount
UK small caps have been unloved for some time, but a shifting economic environment could give them a boost