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 MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021
How to find companies that can thrive in the post-Covid world
Advertisement Feature

How to find companies that can thrive in the post-Covid world

Many sectors of the global economy will return to something resembling pre-pandemic status, but others will take far longer to recover.
8 Apr 2021