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Stellar Resources shares soar on high grade Welsh gold results

Stellar Resources shares soar on high grade Welsh gold results

Stellar Resources (LON:STG) shares soared as much as 50% this morning after it revealed very high grade exploration results from an old gold mine in North Wales.

The company’s 49.9% owned Gold Mines of Wales (GMOW) is exploring the Dolgellau gold belt, in north west Wales, and it has carried out underground mapping and sampling in the historic Clogau Gold mine.

Samples, taken from a 200 metre long area, returned gold grades of 30.2 to 263 grams per tonne (g/t).

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

“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".

"The reported high grade results, of up to 263 g/t, albeit over a relatively limited sampling length of 200m, are very promising. GMOW and its technical consultants believe the Clogau Formation could still contain significant quantities of gold. 

“Additional sampling over the remainder of the level and the longer Llfechfraith adit level is planned to access the potential for near-term production."

Having begun the trading day strongly by 9:25 Stellar shares were up 0.58p, or 34%, changing hands at 2.25p each.

 

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