Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

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.

 

View full PRIM profile View Profile

Primorus Investments Timeline

Related Articles

Mobile users holding phones up
September 05 2018
The mobile advertiser is placing itself at the forefront of the digital revolution as companies and brands increasingly look to the web as the next forefront of advertising
Apollo 11
February 22 2018
Immersive VR, a technology company focused on the education space, was the first company Sure backed
clapperboard
09:30
According to Liberum, FFI expects the US performance to normalise by the end of this financial year

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use