In an update on Friday, the developer and explorer said that drilling confirmed that shear zone-hosted quartz veining, thought to contain gold, continued at least 25m down below the historic mining area.
The company is targeting extensions into unworked areas in the Llechfraith mine area and said that since no mine workings or voids were intersected during the drilling, it had “great confidence in the geological model that has been developed”.
Three drill-holes were completed for a total of 158m, of which two, GMOW002 and GMOW003 reached the target depths, with GMOW001 being terminated early.
Next, the drill core is being sent to an accredited laboratory for assaying and depending on the results future work at the mine could include dewatering to enable access and allow bulk sampling to be carried out of the areas of reported visible gold.
Otherwise, the company plans to drill in 2020 both from surface and from underground within the mine itself.
Welsh gold sells for a substantial premium to the spot price.
Shares were up 3% at 0.17p in Friday afternoon trading.