Stellar grade samples + % increase FYI6 Dec 2020 22:34
UPDATE - Stellar Resources boosted again as Welsh sampling shows bonanza gold grades
2014-11-20 16:53:00
Stellar Resources shares skyrocketed again Thursday as the mining firm unveiled encouraging assays from sampling at the Clogau St David's gold mine in Wales, including one result showing an impressive 435 g/t of the yellow metal.
Stellar Resources (LON:STG) shares skyrocketed again Thursday as the mining firm unveiled encouraging assays from sampling at the Clogau St David's gold mine in Wales, including one result showing an eye-watering 435g/t of the yellow metal.
Ten out of a total of 55 assays returned grades of over 200 grams per tonne (g/t) with six results returning greater than 300 g/t gold.
The average overall of all samples was 67.3 g/t of gold.
Yesterday, shares zoomed up almost 60% as it told investors it expected to release the results from the Clogau mine by the end of the week.
And today, the figures appeared to impress, with shares up almost 43% to 0.75p.
Chairman Donald Strang said: "These are encouraging gold grades from the Clogau Mine and this work clearly demonstrates the potential of the area.
"Stellar Resources looks forward to reporting the results of the independent geological survey over the Dolgellau gold belt and the commissioning of the pilot processing plant over the coming weeks."
Today's assays follow underground sampling at the Tyn n Cornel section of the project and the firm has said its recently acquired processing plant should be up and running over the next few weeks.
This will allow the small scale pilot processing of ore previously extracted from underground workings.
The next stage of the group's sampling programme will be to determine whether there is correlation between today's lab sampled and the original bulk samples by processing them through the pilot plant.
Stellar, through its 49% investment in GMOW has an exclusive option agreement with the Crown Mineral Agents, acting for the Crown Estates, over the exploration licence that covers an area of 120 sq km containing the entire Dolgellau gold belt.
The licence contains the historic Clogau St David's Gold mine, renowned as being the source of royal gold.