Last checked at 7 Feb 2013 07:00
Stellar Resources Plc
("Stellar Resources" or the "Company")
High grade gold samples from Clogau Mine located in Wales
Stellar Resources (AIM: STG) announces that it has received very promising first assay results from its venture located in Wales through its 49.9% interest in Gold Mines of Wales (Operations) Ltd ("GMOW").
Assay results from underground grab samples range from 263 grams/tonne gold to 11.65 grams/tonne gold. Samples were taken from an unmined sections of the famous Clogau Gold Mine.
GMOW currently holds an exploration licence area of 120km² covering the entire Dolgellau Gold Belt. The Dolgellau Gold Belt has been subject to multiple phases of deformation and mineralisation and contains 61 known occurrences of gold mineralisation.
Sampling Programme Clogau Mine: Tyn n Cornel Level
The Clogau mine contains approximately 20 miles of drives and shafts, although exploration is currently focussed on the Tyn n Cornel level and 900 metres of the lower Llechfraith adit level.
Recent work by the GMOW has included underground mapping and sampling on the Tyn n Cornel level section of the mine where the main gold-bearing lodes, the Jack Williams and the John Hughes veins, historically produced high-grade gold.
The grab sampling program was focused along 200m of the Tyn n Cornel Level and was undertaken to access the prospectivity of the remaining material left within this section of the mine. These samples consisting of 1kg of rock were split into 500 gram lots and sent for assay at the ALS Minerals laboratory in Loughrea, Co Galway, Ireland.
The assay results are tabulated below:
SAMPLE DESCRPTION
| Weight Received | Gold (Au) ppm / g/tonne |
NP1 | 0.510 | 234 |
NP2 | 0.500 | 221 |
NP3 | 0.500 | 263 |
NP4 | 0.510 | 11.65 |
JH1 | 0.500 | 96.5 |
JH2 | 0.500 | 30.2 |
JH3 | 0.500 | 65.9 |
JH4 | 0.440 | 101.0 |
OS1 | 0.500 | 34.0 |
Note: After preparation, the samples underwent ALS's code Au-AA15 analytical procedure. The Au-AA15 methodology is accelerated cyanide leach using LeachWELL™ reagent with an AAS (Atomic Absorption Spectroscopy) finish and is designed to detect gold in the range from 0.01-300ppm.
Stellar Resources Chairman David Lenigas commented; "These high grade gold samples from Colau highlight that significant amounts of gold remains within the old mine. 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 program 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."
Qualified Person
Qualified Person David Lenigas B.Sc. (Mining Engineering), , has reviewed and approved the information contained in this announcement. David holds a Mining Engineering Degree from the Kalgoorlie School of Mines (Curtin University) in Western Australia. David is the Executive Chairman of Stellar Resources Plc.
For further enquiries, please contact:
Stellar Resources plc
David Lenigas
Ed McDermott +44 (0) 20 7440 0640
Northland Capital Partners Limited (Nominated Adviser & Broker)
Luke Cairns
Edward Hutton +44 (0) 20 7796 8800
Pelham Bell Pottinger (Investor and Media Relations)
James Macfarlane +44 (0)207 861 3864