Last checked at 19 Nov 2014 07:00
19 November 2014
Stellar Resources plc
("Stellar Resources" or "the Company")
Update - Clogau Gold Mine, Wales.
Stellar Resources (AIM: STG) advises that GMOW (Operations) Ltd ("GMOW"), the operator of Stellar Resources gold joint venture in Wales, has advised that it has received the latest gold assay results from a recent underground sampling programme conducted on the Tyn n Cornel section of the Clogau St David's Gold Mine ("Clogau"). Results are currently being evaluated and are expected to be reported by the end of this week.
In addition, GMOW have advised that they have received the initial report from its independent geological consultants who have been working for the past 8 months reviewing the project in terms of the geology and exploration aspects. The consultants were tasked with updating the geological model and identifying geological features synonymous with the known gold bearing reefs and combining these with available geophysical data to allow future exploration to focus on high priority drill targets both near the existing mines and along new territory's in the Dolgellau gold belt. It is anticipated that this report and its findings may be finalised and published before the end of November 2014.
Pilot Processing Plant Update:
The Projects operator, GMOW, have also advised Stellar Resources that the recently acquired gold processing plant, that will enable the commencement of small scale pilot processing of gold, is undergoing provisional testing of its various components and it is expected to be fully operational at its new long term site over the following weeks.
The plant consists of a conveyor feed to an impact crusher and a rod mill coupled to a Wilfley table for final gold concentrate recovery. The plant, when finally commissioned, will enable the commencement of small scale pilot processing of gold ore previously extracted from the underground workings at Clogau.
Stellar Resources, through its 49% investment in GMOW (Operations) Ltd, has an exclusive Option Agreement with the Crown Mineral Agents, acting for the Crown Estates, over the exploration license that covers an area of 120km² 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.
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Enquiries:
Stellar Resources plc Donald Strang, Chairman |
+44 (0) 20 7440 0640 |
Cairn Financial Advisers LLP James Caithie / Paul Trendell Public Relations: Square 1 Consulting Ltd David Bick/Mark Longson |
+44 (0) 20 7148 7900
+44 (0) 20 7929 5599
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