Stellar Resources finds 'high prospects' of gold in Snowdonia

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As Wales and Gareth Bale prepare to take on the superstars of Belgium in Lille, a British company raised hopes of adding to the country’s wealth by mining in the Dolgellau Gold Belt. 

Stellar Resources said a review by geological experts at SRK Exploration raised the “high prospects” of there being unworked veins of gold on land owned by the Queen in Snowdonia.

The Dolgellau Gold Belt was mined from the early 1800s through to the late 1990s and produced about 131,000 ounces of gold. 

That is worth some $175 million (£132 million), or one-and-a-half Gareth Bales (£85 million paid by Real Madrid), at today’s prices.  

SRK said today: “There is a high potential… to find unworked  veins containing gold mineralisation of similar style  and grade to that known in historic mines in the area.”

It pointed out that, historically, Welsh gold has sold at a premium because of its scarcity.

It was used in the manufacture of the investiture regalia for the Prince of Wales in 1969. But SRK also warned of risks, including getting permission from landowners, drilling in a national park and winning the support of local residents to restart mining. 

But it recommended spending up to £400,000 over the next  10 months on geological sampling and geophysical surveys of  the area. 

Stellar, which also owns a 10% stake in the so-called Gatwick Gusher oil prospect at Horse Hill in Surrey, saw its shares fall 10% to 0.015p on worries that it might have to raise funds to start exploration.

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July 1, 2016 |
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