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Gold Mines of Wales granted exploration option
Gold Mines of Wales granted exploration option.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 1852W Stellar Resources PLC 17 August 2015 \n\n17 August 2015\n \nStellar Resources PLC\n(\"Stellar resources\" or \"the Company\")\nGold Mines of Wales - Update\n \nGold Mines of Wales granted 6 year Exploration Option\n \nStellar Resources PLC (AIM:STG) is pleased to announce the renewal of the Crown Estate (\"Crown\") Mines Royal Exploration Option (\"Option\") over the Dolgellau Gold-Belt for a period of six years to Gold Mines of Wales (Operations) Limited (\"GMOW\"). Previous extensions of the Option have only been granted for a period of one year, and the Option will be subject to review by the Crown of GMOW's progress and activities every two years. \n \nThe previously granted Option of one year covered an area of 124 km2 of the gold-belt. In the renewal dated 14 August 2015 (but commencing 10 February 2015), the Crown has opted to exclude an area of approximately 17 km2 incorporating the former Gwynfynydd mine. Whilst potentially prospective for gold exploration, this area is difficult to explore due to dense forestation.\n \nUnder its renewed Option, GMOW retains 107 km2 of exploration area. This most importantly includes the Clogau St Davids mine, the most significant historical producer within the area covered by the Option, as well as the prospective southern area of the gold-belt (62 km2). The granted Option also covers 45 km2 of the gold-belt northern area, which is geologically prospective but vastly unexplored.\n \nThe six year Option period now provides GMOW with a firm base on which to drive both regional and near mine (Clogau) exploration. A consultation process has already commenced with a number of exploration service providers who may be contracted to assist. GMOW is now assessing operational and technical options to advance the project as soon as possible. Dr Simon Dominy, Director of Operations for GMOW and Dr Ian Platten, Consulting Geologist will be on site over the next few weeks to commence progression of the project.\n \nDon Strang, Chairman of the Company, commented: \n \n\"On behalf of Stellar, I would personally like to thank GMOW and their staff for all their hard work in securing this extension. This is a tremendous result after a frustrating period of time. The granting of an exclusive six year Option now provides the n...