Gold Mines of Wales (GMOW) have announced their intention to reopen Clogau mine in the Snowdonia National Park because gold deposits have been found here.
9, a:1:{i:0;s:8:”defaults”;}, conveyor belt rollers, New Plans For Gold Mines In The UK Unveiled, Gold Mines of Wales (GMOW) have announced their intention to reopen Clogau mine in the Snowdonia National Park because gold deposits have been found here., The first new projects for gold mining in the UK have been announced, with the two ventures reportedly worth up to £1 billion, the Express reported.
According to the newspaper, Gold Mines of Wales (GMOW) have announced their intention to reopen Clogau mine in the Snowdonia National Park because gold deposits have been found here.
Meanwhile, north of the border in Scotland, Erris Resources has raised the £330,000 it required to begin exploration activity near Loch Tay in Perthshire, where the firm will look for gold. This will be one of the first such exploration projects in the country for a decade, and could be worth up to £300 million.
Erris Resources is focusing on the area after a survey found that it had the “potential to host significant gold mineralisation”. The company will now carry out extensive soil sampling and large-scale geological mapping before deciding whether to take the venture further.
Chief executive of the firm David Hall told the news provider that raising the funds indicates that the Loch Tay project is viewed as profitable by shareholders as well as by the company.
“The project area is highly prospective and lies within the Grampian Gold Belt, which hosts significant gold deposits,” he stated.
The publication also revealed that zinc, gold, lead and silver was identified in a sample taken from a historic mine at Ardtalnaig, which is close to the loch. Two high-grade gold samples have also been found at Glen Almond, another site close to the proposed project area.
In Wales, GMOW has submitted plans to the Snowdonia National Park Authority to dig two 130ft-295ft long trenches, each of which will be nearly six ft deep and approximately three ft wide.
The planning documents noted that the organisation is “assessing the regional scale potential of the Option Agreement area for the potential discovery of new, unmined reserves of gold”.
According to the newspaper UK gold is some of the most valuable in the world, because it is so rare. As a result, the plans in Wales are expected to be worth some £750 million if they are given the go ahead for the scheme.
Alba Mineral Resources, which owns a 90 per cent stake in GMOW, wants to bring the Clogau site near Barmouth back into use to “help get the UK back on the world gold mining map”.
Speaking to the publication, executive chairman of Alba George Frangeskides said: “It was last mined in the 1980s and visible gold has been reported in two out of three ore shoots within the mine area.”
Last month, Antiques Trade Gazette reported that the gold price hit an all-time record high in the UK, rising to £1,450.85 on 18 May, which marked a 26 per cent climb in the price of the precious metal since the beginning of this year.
It noted that investors are turning to the traditional safe haven as the economic uncertainty of the Covid-19 pandemic begins to bite.
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