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Reopening of Welsh Gold Mine Could Reignite Gold Rush

CC0 / / Gold ingots
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A redundant gold mine in the UK is reopening after a mineral firm discovered new targets in the Dolgellau Gold Belt in North Wales.

The mine based in Bontddu once produced gold used to make wedding rings for the British Royal Family but closed in 1998 due to diminishing reserves.

Mineral firm, Alba Mineral Resources, has announced a 49 percent stake in the owners Gold Mines of Wales Limited after reviewing geological, geochemical and geophysical data from the region, concluding that the Clogau Gold Mine should be brought back into production.

'Underexplored'

The firm's recent review suggests new veins containing gold mineralization could be unearthed and intends to focus on bringing the Clogau Gold Mine back into production. The area is considered 'underexplored', according to the firm. 

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George Frangekides, Alba's Executive Chairman said many factors made a "strong case for investment…The opportunity presented by this project is pretty unique — high grade gold in the heart of the United Kingdom."

"The fact that Welsh gold attracts a significant premium over spot rates, the historic connections of Welsh gold with the heritage of the United Kingdom, the potential for finding more gold in the vastly under-explored exploration ground — all these are factors which together make a strong case for investment."

Markle Sparkle

The British Royal Family has been using Welsh Gold to create their wedding rings since 1923 and speculation is rife that Prince Harry's future wife, US actor Meghan Markle is to wear a gold wedding ring, sparking a potential gold rush.

Welsh Gold bullion is worth almost five times as much as the spot gold price.

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