Carrying out research on behalf of Gold Mines of Wales (GMW), mining consultant Snowden revealed in its report that millions of pounds worth of gold could be lying beneath the surface.
The report did stress, however, that the figures are assumptions based on testing the rock and what has previously been mined from the area.
GMW managing director Ed McDermott commented: “There could be another Clogau. If that was the case, we could be looking at significant gold production.”
“This is an independent statement from a company trusted by the Stock Exchange to give a true and fair account.”
It is hoped that drilling in the area, which is thought to hold around 130,000 to 150,000 ounces of gold, will begin within six months.
Exceptionally rare, Welsh gold is considered to be one of the world’s most desired precious metals. It has also been used to make the wedding rings for royal weddings – a tradition that dates back to the marriage of Elizabeth Bowes Lyon and the future George VI.
GMW has been given an exclusive option agreement by the Crown Estate to search the 120 square kilometres of the Dolgellau gold belt, a large proportion of which is located in the Snowdonia National Park.
Since the area’s last mine, Gwynfynydd (pictured), closed in 1999, the price of gold has increased significantly; from less than £200 per ounce to around £1,000.
Image by Malcolm Street.