Gold in small amounts has long been known in the area,
and the Old Red Sandstone rocks resembling the auriferous*
blanket of South Africa led to the formation of the Chasten Syndicate in 1906.
The exploratory Bailey Level was driven, but only 6 grains of gold per ton of rock proved.
Without suggesting the promotion was a confidence trick, suffice it to say that such things have been known.
In search of iron ore, the level was extended towards Wigpool Mine in 1921, but only 3000 tons were raised.
The entrance is now bricked up.
The text above is from:
"The Old Industries of the Dean"
by David Bick
publisher: Douglas Mclean 1980
(Of rocks or minerals) bearing or yielding gold.