Scotgold Resources Ltd Cononish Gold & Silver Project Update (0074Y)
04 September 2020 - 4:00PM
UK Regulatory
TIDMSGZ
RNS Number : 0074Y
Scotgold Resources Ltd
04 September 2020
Scotgold Resources Limited/ EPIC: SGZ.L / Market: AIM / Sector:
Mining
4 September 2020
Scotgold Resources Limited ("Scotgold" or the "Company")
Cononish Gold & Silver Project, Geoscience team and
Corporate update
-- Construction and development activities at the Cononish Gold
and Silver project progressing well with first gold pour expected
by 30 November 2020
-- Dr Simon Dominy and Mr David Catterall have been appointed as
Group Manager Resources and Reserves, and Exploration Consultant
respectively
-- St Brides Partners have been appointed as the Company's marketing and communications advisors
Scotgold , the gold exploration and production company focused
on Scotland, is pleased to provide an update on the development of
the low cost, high grade Cononish Gold and Silver project
('Cononish') where first gold is expected by 30 November 2020. In
addition, a general corporate update is provided including the
expansion of the Company's Geoscience team, which will be important
both for the success of the Cononish Mine and the Grampian
exploration project, as the Company looks to its long term
growth.
Cononish Gold and Silver Project Update
Following the update provided on 8 July 2020, both underground
development activities and the critical path plant construction
activities at Cononish have progressed well, whilst at the same
time the Covid 19 safety protocols have been fully implemented. The
underground development has benefited from the arrival on site of
the previously announced standby ST2G scooptram and the first of
the two new T1D drill rigs is currently in transit .
With the completion of the critical platform earthworks,
concrete works and placement of major equipment items; plant
construction is now focussed on the building structure, to be
followed by the installation and connections of pumps, drives,
piping and electrics and ultimately commissioning. First gold is
now scheduled to occur by 30 November 2020.
Expansion of Geoscience Team
As previously announced, Cononish currently has estimated
Reserves of 550,000t at a Head Grade of 11.8g/t Au which, at an
average annual production rate of 23,370oz, equates to a nine year
life of mine, although there is the potential to increase this in
the future. It is with this in mind and also the advancement of the
Company's Grampian exploration project, that the Company is also
pleased to announce that is has taken steps to further expand its
Geoscience team.
The first of these is the appointment of Dr Simon Dominy as
Group Manager - Resources & Reserves. Simon is a mining
geologist-engineer with over 25 years of practical and management
experience in project development, value generation and operational
optimisation. He has extensive experience in underground
narrow-vein gold mining relevant to the Cononish mine, with skills
across orebody knowledge; strategic and tactical geometallurgy;
resource development; ore control and reconciliation; mine design;
mineral processing and management.
Simon is a Competent Person for Mineral Resources and Ore
Reserves as defined in The JORC Code 2012. He is a Visiting
Associate Professor at the Camborne School of Mines, University of
Exeter, England, and sits on a number of industry committees
related to the IOM3 and Geological Society of London.
Secondly Mr David Catterall has been appointed as Exploration
Consultant to advise on the Grampian Project. David is a SACNASP
registered Professional Exploration Geologist with over 30 years'
experience in the resource sector; with an emphasis on structural
mapping and interpretation, geochemistry and geophysics. He has
specific experience of gold exploration in the Dalradian Belt with
Scotgold and others, and his project experience ranges from grass
roots exploration across a range of commodities to feasibility
studies for open pit and underground operations in gold and base
metals.
The Grampian exploration project is focused on identifying gold
and base metal mineralisation within the highly prospective
Grampian Terrane. This geological terrane consists mostly of
metasediments and volcanics of Dalradian age and is a direct
continuation of the Dalradian gold province of Northern Ireland
which hosts the Curraghinalt and Cavanacaw gold deposits.
Corporate Update
Following a review of the Company's future communication needs,
it is pleased to announce the appointment of St Brides Partners as
its marketing and communications advisors. St Brides Partners is a
full spectrum financial public relations, design and marketing
consultancy which will provide the key services required to ensure
close communication with our growing stakeholder base.
CEO, Richard Gray commented: "The depth of our geological
understanding of both Cononish and the Dalradian belt is obviously
key to our long - term success and with the appointments made
today, we are building a world class geoscience team to unlock the
fantastic potential of this whole area and our significant land
holdings in particular. Our objective is to use the cash flow
generative platform which Cononish is expected to provide to build
a highly profitable, low risk gold mining company operating in
stable jurisdictions. With this in mind, I am confident both Simon
and David will prove invaluable to Scotgold and I look forward to
providing further updates on our progress ."
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information please contact:
Scotgold Resources Limited Tel: +44 (0)1838 400
Richard Gray 306
SP Angel Corporate Finance Tel +44 (0) 20 3470
LLP 0470
Nomad and Broker
Ewan Leggat / Charlie
Bouverat
Tel +44 (0) 20 7236
St Brides Partners 1177
Financial PR
Susie Geliher / Frank
Buhagiar
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