TIDMSGZ
RNS Number : 7422C
Scotgold Resources Ltd
21 January 2015
SCOTGOLD RESOURCES LIMITED
JORC 2012 MINERAL RESOURCE ESTIMATE FOR CONONISH GOLD PROJECT
AND COMPANY UPDATE
Scotgold Resources Limited ('Scotgold or 'the Company') is
pleased to announce a new Mineral Resource Estimate ('MRE') for the
Cononish Gold Project and provide an update on development
activities. The MRE compiled by CSA Global (UK) Limited has been
classified and is reported as Measured, Indicated and Inferred
based on guidelines recommended in the JORC Code (2012). The
Cononish Gold Project is part of the Company's gold portfolio
located in Scotland and the MRE is a key step in the Board's plans,
as announced on 19 October 2014, to optimise the project's
development.
SIGNIFICANT RESOURCE UPGRADE
-- Gold metal content of the Measured and Indicated Resource increased by 201% to 248 K oz;
-- Average gold grade of the Measured and Indicated Resource increased by 9% to 14.3 g/t;
-- Measured and Indicated Resource tonnes increased by 176% to 541 K tonnes;
-- Total MRE tonnes increased by 34% to 617 K tonnes; and
-- Average gold grade of the Total MRE increased by 18% to 13.4 g/t gold;
The total MRE as at 12 January 2015 has been estimated at a
cut-off grade of 3.5 g/t gold and is presented below.
Classification K tonnes Grade Metal Grade Metal In-situ
AU AU Ag AU Dry
g/t Koz g/t Koz BD
----------------------- ----------- -------- -------- -------- -------- ----------
Measured - In-situ 60 15.0 29 71.5 139 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Indicated - In-situ 474 14.3 217 58.7 895 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Indicated - Mined
Stockpile 7 7.9 2 39.0 9 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Sub-total M &
I 541 14.3 248 59.9 1,043 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Inferred - In-situ 75 7.4 18 21.9 53 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Total MRE 617 13.4 266 55.3 1,096 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Reported from 3D block model with grades estimated
by Ordinary Kriging with 15 m SMU Local Uniform
Conditioning adjustment. Minimum vein width is
1.2m. Totals may not appear to add up due to
appropriate rounding.
----------------------------------------------------------------------------------------
The Cononish mineralisation is open at depth down plunge and to
the west along strike. There is therefore potential to add to the
resource by further extensional drilling.
The MRE includes data from 4 drill holes (CON12-14, 16, 17 and
18) reported in July 2013, in addition to all drilling and sampling
previously used in the November, 2012 MRE (reported in compliance
with JORC 2004). Significantly, this MRE now utilises a detailed 3
dimensional (3D) geological model which more accurately estimates
the volume of the vein deposit as well as assisting in the
interpretation of other key geological features, such as faults and
dykes. It also incorporates advances in geological interpretation,
including the use of local uniform conditioning to optimise the
grade tonnage distribution for the Selective Mining Unit (SMU)
dimensions achievable with the planned underground mining
method.
COMPANY UPDATE
Work has now commenced to use the 3D geological model to
quantitatively assess the optimal mining methodology for the
Cononish deposit. The outcome of this, combined with the new MRE,
will inform a revised mine development plan which is scheduled for
completion in Quarter 2, 2015.
A second element of the revised Cononish development plan will
be a change to the planned processing hours to a 24/6 basis
(excluding Public Holidays). An application in this regard, as well
as to secure a 3 year extension of the current planning permission,
has been submitted to the Loch Lomond and the Trossachs National
Park Planning Authority (LLTNPPA). This application has been
assessed and recommended for approval by the LLTNPPA executive when
it is considered at a special Board meeting scheduled for 26(th)
January, 2015. If approved this amendment will facilitate one of
several opportunities to reduce the capital requirement for the
project.
Following from the redemption of the RMB loan in full in
December 2014, the Company now has greater flexibility as it
prepares for the financing of Cononish and will explore its options
with a view to minimising dilution for the benefit of all
shareholders.
The Company is also continuing its early stage regional
exploration work as part of its Grampian Gold Project. A decision
on the proposed airborne geophysical survey has however been
deferred until Quarter 2, 2015 when the options for financing the
Company in the medium and longer term have been advanced.
Richard Gray, Scotgold's Chief Executive Officer commented:
"This MRE released today is truly a cornerstone for the Cononish
Project and Scotgold Resources. In addition to the significant
increase in resource ounces, this work done on the 3D modelling in
particular will underpin a more robust optimisation of our mining
plan. This will be of great value to the Board as we look to
further optimise the project and make plans for the funding and
development of Cononish. "
Prospect Location and Regional Geology
The Cononish Gold Project is located in the Grampian Highlands
of mid-western Scotland and is the most advanced of Scotgold's
Grampian gold projects. The deposit is located on the Cononish
farm, near Tyndrum, within the north-western extremity of the Loch
Lomond and Trossachs National Park, about 90 km northwest of
Glasgow. A map showing the location can be found at Scotgold's
website www.scotgoldresources.com under ASX announcements (Figure
1).
The Company completed a Scoping Study in 2008 for the
development of the Cononish Gold Project and updated this study in
2013, the Cononish Development Study Results (note - the reporting
of this study is not compliant with the JORC 2012 code). The
results of these studies demonstrate the viability of the
project.
Geology
Cononish is an early Palaeozoic narrow quartz vein system,
emplaced into a suite of metamorphosed Proterozoic sediments.
Mineralisation is associated with a 2 m near vertical
quartz-carbonate vein that strikes NNW-SSE. The deposit type is
described as Phanerozoic Orogenic Lode Gold Deposit. Gold occurs as
electrum and silver as telluride with minor native gold and silver.
The gold electrum is fine grained and generally less than 100
microns in size. Visible gold up to 2,000 microns is rare. Both
gold and silver are spatially associated with sulphides in quartz.
Sulphides are dominantly pyrite, but galena, chalocopyrite and
sphalerite do exist. Some less than 20 micron gold occurs within
the pyrite.
A map showing the Cononish auriferous vein in relation to
regional geology and fault structures location can be found at
Scotgold's website www.scotgoldresources.com under ASX
announcements (Figure 2).
Drilling and Sampling
Four phases of drilling and sampling have been carried out at
Cononish, the results of which were included in the MRE. Table 1
presents the drilling and sampling data used in this MRE. Drill
holes CON12-14, 16, 17 and 18 reported in July 2012 but not used in
the previous November 2012 MRE due to timing issues, have now been
included in this MRE. These holes all drilled from a common collar
location with different bearing and dip, provide additional new
information in the high grade zone from 11,190mE to 11,230mE.
The majority of drilling has been completed on a 40 to 50 m grid
(within the plane of the Cononish vein) with more recent drilling
spaced between 10 to 20 m apart. Channel sampling in the adit and
associated raises has been completed on 2 m spacing.
Drilling and Sampling data used in the January 2015 MRE
---------------------------------------------------------------------------------------------
Description Hole Type #Holes Metres Comment
------------- ----------- ------- --------- ---------------------------------------------
Historical DD 141 14,755.8 Ennex 1985 -1991
------------- ----------- ------- --------- ---------------------------------------------
Historical DD 21 2,303.4 Caledonia 1995 -1997
------------- ----------- ------- --------- ---------------------------------------------
Recent DD 61 4273.4 Scotgold 2008 - 2012
------------- ----------- ------- --------- ---------------------------------------------
Recent DD 4 464.3 Scotgold 2012, holes not used in 2012 MRE
------------- ----------- ------- --------- ---------------------------------------------
Channel AD 236 632.2 Ennex 1990 - 1991 from 1.2km adit
------------- ----------- ------- --------- ---------------------------------------------
Raise RS 57 86.3 Ennex 1990 - 1991 from raises linked to adit
------------- ----------- ------- --------- ---------------------------------------------
Outcrop OC 69 29.6 Scotgold 2008 onwards
------------- ----------- ------- --------- ---------------------------------------------
Trench TR 122 2,323.9 Scotgold 2008 onwards
------------- ----------- ------- --------- ---------------------------------------------
Total 711 24,868.9
-------------------------- ------- --------- ---------------------------------------------
Assay data used In the January
2015 MRE
------------------------------------------------------------
Metres
Hole Description Sampled # Au # Au
type for Au samples samples
-------- --------------- --------- ---------- ----------
Drill
DD core 2,062.6 2,994 2,972
-------- --------------- --------- ---------- ----------
AD Channel 604.3 899 899
-------- --------------- --------- ---------- ----------
RS Raise 86.3 147 146
-------- --------------- --------- ---------- ----------
OC Outcrop 15.1 74 71
-------- --------------- --------- ---------- ----------
TR Trench 919.4 833 833
-------- --------------- --------- ---------- ----------
Total 3,687.7 4,947 4,921
------------------------- --------- ---------- ----------
Table 1. Drilling and sampling data used in the MRE
Sampling was selective over mineralised intervals and samples
were collected at variable intervals of differing support according
to geological domain. Channel sampling in the adit consisted of
mostly chip-channel sampling, with approximately 4 kg material
collected for each sample.
Samples from 2008 ranged from 1.5 to 4 kg (NQ samples) and
around 0.6 kg for AQ samples, depending on intersection lengths,
and were assayed by the OMAC (ALS) laboratory in Ireland using a 30
g fire assay with an ICP or AAS finish. Samples prior to 2008 were
prepared and assayed by the Curraghinalt and OMAC laboratories with
30 g pulp weight and techniques including predominantly aqua regia
wet chemical method with a 1 in 10 repeat fire assay.
Resource model
3D wireframes representing the auriferous vein, barren dykes,
intrusive and fault zones were modelled. Wireframes for the
auriferous vein were produced using Implicit modelling based on
logged mineralisation sample intercepts. Geological domain
boundaries were interpreted and used to limit the extent of the
mineralised vein model. A seam filled auriferous vein volume block
model was created using block dimensions of 15 m x seam thickness x
15 m (X x Y x Z).
A 3D view of the geology model and a long section view of the
Cononish auriferous vein coloured by vein width can be found at
Scotgold's website at www.scotgoldresources.com under ASX
announcements (Figures 3 & 4 respectively).
Grade Estimate
Sample data logged as auriferous vein material, used for
creation of the vein volume model, composited to 1 m with residuals
to a minimum 0.5 m length were used for grade estimation.
Cutting of high grade outliers was required to avoid local high
grade bias. Analysis demonstrated that top cuts be applied
according to sample type, for both Au and Ag. Drillhole samples
were top cut to 120 g/t Au and 300 g/t Ag. Adit data was top cut to
120 g/t Au and 500 g/t Ag.
Gold and silver grades were estimated using Isatis software
using the Ordinary Kriging (OK) grade estimation method.
Variography was undertaken in Isatis. The panel size for OK grade
estimation was 45 m x 5 m x 45 m which approximates the average
drill grid spacing.
Gold and silver were estimated separately, with separate
variograms for each. Variogram parameters and search neighbourhood
parameters are presented in Table 2. There is no obvious
correlation between gold and silver grades. The search
neighbourhood parameters were the same for both variables.
Variogram Parameters
--------------------------------------------------------------------------------------------------
Ranges Ranges Ranges (Isatis
Geo Plane)
---------- ------- ----- ------------------ ----- ------------------ -----------------------
Sill Dir Dir Dir Sill Dir Dir Dir Azimuth Dip Plunge
Variable Nugget 1 1 2 3 2 1 2 3
---------- ------- ----- ----- ----- ---- ----- ----- ----- ---- -------- ---- -------
Au 0.35 0.28 25 65 5 0.37 75 60 10 90 90 135
---------- ------- ----- ----- ----- ---- ----- ----- ----- ---- -------- ---- -------
Ag 0.3 0.36 26.5 67.4 3.7 0.34 79.1 22.6 9.3 90 90 135
---------- ------- ----- ----- ----- ---- ----- ----- ----- ---- -------- ---- -------
Estimation Search Neighbourhood
--------------------------------------------------------------------------------------------------------------------
Domain Range X Range Y Range Z Azimuth Dip Plunge Min Samp Max Data Used
Samp
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ----------------
1 50 25 10 85 70 135 6 12 DD TR OC
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
1 125 62.5 25 85 70 135 6 9 DD TR OC
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
1 250 125 60 85 80 135 3 6 DD TR OC
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
2 25 10 6 85 70 135 6 15 AD RS
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
2 50 20 12 85 70 135 6 12 AD RS
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
2 50 25 10 85 70 135 6 12 DD TR 0C
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
2 125 62.5 25 85 70 135 6 9 DD TR OC
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
2 250 125 80 85 80 135 3 6 DD TR 0C
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
3 50 25 10 85 70 135 6 12 DD TR OC
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
3 125 62.5 25 85 70 135 6 9 DD TR OC
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
3 250 125 60 85 80 135 3 6 DD TR OC
--------- ---------- ---------- ---------- ---------- ------ --------- ----------- ------- ---- ---- ----
Table 2. Variogram and Search Neighbourhood parameters
A selective mining unit (SMU) of 15 m x 15 m panels is
anticipated for detailed mine planning. SMU size is based on the
assumption of underground mining using short interval sub level
stoping. The expected grade and tonnage distribution at the SMU
dimensions and at a gold cut-off grade of 3.5 g/t was completed by
localising the OK results from the 45 m panels to 15 m SMU
dimensions, using Isatis software uniform conditioning and grade
tonnage localisation algorithms. Grade validation was completed
using OK, Inverse Distance and Nearest Neighbour methods, including
comparison with the previous polygonal MRE.
Long section views of the Cononish vein coloured by gold and
silver grade are presented in Figure 5 and Figure 6 respectively
and can be found at Scotgold's website at www.scotgoldresources.com
under ASX announcements.
Mineral Resource Estimate
A bulk density of 2.72 used to estimate tonnage was assigned to
the model, based upon test work from 19 mineralised vein samples
from diamond core conducted in 1987 and 2014.
The MRE is reported at a gold cut-off grade of 3.5 g/t, which is
the estimated the breakeven gold grade for this style of deposit,
mining method and gold recovery process based on previous scoping
and other studies of Cononish.
MRE has been diluted to a minimum mining width of 1.2 m.
Anticipated mining methods include sublevel open stoping on 10 m to
15 m panels, or shrinkage stoping on 30 m panels. The SMU selected
is consistent with these possible methods. The grade of dilution
material has been assumed to be zero.
The reported MRE has been classified as Measured, Indicated and
Inferred after consideration of the following:
-- Adequate geological evidence and sampling data to support
geological spatiality, mineralisation boundaries and grade
continuity.
-- Adequate verification of gold and silver grades to provide
confidence in the estimated block grades.
-- Adequate in-situ dry bulk density data available to estimate appropriate tonnage factors.
-- Adequate mining, metallurgy and processing knowledge to imply
potential prospects for eventual economic extraction.
The resource was classified according sample density, with
closer spaced sampling providing higher levels of global and local
grade confidence. The Measured classification was assigned to
mineralisation proximal to the existing adit. Indicated
classification was assigned to material situated around the
Measured material, where closer spaced drilling data exists.
Inferred classification was assigned to material constrained within
the interpreted mineralisation envelope and outside the Measured
and Indicated boundaries. The Inferred material represents material
that is down dip below the adit to the 150 elevation (approximately
150m below the adit) and along strike (maximum distance of 100m
from the nearest drillhole intercept) outside the extents of the
adit.
The reported MRE and its classification are consistent with the
Competent Person's (CP) view of the deposit. The CP was responsible
for determining the resource classification. Table 3 presented the
Cononish gold and silver project MRE as at 12 January, 2015. Figure
7 presents a long section view of the Cononish vein coloured by
resource classification.
Scotgold Resources Limited - Cononish Gold Project
Mineral Resource Estimate as at 12 January 2015
Reported at a cut-off grade of 3.5 g/t gold
----------------------------------------------------------------------------------------
Classification K tonnes Grade Metal Grade Metal In-situ
AU AU Ag AU Dry
g/t Koz g/t Koz BD
----------------------- ----------- -------- -------- -------- -------- ----------
Measured - In-situ 60 15.0 29 71.5 139 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Indicated - In-situ 474 14.3 217 58.7 895 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Indicated - Mined
Stockpile 7 7.9 2 39.0 9 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Sub-total M &
I 541 14.3 248 59.9 1,043 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Inferred - In-situ 75 7.4 18 21.9 53 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Total MRE 617 13.4 266 55.3 1,096 2.72
----------------------- ----------- -------- -------- -------- -------- ----------
Reported from 3D block model with grades estimated
by Ordinary Kriging with 15 m SMU Local Uniform
Conditioning adjustment. Minimum vein width is
1.2m. Totals may not appear to add up due to
appropriate rounding.
----------------------------------------------------------------------------------------
Table 3. Cononish gold and silver project MRE as at 12 January,
2015
A long section through Cononish vein coloured by MRE
classification is illustrated in Figure 7 and can be found at
Scotgold's website at www.scotgoldresources.com under ASX
announcements.
Comparison with previous Mineral Resource Estimate
A comparison with the previous reported MRE as at 12 November,
2012 is presented in Table 4.
The comparison shows a global 34% increase in MRE tonnes, with
an 18% increase in gold grade resulting in a 57% increase on gold
metal content. Importantly the combined Measured and Indicated
tonnage has increased by 176%, gold grade by 9% and gold metal
content by 201%. The primary reasons for this increase compared to
the previous polygon models are:
-- Improved confidence in the projection and continuity of gold
mineralisation demonstrated by detailed 3D geological
interpretation and variography.
-- Extension of the global resource down dip by linking deeper
mineralisation intercepts with those from the adit along
directional trends supported by the variography.
-- Improved confidence in the mineralisation in the eastern zone
(above the adit) due to the addition of drillholes CON12-14, 16, 17
and 18.
-- An overall increase in gold grade due to the application of
Local Uniform Condition to estimate in-situ tonnes and grades at
3.5 g/t gold cutoff with selectivity expected from a 15m SMU
underground mining method.
Scotgold Resources Limited - Cononish Gold Project
Mineral Resource Estimate as at 12 November 2012
Reported at a cut-off grade of 3.5 g/t gold
--------------------------------------------------------------------------------------------
Classification K Grade Metal Grade Metal In-situ
Tonnes Au Au Ag AU Dry
g/t Oz g/t Koz BD
----------------------- ----------- -------- ---------- -------- ---------- ----------
Measured - In-situ 53,100 14.1 24,000 61.2 104,500 2.72
----------------------- ----------- -------- ---------- -------- ---------- ----------
Indicated - In-situ 142,900 12.7 58,600 49.9 229,500 2.72
----------------------- ----------- -------- ---------- -------- ---------- ----------
Indicated - Mined - - - - - -
Stockpile
----------------------- ----------- -------- ---------- -------- ---------- ----------
Sub-total M &
I 196,000 13.1 82,600 53.0 334,000 2.72
----------------------- ----------- -------- ---------- -------- ---------- ----------
Inferred - In-situ 264,000 10.2 86,600 34.9 297,300 2.72
----------------------- ----------- -------- ---------- -------- ---------- ----------
Total MRE 460,600 11.4 169,200 42.6 631,300 2.72
----------------------- ----------- -------- ---------- -------- ---------- ----------
Values obtained from Spreadsheet 121111_SCOGOL_2012
Resource Updated _Ver3.1 xls
--------------------------------------------------------------------------------------------
Scotgold Resources Limited - Cononish Gold Project
Mineral Resource Estimate as at 12 January, 2015
Comparison with 12 November 2012 MRE
----------------------------------------------------------------------------------------
Classification Diff. Diff. Diff. Diff. Diff. Diff.
K Au Au Ag Ag In-situ
Tonnes Grade Metal Grade Metal Dry
BD
------------------ ----------- --------- --------- --------- --------- -----------
Measured
- In-situ 14% 7% 22% 17% 33% 0%
------------------ ----------- --------- --------- --------- --------- -----------
Indicated
- In-situ 232% 12% 271% 18% 290% 0%
------------------ ----------- --------- --------- --------- --------- -----------
Indicated - - - - - -
- Mined
Stockpile
------------------ ----------- --------- --------- --------- --------- -----------
Sub-total
M & I 176% 9% 201% 13% 212% 0%
------------------ ----------- --------- --------- --------- --------- -----------
Inferred
- In-situ -72% -28% -79% -37% -82% 0%
------------------ ----------- --------- --------- --------- --------- -----------
Total MRE 34% 18% 57% 30% 74% 0%
------------------ ----------- --------- --------- --------- --------- -----------
Differences are reported as % difference compared
to the June 2012 MRE. A positive difference is
an increase compared to the June 2012 MRE.
----------------------------------------------------------------------------------------
Table 4. 12 November 2012 MRE and comparison with the 12 January
2015 MRE
Competent Persons Statement
The information in this report that relates to the 2015 Mineral
Resources for Cononish Gold Project is based on information
compiled by Malcolm Titley, a Competent Person who is a Member of
The Australasian Institute of Mining and Metallurgy. Mr Titley is
employed by CSA Global (UK) Limited, an independent consulting
company. Mr Titley has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Titley consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
The information in this report that relates to Exploration
Results (refer ASX announcement Quarterly Activities Report dated
31/07/2013) is based on information compiled by Mr David Catterall.
Pr Sci Nat, who is a member of the South African Council for
Natural Scientific Professions. Mr Catterall is employed as a
independent consultant to Scotgold Resources Ltd. Mr Catterall has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Mr Catterall consents to the inclusion in the report of
the matters based on his information in the form and context in
which it appears. This information was prepared and first disclosed
under the JORC Code 2004
The Information in this report that relates to Mineral Resources
up to the end of 2014 is based on resource estimates compiled by
EurGeol Dr Simon Dominy FAusIMM (CP), FGS (CGeol), FIMMM,
previously Executive Consultant with Snowden based in the London,
UK Office. Dr. Dominy has sufficient experience that is relevant to
the style of deposit under consideration and to the activity which
he is undertaking to qualify as Competent Person as defined in the
2012 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore reserves. Dr Dominy consents to
the inclusion in the report of the matters based on this
information in the form and context in which it appears. This
information was prepared and first disclosed under the JORC Code
2004
The information in this report that relates to the Cononish
Scoping Study and Cononish Development Study Results (refer ASX
announcements dated 17/02/2009 and 30/4/2013 respectively) was
compiled by Mr. Martin W Staples BSc, FIMM FAusIMM., Director and
Principal Mining Engineer with AMC Consultants (UK) Ltd based in
the Maidenhead, UK office (now relocated to Perth W.A). Mr. Staples
has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as Competent Person as
defined in the 2012 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves. Mr.
Staples consents to the inclusion in the report of the matters
based on his information in the form and context in which it
appears. This information was prepared and first disclosed under
the JORC Code 2004
Forward Looking Statement
Statements regarding plans with respect to the Company's mineral
properties are forward-looking statements. There can be no
assurance that the Company's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that the Company will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
the Company's mineral properties.
Summary of Resource Estimate and Reporting Criteria
This announcement has been prepared in compliance with JORC Code
2012 Edition, the ASX Listing Rules and the AIM Rules for
Companies. The Company has included in Appendix B a glossary of
technical terms used in this report.
The following is a summary of the pertinent information used in
the MRE:
Geological Interpretation
Micromine software was used for modelling the geological
boundaries. 3D wireframes representing the auriferous vein, dykes,
intrusive and fault zones were modelled.
Diamond drill core and adit / raise channel samples are the main
spatial controls on the vein geometry. Surface and underground
mapping combined with lithology logging of the drilling data has
been used to identify and interpret geology domains including
structural faulting, intrusive dykes and barren sediments.
Wireframes for the auriferous vein were produced using Implicit
modelling based on logged mineralisation sample intercepts.
Geological domain boundaries were used to limit the extent of the
mineralised vein model
Drilling and Sampling Techniques
The Cononish resource is based upon diamond drill hole and adit
and raise face sample data collected since the 1980's. The most
recent diamond drilling was completed by Scotgold between 2008 and
2012.
Diamond drill core was sampled by selection of half core
intervals from NQ and BQ, with full samples from AQ core. Intervals
honoured the extents of gold and silver mineralisation and included
a waste selvedge on either side of the mineralisation. The adit and
associated raises were sampled by channel sampling which consisted
of mostly chip-channel sampling, with approximately 4kg material
collected for each sample.
The sampled intervals were prepared and assayed for gold and
silver by OMAC (now ALS) laboratory in Ireland using fire assay
with a 30g charge and ICP or AAS finish.
Dry in situ bulk density values used to derive the tonnage
estimate were obtained by density analysis of diamond drill
core.
Resource Estimation Methodology
Datamine and Isatis software was used for block modelling, grade
estimation, MRE classification and reporting. The gold and silver
mineralisation has been modelled within a hard boundary which
defines the extent of the mineralised Cononish auriferous quartz
carbonate vein. A 3D block volume model was created using Datamine
seam modelling functions. Variography for both gold and silver was
completed. Gold and silver grades were estimated using Ordinary
Kriging on 45 m x 45 m panels. Local Uniform Conditioning was used
to estimate the recoverable grade and tonnage which was assigned to
15 m x 15 m sub blocks representing the expected selectivity
available during underground mining. In areas where the auriferous
vein width was less than 1.2 m the model was expanded to 1.2 m with
barren waste material included as edge dilution. No mining dilution
has been applied to the resource estimate.
Cut-off Grades
The MRE has been reported using a cut-off grade of 3.5 g/t gold,
which is consistent with the outcome from the 2008 Scoping Study
based on eventual economic extraction using the proposed mining and
processing methods.
Mining and Metallurgical methods and parameters
Various mining studies have been completed over the life of the
project since the 1980's. The most recent is the work completed by
AMC consultants in 2008 and 2013. The mining studies all
demonstrate feasible extraction of gold and silver mineralisation
using narrow vein underground mining methods. The availability of
an accessible adit and associated raises which extend through the
centre of the known mineralisation along approximately 75% of the
mineralised vein strike length, provides detailed information
relevant to the underground mining conditions.
Metallurgical testwork conducted by Lakefield Research, Gekko
Systems Pty and AMMTEC and others at various times between 1987 and
2011 indicates that gold is recoverable by gravity concentration
followed by flotation, with recoveries of 93% and 90% for Au and Ag
respectively.
Resource Classification Criteria
The MRE has been classified and is reported as Measured,
Indicated and Inferred based on guidelines recommended in the JORC
Code (2012). The reported MRE has been classified with
consideration of the quality and reliability of the raw data, the
confidence of the geological interpretation, the number, spacing
and orientation of intercepts through the mineralised zones, and
knowledge of grade continuity gained from observations and
variogram analysis. There is adequate mining, metallurgy and
processing knowledge from feasibility studies on geologically
similar deposits within the region to imply reasonable prospects
for eventual economic extraction.
Enquiries to:
United Kingdom:
Scotgold Resources Limited Westhouse Securities Limited Capital Markets Consultants
Richard Gray
Chief Executive Officer Martin Davison Simon Rothschild
Tel: +44 (0)7905 884 021 Tel: +44 (0)20 7601 6100 Tel +44 (0)7703 167 065
Appendix A: Mineral Resource Estimate
This Mineral Resource Estimate has been compiled by CSA Global
(UK) Limited has been classified and is reported as Measured,
Indicated and Inferred based on guidelines recommended in the JORC
Code (2012) Edition. The Checklist of Assessment and Reporting
Criteria for Cononish Gold Project as prescribed by the JORC Code
(2012) can be found on Scotgold's website at
www.scotgoldresources.com under ASX announcements.
Appendix B: Glossary of technical terms
Term Description
--------------- ------------------------------------------------
% Percent
--------------- ------------------------------------------------
degC Celsius degrees
--------------- ------------------------------------------------
3D Three-dimensional model or data
--------------- ------------------------------------------------
AAS Atomic Adsorption Spectronomy
--------------- ------------------------------------------------
Acid test A method of orientating a drillhole
using an acid etch
--------------- ------------------------------------------------
Adit Underground mining tunnel, for mining,
drainage, access
--------------- ------------------------------------------------
Ag Silver, atomic number: 47. Measured
in parts per million (grams per tonnes)
--------------- ------------------------------------------------
AQ Diamond Drill core Diameter: 27mm inside
barrel
--------------- ------------------------------------------------
Aqua regia Partial acid digestion method, dissolving
base and precious metals but not silicates
and/or alumina's
--------------- ------------------------------------------------
Assay A general term for geochemical analysis
of a sample
--------------- ------------------------------------------------
Au Gold, atomic number: 79. Measured in
parts per million (grams per tonnes)
--------------- ------------------------------------------------
Auriferous Enriched in gold
--------------- ------------------------------------------------
Azimuth An angular measurement in a spherical
coordinate system, i.e. deviation degree
relative to north
--------------- ------------------------------------------------
Blanks A reference material/sample which contains
zero grade, inserted to determine sampling
or laboratory contamination
--------------- ------------------------------------------------
BQ Diamond Drill core Diameter: 36.5mm
inside barrel
--------------- ------------------------------------------------
Breccia A rock that has experienced significant
brittle deformation, and is composed
of broken fragments typically cemented
together by a fine-grained matrix
--------------- ------------------------------------------------
Bulk density The density of material, which includes
porosity, i.e. volume/mass
--------------- ------------------------------------------------
Calcareous Enriched in calcium, typically calcium
carbonate
--------------- ------------------------------------------------
CAPEX Capital Costs (short for Capital Expenditure).
--------------- ------------------------------------------------
Carbonate A carbonate is a salt of carbonic acid,
characterised by the presence of the
carbonate ion, CO(3) (2-)
--------------- ------------------------------------------------
Chalcopyrite One of the chief ores of copper. Sulphide
mineral, composition CuFeS(2)
--------------- ------------------------------------------------
Channel A hard rock sample, typically taken
sample perpendicular to the mineralised orientation,
continuously over a set length
--------------- ------------------------------------------------
Chip-channel A hard rock composite sample, typically
collected using a hammer to obtain
numerous fragments of rock
--------------- ------------------------------------------------
cm centimetre
--------------- ------------------------------------------------
Collar Geographical coordinates of the collar
of a drill hole or a working portal
--------------- ------------------------------------------------
Compositing The process of dividing or adding sample
intervals together to form a regular
length
--------------- ------------------------------------------------
CP Competent Person
--------------- ------------------------------------------------
CRM Certified Reference Materials, a QAQC
standard sample
--------------- ------------------------------------------------
CSA CSA Global (UK) Ltd
--------------- ------------------------------------------------
Cut-off The threshold value in exploration
grade and geological resources estimation
above which mineralised material is
selectively processed or estimated
--------------- ------------------------------------------------
Datamine A 3D mining software package
--------------- ------------------------------------------------
DD Diamond core drilling method
--------------- ------------------------------------------------
DGPS Differential Global Position System
--------------- ------------------------------------------------
Diamond Method of drilling, using a diamond
drill hole impregnated core-bit which produces
a solid cylinder of rock core
--------------- ------------------------------------------------
Diamond Circular hand-saw, with a diamond impregnated
saw cutting disk, typically used to collect
channel samples from hard rock outcrop
--------------- ------------------------------------------------
Dilution The inclusion of waste or low grade
(uneconomic) material either during
estimation or mining
--------------- ------------------------------------------------
DIP The angle of drilling (or of a structure)
relative to horizontal
--------------- ------------------------------------------------
DTM Digital Terrain Model. Three-dimensional
wireframe surface model, for example,
topography
--------------- ------------------------------------------------
Duplicates A QAQC sample that duplicates a previously
collected sampling, employing the same
collection and analysis methods
--------------- ------------------------------------------------
Dyke An intrusive, microcrystalline rock,
concentrated along a linear feature,
typically mafic (enriched in iron and
magnesium)
--------------- ------------------------------------------------
Easting Coordinate axis (X) for metre based
Projection, typically UTM. Refers specifically
to metres east of a reference point
(0,0)
--------------- ------------------------------------------------
Electrum A variety of gold containing minor
silver (usually 20% weight of silver)
--------------- ------------------------------------------------
Elevation Distance above a datum, typically above
sea level
--------------- ------------------------------------------------
Ezy mark A down-hole tool which marks the base
of piece of core, while still in the
core-barrel (down-hole), the marks
are used to orientate drill core
--------------- ------------------------------------------------
Face sample A chip or channel sample collected
from an advancing underground mine
drive
--------------- ------------------------------------------------
Fault A planar fracture or discontinuity
in a volume of rock, across which significant
displacement has occurred
--------------- ------------------------------------------------
Fire assay A laboratory method to analyse the
total precious metal (Au, Ag, PGE)
content of a sample, by fusion, furnace
and cupellation followed by Spectrometry
analysis
--------------- ------------------------------------------------
Flotation A metallurgical process, typically
used for non-acid soluble ore (e.g.
sulphides) to concentrate pulverised
ore minerals using flocculants
--------------- ------------------------------------------------
Footwall The volume of rock which lies below
a structural contact
--------------- ------------------------------------------------
g Gram
--------------- ------------------------------------------------
g/t Grams per tonne (equal to parts per
million)
--------------- ------------------------------------------------
Galena One of the chief ores of lead. A sulphide
mineral, composition PbS
--------------- ------------------------------------------------
Geochemical In exploration, the main method of
sampling sampling for determination of presence
of mineralisation. A geochemical sample
usually unites fragments of rock chipped
with a hammer from drill hole core
at a specific interval
--------------- ------------------------------------------------
Geological A domain of rock that has a similar
domain character, age, mineralisation style
etc.
--------------- ------------------------------------------------
GPS Global Positioning System
--------------- ------------------------------------------------
Gravity A metallurgical process, used to concentrate
concentration dense minerals, typically employing
a centrifuge or gravity tables
--------------- ------------------------------------------------
Hangingwall The volume of rock which lies above
a structural contact
--------------- ------------------------------------------------
Histogram Diagrammatic representation of data
distribution by calculating frequency
of occurrence
--------------- ------------------------------------------------
HQ A diamond drill core diameter of 96
mm (outside of bit) and 63.5 mm (inside
of bit)
--------------- ------------------------------------------------
ICP Inductively Coupled Plasma analysis,
used to analysis elemental concentrations
of metals and several non-metals
--------------- ------------------------------------------------
IDS Inverse Distance Squared
--------------- ------------------------------------------------
Implicit A method of creating digital surfaces,
modelling wireframes and models using automated
processes and geological constraints
--------------- ------------------------------------------------
Indicated That part of a Mineral Resource for
Resource which tonnage, densities, shape, physical
characteristics, grade and mineral
content can be estimated with a reasonable
level of confidence. It is based on
exploration, sampling and testing information
gathered through appropriate techniques
from locations such as outcrops, trenches,
pits, workings and drill holes. The
locations are too widely or inappropriately
spaced to confirm geological and/or
grade continuity but are spaced closely
enough for continuity to be assumed
--------------- ------------------------------------------------
Inferred That part of a Mineral Resource for
Resource which tonnage, grade and mineral content
can be estimated with a low level of
confidence. It is inferred from geological
evidence and assumed but not verified
geological and/or grade continuity.
It is based on information gathered
through appropriate techniques from
locations such as outcrops, trenches,
pits, workings and drill holes which
may be limited or of uncertain quality
and reliability
--------------- ------------------------------------------------
Isatis Geovariances' geostatistical software
--------------- ------------------------------------------------
JORC Joint Ore Reserves Committee
--------------- ------------------------------------------------
K Potassium
--------------- ------------------------------------------------
Kg kilogram
--------------- ------------------------------------------------
km kilometre
--------------- ------------------------------------------------
km(2) Square kilometre
--------------- ------------------------------------------------
Kriging Method of interpolating grade using
variogram parameters associated with
the samples' spatial distribution.
Kriging estimates grades in untested
areas (blocks) such that the variogram
parameters are used for optimum weighting
of known grades. Kriging weights known
grades such that variation of the estimation
is minimised, and the standard deviation
is equal to zero (based on the model)
--------------- ------------------------------------------------
LHOS Long hole Open Stoping method of underground
mining
--------------- ------------------------------------------------
Lithology Rock type: based on standard international
geological classifications
--------------- ------------------------------------------------
Lode Another term for a mineralised vein
--------------- ------------------------------------------------
LUC Localised uniform conditioning, a non-linear
"recoverable resource" estimation technique
--------------- ------------------------------------------------
m metre
--------------- ------------------------------------------------
M Million
--------------- ------------------------------------------------
Ma Million years
--------------- ------------------------------------------------
Mean Arithmetic mean
--------------- ------------------------------------------------
Measured that part of a Mineral Resource for
Resource which tonnage, densities, shape, physical
characteristics, grade and mineral
content can be estimated with a high
level of confidence. It is based on
exploration, sampling and testing information
gathered through appropriate techniques
from locations such as outcrops, trenches,
pits, workings and drill holes. The
locations are appropriately spaced
to confirm geological and/or grade
continuity to a high confidence
--------------- ------------------------------------------------
Median Sample occupying the middle position
in a database
--------------- ------------------------------------------------
Metamorphosed Undergone physical and/or chemical
change due to heat and pressure, through
geological processes
--------------- ------------------------------------------------
MICROMINE A 3D mining software package
--------------- ------------------------------------------------
Microns A micrometre - a measurement of length
- 1 x 10(-6) metres
--------------- ------------------------------------------------
Mineralised Enriched in concentrations of an element
(e.g.) to a degree where it is economically
significant
--------------- ------------------------------------------------
Mineral A concentration or occurrence of material
Resource of intrinsic economic interest in or
on the Earth's crust in such form,
quality and quantity that there are
reasonable prospects for eventual economic
extraction. The location, quantity,
grade, geological characteristics and
continuity of a Mineral Resource are
known, estimated or interpreted from
specific geological evidence and knowledge.
Mineral Resources are sub-divided,
in order of increasing geological confidence,
into Inferred, Indicated and Measured
categories
--------------- ------------------------------------------------
Minimum A minimum width, dictated by the mining
mining width method employed (open-stope, raise-bore)
to which mining can realistically be
achieved
--------------- ------------------------------------------------
mm millimetre
--------------- ------------------------------------------------
MRE Mineral Resource Estimate
--------------- ------------------------------------------------
Mt million tonnes
--------------- ------------------------------------------------
Mtpa Million tonnes per annum
--------------- ------------------------------------------------
Native Metal A native metal is any metal that is
found in its metallic form, either
pure or as an alloy, in nature
--------------- ------------------------------------------------
NN Nearest Neighbour, a method of assigning
grades to blocks based on samples that
are nearest to it
--------------- ------------------------------------------------
Northing Coordinate axis (Y) for metre based
Projection, typically UTM. Refers specifically
to metres north of a reference point
(0,0)
--------------- ------------------------------------------------
NQ A diamond drill core diameter of 75.7
mm (outside of bit) and 47.6 mm (inside
of bit)
--------------- ------------------------------------------------
Nugget The typical difference (for an individual
domain) in grade between samples taken
immediately adjacent to each other
--------------- ------------------------------------------------
OK Ordinary Kriging. A linear estimation
technique using weights determined
through variography
--------------- ------------------------------------------------
OPEX Operating Costs
--------------- ------------------------------------------------
Orogenic Geological term for the process of
mountain building
--------------- ------------------------------------------------
OSGB Ordnance Survey of Great Britain
--------------- ------------------------------------------------
Outcrop Exposed rock, i.e. not covered by soil
or scree
--------------- ------------------------------------------------
Outliers A statistical term. Outliers are defined
as data points that do not fit into
the distribution of the overall dataset
--------------- ------------------------------------------------
oz. Troy ounce (31.1034768 grams)
--------------- ------------------------------------------------
Palaeozoic Geological Era - from 542Ma to 251Ma
--------------- ------------------------------------------------
Panel chip Chip sampling using a regular grid
--------------- ------------------------------------------------
Pb Lead, atomic number 82
--------------- ------------------------------------------------
Pegmatite A holocrystalline intrusive rock, dominated
by quartz, feldspar, mica and associated
with granitic intrusion and high grade
metamorphism
--------------- ------------------------------------------------
Pelite Metamorphic rock; of fine-grained sedimentary
protolith
--------------- ------------------------------------------------
Percentile A measure used in statistics indicating
the value below which a given percentage
of observations in a group of observations
fall
--------------- ------------------------------------------------
Phanerozoic Geological Eon - from 542Ma to the
present day
--------------- ------------------------------------------------
PLC Public Listed Company
--------------- ------------------------------------------------
Population In geostatistics, a population formed
from grades having identical or similar
geostatistical characteristics. Ideally,
one given population is characterized
by a linear distribution
--------------- ------------------------------------------------
Porphyry An igneous rock consisting of large-grained
crystals in a fine-grained matrix
--------------- ------------------------------------------------
ppm Parts per million
--------------- ------------------------------------------------
PQ A diamond drill core diameter of 122.6
mm (outside of bit) and 85 mm (inside
of bit)
--------------- ------------------------------------------------
Proterozoic Geological Eon - from 2500Ma to 542Ma
--------------- ------------------------------------------------
Psammite Metamorphosed sandstone
--------------- ------------------------------------------------
Pulps Final stage of sample preparation prior
to analysis, typically pulverised to
micron size and homogenised
--------------- ------------------------------------------------
Pyrite An iron sulphide with the chemical
composition of FeS(2)
--------------- ------------------------------------------------
QA/QC Quality Assurance Quality Control
--------------- ------------------------------------------------
Quartz A common silicate mineral, composition
SiO(2)
--------------- ------------------------------------------------
Quartz vein Intruded vein of quartz, typically
younger than the host rock
--------------- ------------------------------------------------
RAB Rotary Air Blast. A form of open hole
drilling where the drill cuttings are
ejected by air, travelling to surface
in the interface between the drill
rod and the ground
--------------- ------------------------------------------------
RC Reverse Circulation. A form of drilling
where the drill cuttings are ejected
by air, travelling to surface within
an opening within the drill stem itself
--------------- ------------------------------------------------
Raise A vertical underground excavation
--------------- ------------------------------------------------
Recovery Measurement of core loss (in meters(
(Drill) or chip sample (in mass) to ascertain
total drill recovery
--------------- ------------------------------------------------
Reserves Mineable geological resources
--------------- ------------------------------------------------
Residual A sample that is shorter than the composited
sample length, after compositing
--------------- ------------------------------------------------
Resources Geological resources (both mineable
and un-mineable)
--------------- ------------------------------------------------
RL Reduced Level. Elevation of the collar
of a drill hole, a trench or a pit
bench above the sea level
--------------- ------------------------------------------------
ROM Run of Mine
--------------- ------------------------------------------------
RQD Rock-quality designation, a geotechnical
measurement of how fractured or broken
a drill intersection is
--------------- ------------------------------------------------
Sample Specimen with analytically determined
grade values for the components being
studied
--------------- ------------------------------------------------
Seam filling A Datamine process of filling a wireframe,
from a designated direction, which
forms a single cell that honours the
true thickness of the wireframe in
that direction
--------------- ------------------------------------------------
Shear A structural discontinuity in a rock
mass, typically resulting in non-brittle
deformation and movement of blocks
along a plane
--------------- ------------------------------------------------
Shrinkage A mining method used for steeply dipping,
stoping narrower ore bodies with self-supporting
walls and ore
--------------- ------------------------------------------------
Sill Variation value at which a variogram
reaches a plateau
--------------- ------------------------------------------------
Silver Precious metal (Ag), atomic number:
47
--------------- ------------------------------------------------
Single shot A surveying method, employing single
film exposures to determine the azimuth
and dip of the surveying instrument
downhole
--------------- ------------------------------------------------
SMU Smallest Mining Unit, typically refers
to a block whose dimensions match minimum
mining block size expected mining methods
--------------- ------------------------------------------------
Snowden International Mining and Exploration
Consultancy
--------------- ------------------------------------------------
SOP Standard Operating Procedure
--------------- ------------------------------------------------
Sphalerite The chief zinc sulphide mineral with
a chemical composition of ZnS
--------------- ------------------------------------------------
Standards Certified Reference Materials (CRMs)
samples which have a known constant
geochemical value, inserted to ascertain
laboratory precision
--------------- ------------------------------------------------
Stockworks A interconnected network of veins
--------------- ------------------------------------------------
Strike The orientation of a feature, in plan
view, or as intersecting a horizontal
plane
--------------- ------------------------------------------------
Sub-level Underground mining technique that involves
stoping vertical mining in a large, open stope
--------------- ------------------------------------------------
Sulphides A mineral group that contains sulphur
as the major anion
--------------- ------------------------------------------------
Support Equal support implies that all data
has the same statistical weight
--------------- ------------------------------------------------
SURPAC A 3D mining software package
--------------- ------------------------------------------------
Swath plot A method of block model validation
using a graph that compares input grades,
drill metres, block model tonnes
--------------- ------------------------------------------------
t Tonnes
--------------- ------------------------------------------------
Telluride A mineral group that contains tellurium
as the major anion
--------------- ------------------------------------------------
TMF Tailings Management Facility
--------------- ------------------------------------------------
Top cut A value to which anomalously high grades
are restricted to, determined by statistical
methods
--------------- ------------------------------------------------
Topography Detailed, precise description of the
surface of the earth, based on XYZ
data, to form a 3-D surface
--------------- ------------------------------------------------
Trench A method of sampling across and excavated
trench at surface, using either hand-tools
or a mechanical back-hoe. Used to expose
fresh/less-weathered rock
--------------- ------------------------------------------------
Tropari A 'single-shot' method of surveying,
using single film exposures to determine
the azimuth and dip of the surveying
instrument downhole
--------------- ------------------------------------------------
UC Uniform Conditioning, a non-linear
"recoverable resource" estimation technique
--------------- ------------------------------------------------
UTM Universal Transverse Mercator
--------------- ------------------------------------------------
Variation In statistics, the measure of dispersion
around the mean value of a data set
--------------- ------------------------------------------------
Variogram Graph showing variability of an element
by increasing spacing between samples
--------------- ------------------------------------------------
Variography The process of constructing a semi-variogram
--------------- ------------------------------------------------
Vein A sheet like body of crystallized minerals
intruded into a host rock
--------------- ------------------------------------------------
Waste Un-mineralised rock, or rock that is
uneconomic to extract/process
--------------- ------------------------------------------------
Wireframe A 3-D digital model, typically an solid
volume which encloses a geological
domain
--------------- ------------------------------------------------
X The direction aligned with the x-axis
of a coordinate system
--------------- ------------------------------------------------
Y The direction aligned with the y-axis
of a coordinate system
--------------- ------------------------------------------------
Z The direction aligned with the z-axis
of a coordinate system
--------------- ------------------------------------------------
Zn Zinc, atomic number 30
--------------- ------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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