Scotgold Resources Ltd POMAR LICENCE REVIEW (0629F)
July 25 2016 - 02:00AM
UK Regulatory
TIDMSGZ
RNS Number : 0629F
Scotgold Resources Ltd
24 July 2016
SCOTGOLD RESOURCES LIMITED ("Scotgold" or "the Company")
POMAR LICENCE REVIEW
-- Potential for separate gold mineralizing event and therefore
new gold discoveries outside known antimony related occurrences
-- Significant historic data available for review and unassayed
soil samples from previous operators will quickly provide large new
database.
-- Initial stratigraphic and structural mapping exercise will
test potential for wide scale gold occurrences
In May 2016, the Company announced the acquisition of the Pomar
licence area in eastern central Portugal by its wholly owned
Portuguese subsidiary, Scotgold Resources Portugal Ltda. Subsequent
to this announcement a party of Scotgold staff and independent
consultants visited the licence area to conduct an initial site
visit. The Scotgold party was accompanied by independent
consultant, Mr. Peter Flindell, an exploration geologist with a
background in a wide range of commodities and of bringing
exploration projects to commercial production.
The Pomar licence area includes the historic antimony mines of
das Gatas, Pomar and Casalinho, in addition to numerous small scale
trials and occurrences. Re-evaluation of the mineralisation during
the site visit indicated there may be two separate mineralising
events, an early antimony and later gold event. This opens up the
potential for undiscovered gold prospects in zones with quartz-only
mineralisation, given previous exploration efforts have focussed on
antimony mineralisation in the region (see Figure 1 on Scotgold's
website at www.scotgoldresources.com under ASX releases).
The initial program proposed for the Pomar licence area is
modest (GBP30,000) and consists of historical data collection &
analysis, a mapping program and a soil sampling assay program.
There is significant historical data available from previous
exploration companies, including Billiton and Indumetal, comprising
assay results and geophysical data. The Company intends to access
and evaluate the historical data available in the licence area to
aid further exploration efforts.
The soil sampling program is based around existing samples taken
by the previous licence holder. These samples were not analysed,
providing a great opportunity for Scotgold to gain a large volume
of data quickly and cost-effectively and gather an overview of gold
occurrences in the licence area. This field work will be supervised
by our Country Manager Joao Barros, a geologist with extensive
local knowledge and previous work experience of the Pomar licence
area, under the guidance of Scotgold Projects Geologist Dr Nyree
Hill.
A mapping program will focus on stratigraphic and structural
mapping to identify the possibility for more wide scale gold
occurrences and aid understanding the controls on mineralisation
types across the Pomar licence area. This work is anticipated to be
completed by Dr. Pablo Gumiel and Dr. Monica Arias, who have an
existing working relationship with the Company having carried out
the highly successful structural study within the Grampian Project
last year.
Richard Gray, CEO of Scotgold, commented:
"The Company is very pleased with the outcome of our review
findings. Whilst still early stage exploration, we believe the
Pomar Licence has the potential to host significant gold
occurrences. With the historic data and unassayed samples
available, this potential can be tested at low cost. Perhaps as
importantly, by utilizing the extensive skills available in the
area, this work can be conducted without distracting from our prime
focus of advancing the Cononish Gold and Silver Project."
For further information please contact:
Scotgold Resources Stockdale Securities Capital Vicarage
Limited Limited Markets Capital
Consultants Limited
------------------- --------------------- ----------------- ----------------
Richard Gray Robert Finlay/ Simon Rothschild Rupert Williams
- CEO Ed Thomas
------------------- --------------------- ----------------- ----------------
Tel: +44 (0)1838 Tel: +44 (0)20 Tel +44 Tel: +44
400 306 7601 6100 (0)7703 (0)20 3651
167 065 2911
------------------- --------------------- ----------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUQWMUPQPGC
(END) Dow Jones Newswires
July 25, 2016 02:00 ET (06:00 GMT)
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Feb 2024 to Mar 2024
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Mar 2023 to Mar 2024