Scotgold Resources Ltd Update on Exploration Assets (9340E)
May 11 2017 - 12:53PM
UK Regulatory
TIDMSGZ
RNS Number : 9340E
Scotgold Resources Ltd
11 May 2017
Friday 12 May 2017
SCOTGOLD RESOURCES LIMITED
(The "Company" or "Scotgold")
Update on Exploration Assets in Portugal and
France
HIGHLIGHTS
Portugal (Pomar)
* Large kilometric coincident Arsenic / Gold soil
anomalies aligned along felsic dykes and associated
with old workings
* High grade rock chips from outcrop, old workings and
old tips grading up to 109ppm gold and 10,000ppm
antimony
* Results support further follow up work on felsic dyke
occurrences for gold and old workings for extension
to known high grade antimony / gold mineralisation
France (Vendrennes)
* Vendrennes PER (Permit Exclusif de Recherche or
Exploration Licence) granted in France with high
grade open pittable historic (non code compliant)
Antimony resource
* Initial work program to be finalised for approval
PORTUGAL (POMAR)
Rock chip sampling
Seventeen rock chip samples were taken from
various locations including eleven from around
the old mines, waste tips and certain accessible
outcrops (See Figure 1). Results indicate presence
of high grade gold (Au) (and some tungsten (W))
associated with historic antimony (Sb) veins
(See Table 1). Historic samples for Au along
the Felsic dykes need further correlation but
their prospectivity is supported by soil sampling
results.
Figure 1 Pomar Licence Area showing areas of
specific interest and spot sample locations
This illustration is available at www.scotgoldresources.com
Table 1 -Tips and old workings Rock Chip Sample
results Sample Au ppm As ppm Sb ppm W ppm
--------- ------- -------- -------- ------
DGT01 22.6 1,730 4,740 3,660
--------- ------- -------- -------- ------
DGT02 23.1 2,430 >10,000 27.8
--------- ------- -------- -------- ------
DGT03 0.46 302 3,750 39.5
--------- ------- -------- -------- ------
DGT04 109.0 >10,000 >10,000 17.7
--------- ------- -------- -------- ------
DGP01 3.3 1,815 >10,000 313
--------- ------- -------- -------- ------
MGT01 3.11 2,460 57.1 9.5
--------- ------- -------- -------- ------
MGT02 0.02 17.1 8.1 1.5
--------- ------- -------- -------- ------
PSER01 0.02 17.3 10.6 0.7
--------- ------- -------- -------- ------
PSETR01 7.45 1,305 52.9 4
--------- ------- -------- -------- ------
SW01 2.69 473 >10,000 <10
--------- ------- -------- -------- ------
SW02 7.32 3,280 7,200 6
--------- ------- -------- -------- ------
Soil sampling
Analysis of selected historical soil samples,
taken (but not assayed) by the previous operator
of the project, has indicated a long (c.1km)
As / Au anomaly along the Pomar Eastern Felsic
Dyke with a less pronounced anomaly evident
along the Gatas Western Felsic Dyke to the north
of the Das Gatas area (See figures 2 and 3).
Significant Au / Sb / As anomalies were also
registered around the old workings of Das Gatas,
Barroca da Santa, Casalinho, Monte da Goula.
Anomalies were also registered around the old
Pomar workings and support a previous historic
strong As anomaly to the east of Pomar and coincident
again with an interpreted felsic dyke. As the
historic soil samples were taken on a wide spacing
(100 * 50m), infill soil sampling has been recommended
to further define the extent of anomalies.
Statistical interpretation of the samples indicates
a strong correlation between As / Au (for the
dykes) and Au/Sb/As for historic workings and
As is indicated as an important pathfinder for
future exploration.
Figure 2 showing Arsenic anomalies in Pomar
and Gatas specific areas of Interest:
This illustration is available at www.scotgoldresources.com
Figure 3 showing Gold anomalies in Pomar and
Gatas specific areas of Interest:
This illustration is available at www.scotgoldresources.com
Structural and mapping
A structural interpretation for the area has
been prepared and postulates the mineralised
Sb / Au veins as developing in an extensional
fault roughly trending north - south and reactivated
as a thrust. Based on this interpretation, a
number of areas around the old mines warrant
follow up to determine the presence of extensions
/ repetitions to the know high grade Sb / Au
mineralisation.
Follow up
Further follow up work will be undertaken to
determine the extent of possible mineralisation
associated with the kilometric scale felsic
dykes. An extended and closer spaced soil sampling
program is planned along with initial trenching
/ diamond saw sampling of available outcrop
to verify previously taken chip samples. Detailed
study of the mineralogy and paragenesis of the
Au occurrences in the dykes will further inform
their prospectivity.
Given the high grade rock chip samples associated
with the old workings and tips, further work
is warranted to determine the nature of the
mineralisation and its possible extensions as
postulated by the structural work. This will
initially involve regaining access to and resampling
the old workings.
The proposed program for the coming year has
been agreed by the relevant government authority
and has been costed at EUR70,000 to be completed
by March 2018.
FRANCE (VRENNES)
The Company is pleased to announce that it has
been granted the 'Vendrennes' Permit Exclusif
de Recherche (PER) / exclusive exploration licence,
applied for in 2015.Two further applications
remain under consideration.
The Vendrennes PER substantially covers the
'Vendée Antimony district', France's third
largest antimony producing district which during
the 19(th) and beginning of the 20(th) century
produced over 18,000t of Antimony metal substantially
from the Rochetrejoux vein. ( see Figure 4)
Most importantly, the PER includes Les Brouzils,
a small high grade open pittable antimony deposit
that was discovered by the BRGM (Bureau de recherches
géologiques et minières - the French
Geological Survey) during the 1970's and 1980's.
Figure 4 Vendrennes Permit Exclusif de Recherche
Location Map
This illustration is available at www.scotgoldresources.com
According to BRGM literature (L'Inventaire minier
de la France), Les Brouzils hosts a 'geological
resource' of 9,250t of antimony metal at a grade
of 6.7% Sb to a depth of 100m and is open along
strike and at depth.
NOTE: The above statement relating to a historic
/ foreign 'geological resource' and the figures
quoted do not necessarily conform to current
internationally recognized resource classification
standards (e.g. JORC, PERC, CIM, SAMREC etc)
and cannot thus be classified as a resource
(Inferred, Indicated or Measured) under these
codes and is stated for historical information
purposes only. No reliance should be placed
on these figures and it is uncertain that following
evaluation and/or further exploration work that
the estimates stated above will be able to be
reported as mineral resources or ore reserves
in accordance with a recognised code. It will
be the Company's intention to work to verify
or otherwise such numbers as soon as it can
access the appropriate data.
Production from a small open pit at Les Brouzils
commenced in 1989 under a joint venture between
Gagneraud and the BRGM and produced some 895t
of Sb metal in concentrate before closure in
1992 as a result of a significant decline in
the antimony price relating to the disposal
of strategic metal stockpiles by the US and
USSR. Concentrates were produced through gravity
and flotation and quality was reported as excellent
with no deleterious elements present.
The Company will shortly present its program
to the regional administration for approval
which will include research to access and interpret
available data from the previous BRGM programmes
and regional soil sampling and mapping.
Scotgold CEO, Richard Gray said:
"Our efforts in France and Portugal have now resulted in us
having prospective assets in both countries. In the first year's
work at Pomar we have been able to cost effectively add to our
knowledge of the area and demonstrate its potential. In France we
will now have full access to the historical data relating to
Vendrennes and our first step will be to analyse this. These assets
could form an important part of Scotgold's future project pipeline
and growth path beyond Cononish".
For further information please contact:
Scotgold Resources Stockdale Securities Capital Markets Smaller Company
Limited Limited Consultants Capital
Ltd
------------------- --------------------- ----------------- ----------------
Richard Gray Robert Finlay/ Simon Rothschild Rupert Williams
- CEO Ed Thomas
------------------- --------------------- ----------------- ----------------
Tel: +44 (0)1838 Tel: +44 (0)20 Tel +44 (0)7703 Tel: +44
400 306 7601 6100 167 065 (0)20 3651
2911
------------------- --------------------- ----------------- ----------------
The technical information in this regulatory announcement has
been read and approved by Mr Chris Sangster. Mr Sangster, BSc
(Hons), GDE, FIMMM is a non-executive Director of Scotgold and is a
Fellow of the Institute of Materials, Minerals and Mining.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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