Scotgold Resources Ltd Exploration Update (5545U)
April 01 2019 - 2:00AM
UK Regulatory
TIDMSGZ
RNS Number : 5545U
Scotgold Resources Ltd
01 April 2019
1 April 2019
Scotgold Resources Limited
("Scotgold" or the "Company)
Exploration Update
Scotgold is pleased to update the market with regards to its
exploration activities on the Cononish Project, ("Cononish") and
Grampian Project, ("Grampian") in Scotland.
Highlights:
-- New zones of interest identified for possible extensions to Cononish orebody
-- Potential for the previously identified Beinn Udlaidh
prospect (located within close proximity the Cononish Project area)
highlighted
-- "Ionic leach geochemistry" demonstrated to be a more
effective exploration tool to conventional "whole of sample
geochemistry"
-- Systematic suite of techniques developed to advance "anomalies" through to drill targets
As announced on 26 February 2019, orientation test surveys to
evaluate and calibrate various exploration techniques have been
undertaken over the known Cononish orebody. Following on from
initially promising results, the surveys were expanded and the full
findings are now presented.
In particular, the surveys demonstrate that the use of ionic
leach* methods for soil and stream sediment sampling produces
higher resolution data, as well as being simpler, faster and more
cost effective. Together with Induced Polarisation, ("IP") and Very
Low Frequency, ("VLF") /magnetics, the suite of techniques provides
the Company with a systematic approach to early stage exploration
that will allow for optimal drill hole planning.
More specifically over the test survey area, the ionic leach
soil sampling identified new zones of interest for possible
extensions to the Cononish orebody. These previously unidentified
anomalies are associated off-setting faults and structure in the
immediate vicinity and will guide the future drilling campaigns
designed to increase the Cononish JORC Compliant mineral
resource.
As part of the expansion of the ionic leach stream sediment
survey, the drainage area around the known Beinn Udlaidh anomaly
was covered. This has highlighted with much greater clarity that
this area (which is significantly larger than the Cononish drainage
area) is a prospective gold target. The Company is now planning the
follow up soil and IP&VLF/magnetics programs over this area
Further detail on the exploration conducted by the Company is
available in the "Summary Report - Conclusions from orientation
surveys conducted over Cononish Project Orebody" which is available
on the Company's website or accessible by the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5545U_1-2019-3-29.pdf
Richard Gray, Chief Executive Officer of Scotgold commented:
"It is very encouraging that what was in effect a calibration
exercise has already identified new targets within the test area
over the Cononish deposit and we look forward to what our
exploration team can discover using these new techniques over our
much larger Grampian Project area in the coming years. The
Company's expectation for the Cononish mine to become cash positive
in 2020 will accelerate these exploration programs and facilitate
our stated strategy of building a pipeline of projects in
Scotland."
*Ionic Leach(TM) is a static sodium cyanide leach using the
chelating agents ammonium chloride, citric acid and EDTA with the
leachant buffered at an alkaline pH (pH 8.5). Samples are digested
as collected so there is very little opportunity to lose or
introduce elements during the partial leach process. This
innovative leach technique is designed for near surface soil
samples. It is designed to improve geochemical mapping and enhance
the potential to detect and resolve geochemical anomalies for a
range of commodity elements
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 SP Angel Corporate Finance Capital Markets Consultants
Limited LLP Financial PR
Chief Executive Officer Nomad and Joint Broker Simon Rothschild
Richard Gray Ewan Leggat / Charlie
Bouverat
Tel: +44 (0)1838 400 Tel +44 (0) 20 3470 0470 Tel: +44(0)7703 167
306 065
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDBLGDXIDDBGCC
(END) Dow Jones Newswires
April 01, 2019 02:00 ET (06:00 GMT)
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Apr 2024 to May 2024
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From May 2023 to May 2024