Scotgold aims for July gold concentrate shipment

Scotgold Resources Limited, the Australia-based gold exploration firm focused on Scotland, said on Friday it is aiming for its second shipment of gold concentrate from its Cononish Gold and Silver Project in the first half of July.

“The company is aiming for its second shipment of gold concentrate within the first half of July,” said ScotGold.

“Gold doré sent to the refiners in May was able to be refined through normal treatment processes, providing validation of Scotgold’s process plant production.”

In a London Stock Exchange update on mine production and processing performance at Cononish, ScotGold said: “Mining in the latter part of June was accessing ore which peaked at 40 grammes per tonne.

“Mining in this general zone will continue for 2 months and expected to achieve a blended grade average above 10 grammes per tonne.

“Mining activity continued uninterrupted throughout June, increasing the volume of ore stored on the stockpile.

“The haulage DUX truck repairs conducted last month in combination with regular maintenance has enabled expected utilisation of mining equipment to be achieved.”

On April 30, Scotgold said some of its directors had undertaken to provide a short term loan of up to £2 million “to ensure the company has adequate funds available for working capital” through a production ramp up period.

Scotgold said on April 30 it was continuing to review the mine plan for Cononish, Scotland’s first commercial gold mine, “the results of which will be announced as soon as it has been completed, which will in turn provide greater certainty about any potential working capital requirement beyond that provided by the director loan.”

Also on April 30, the company also published results for the half year ended December 31, 2020, showing it made a loss before income tax of 2.3 million Australian dollars.