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Mining Capital
Market: AIM
Sector: General Mining - Gold
Market Cap: 10.81M

Scotgold Resources Limited is a company that offers investors the opportunity to invest in the increasingly attractive gold mining industry through the development of the Cononish Mine in Scotland and exploration in Scotland and other low risk jurisdictions.

Scotgold Resources is traded in the NEX Exchange HERE

Scotgold Resources

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Big picture - Why invest in Scotgold Resources

Scotgold Resources Snapshot

Scotgold was founded in 2007 and the Company’s shares were admitted to trading on the AIM market in 2010.

The Company is primarily focused on the development of its high grade Cononish Gold and Silver Project in the Scottish highlands, together with the exploration of highly prospective tenements in the Grampian region of Scotland (the Grampian Gold Project).

Cononish has a resource (estimate  in accordance with the JORC Code 2012) in the Measured, Indicated and Inferred categories of 541,000 tonnes at 14.3 g/t Au and 59.7 g/t Ag and Proven and Probable Reserves (JORC 2012) (included in the Resource figure  quoted) of 555,000 t at 11.1g/t Au and 47.7g/t Ag for 198,000 ozs of gold and 851,000 ozs of silver.

The Cononish Gold and Silver project is fully permitted and ‘shovel ready’. It received planning permission in 2011 from the Loch Lomond and Trossachs National Park and the Crown Estate Commissioners unconditional grant of the Cononish Lease was confirmed in May 2012. This planning permission was subsequently amended in January 2015 to allow 24/6 operations for the planned processing plant.

Cononish went into initial production in May 2016 with the commissioning of the Bulk Processing Trial (“BPT”) plant using ore from its stock pile, pending financing of the full project. The BPT, is a pilot scale processing trial that aims to demonstrate the marketability and profitability of Scottish gold production from Cononish whilst also advancing knowledge regarding the metallurgical performance of the ore. The trial will produce the first commercially produced gold in Scotland

The Grampian Gold Project comprises five Crown Option agreements of some 4,100 km2 in the south west Grampians of Scotland and covers some of the most prospective areas of the Dalradian geological sequence in the UK. This sequence extends westward from the UK to the eastern seaboard of Canada and the Appalachian belt in the US, and eastward into Sweden and Norway, has been identified by the British Geological Survey as being highly prospective for both significant gold and base metal deposits. On a more local scale, the Dalradian sequence extends to the south west from Scotland into Northern Ireland where it hosts other gold resources at Cavancaw (c. 0.5M oz of gold) and Curraghinalt (c. 3.5M oz of gold).

The Company is conducting a regional stream sediment sampling program over the wider Grampian gold project area whilst continuing to evaluate a number of previously identified high grade outcrops in the vicinity of the Cononish project. A recently completed prospectivity ranking exercise has highlighted a number of high priority targets for follow up.

The Company has recently been granted an exploration licence in Portugal targeting gold and antimony mineralisation and has made application for three exploration licences in France which are still under consideration by the authorities.

France Project


Consistent with Scotgold’s strategy of identifying and developing high, low impact projects with a focus on gold and other strategic metals located in low risk environments, the Company recently became aware of a number of suitable opportunities in France. The Company has submitted applications for three PERs (Permis exclusif de Recherche de Mines – exclusive exploration licences) covering the identified areas of interest. These applications are currently being considered by the French authorities.

Pomar Project

In May 2016, the Company announced the wholly owned Portuguese subsidiary, Scotgold Resources Portugal Ltda was granted an exploration licence for 3 years (with an option to extend) in eastern central Portugal, near Castelo Branco. The Pomar licence covers 264 km2 and includes the historic antimony (with gold) mines of das Gatas, Pomar and Casalinho, in addition to numerous small scale antimony trials and occurrences. These small high grade mines were active during the 1940’s producing antimony concentrate with associated gold. Some tungsten mineralisation has been identified in the licence area.

Re-evaluation of the mineralisation by the Company has indicated there may be two separate mineralising events, an early antimony and later gold-tungsten 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.

The initial exploration program for the Pomar licence area will consist 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 Biliton 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.

Cononish Project

During the year, Scotgold focussed on the completion the Bankable Feasibility Study. This now forms the basis for discussions with possible finance providers in order to advance the project to production.

2017 Planning Application

Scotgold Resources Ltd is currently preparing a planning application for a revision of the extraction and processing operations at Cononish Gold Mine, originally permitted in 1996 and subsequently in 2012 and 2015.

The management of tailings is being redesigned in order that dry tailings may be ‘stacked’ on site, and landscaped into a number of naturalistic moraine landforms and not a single large tailings management facility, as in the previous schemes. This revised programme ensures that the project is scalable, thus reducing the initial capital expenditure. This scheme also has significant environmental benefits: facilitating progressive restoration of the site; avoiding the risks associated with the management of wet tailings; and, an improved final landform.

An Environmental Impact Assessment of the revised scheme is currently underway and will focus on the altered landscape and visual impacts and the management of site drainage.

In accordance with the Town and Country Planning (Development Management Procedure)(Scotland) Regulations 2013, two public Pre-Application Consultation events will be held at Tyndrum Village Hall, FK20 8SA on 10th and 24th May, 2017. The venue will be open from 10.30am to 8.30pm. Details of the proposal will be available for viewing and representatives from Scotgold Resources Ltd, and planning and environmental consultants – Dalgleish Associates Ltd, will be available to answer questions on all aspects of the proposal.

For more information, please click here

Grampian Project

Scotgold continues to actively pursue exploration activities on its substantial land position in the Dalradian group of the south west Grampians, a terrain highly prospective for both gold and potential base metal occurrences.

Scotgold Resources Ltd holds five Option agreements with the Crown Estates which constitute the Company’s Grampian Project in south west Scotland. These Option agreements cover a substantial area of ~4100 km2 with the majority (~85%) located outside of the Loch Lomond and the Trossachs National Park. The Company holds the Crown Options for six years (subject to satisfactory performance on a two yearly review process) and this can be extended further under certain circumstances.

The Grampian Project encompasses an area of the highly prospective Dalradian Supergroup sequence. Basic exploration data, including gravity and airborne magnetics, is available from government surveys carried out between the 1950’s and 1970’s but is of a quality and spacing that does not adequately reflect the prospectivity of the area. The lack of information and previous exploration has dictated the Company’s approach to exploration.

The exploration program for the Grampian Project aims to gain a baseline of data across the regional area to guide further detailed work. This includes a large stream sediment survey, historical data gathering and analysis and the re-evaluation of existing geophysical and geochemical data. In parallel with this regional program, the Company continues to evaluate high-grade outcrop samples and historic mine workings identified by previous exploration across the Grampian Project.

Exploration in the Glen Orchy option area, close to the Cononish Gold & Silver Project, is more advanced with extensive field mapping and rock chip sampling carried out in this area. In addition, initial short surface drilling and (in some cases) deeper diamond drilling has been undertaken on prospects in the option area. The Glen Orchy option area also formed the focus for the highly successful structural study, carried out by Dr. Pablo Gumiel and Dr. Monica Arias in 2015. The Company intends to extend this study across the option area holdings as sufficient data becomes available.

Nathaniel le Roux
Non-Executive Chairman

Mr Nathaniel “Nat” le Roux spent most of his career in financial markets and was Chief Executive of IG Group plc between 2002 and 2006.  He is an independent director of the London Metal Exchange and a trustee of various charities. Nat was born in Scotland and went to school in Edinburgh.  He holds an MA in Law from Cambridge University and an MSc is Anthropology from University College London.

Richard Gray
Managing Director and Chief Executive Officer

Mr Richard Gray most recently served as Head of Mining & Expansion at Avocet Mining PLC. He has extensive international experience, in both underground and open pit mine operations, and brings considerable operational knowledge and management experience and skills to the Company, particularly in the development and implementation of gold mining projects.  He has previously held various roles at both majors and juniors within the gold mining sector and his successful career has included 15 years working in South Africa for Gencor Ltd and 10 years in West Africa for Golden Star Resources Ltd.  Whilst at Golden Star he served as General Manager of Bogoso Gold Limited, General Manager of Golden Star Wassa Limited and Senior Vice President Operations of Golden Star Resources Ltd.  He holds a BSc (Hons) Mining Engineering from the Royal School of Mines, Imperial College and an MBA from the Graduate School of Business, Cape Town University.

Christopher Sangster
Non Executive Director

BSc (Hons), ARSM, GDE Mr Sangster is a mining engineer with over 28 years experience in the mining industry. He has a BSc Hons in Mining Engineering from the Royal School of Mines, Imperial College in London and a GDE in Mineral Economics from the University of Witwatersrand. He currently lives close to the Company’s exploration licences at Comrie in Scotland with his wife and family. Mr Sangster’s career covers extensive production and technical experience at senior levels in both junior and multi-national companies in gold, diamonds and base metals in Africa, UK and Canada and covers a wide range of mining applications. Between 1996 and 1999 Mr Sangster was General Manger for Caledonia Mining Corporation for the Cononish Gold Project and a Director of Fynegold Exploration, where he was responsible for all aspects of the project including feasibility study preparation, project due diligence, finance negotiations, exploration initiatives and planning permission applications. After 1999, Mr Sangster moved to the Zambian Copperbelt with Anglo American Plc / KCMPlc where he attained the position of Vice President Mining Services and in 2005 joined Australian Mining Consultants as a Principal Mining Engineer. More recently, Mr Sangster was employed as General Manager for AIM – listed company European Diamonds Plc.

Phillip Jackson
Non-Executive Director

BJuris LLB MBA FAICD Mr Jackson is a barrister and solicitor with over 25 years legal and international corporate experience, especially in the areas of commercial and contract law; mining law and corporate structuring. He has worked extensively in the Middle East ; Asia and the United States of America. In Australia , he was formerly a managing legal counsel for Western Mining Corporation, and in private practice specialized in small to medium resource companies. Mr Jackson is currently a director and senior executive of the Australian and Asian subsidiaries of a large multinational oil services company. He has been a director of a number of Australian public companies, particularly junior mining companies. His experience includes management, finance, accounting and human resources. He has been chairman of Aurora Minerals Limited since it listed in 2004 and Desert Energy Limited, since it listed in August 2007.


David Swan
Chief Financial Officer

David is a chartered accountant (FCA ICAANZ and ICAEW) with more than 30 years’ experience in the natural resources’ sector. David is UK based, originally from Perth, Western Australia. He is a non-executive director of several public mining and natural resources companies. His experience includes successful project funding mandates and he has overseen the transition of a number of companies from start-up through to production. David has been involved with IPO’s, corporate reconstructions and international stock exchange listings.


Richard Barker
Company Secretary


4/189 Stirling Highway, Nedlands
Western Australia 6009
Phone: +61 419 790 875
Email: [email protected]


Upper Tyndrum Station, Tyndrum,
Stirlingshire, SCOTLAND, FK20 8RY
Phone: +44 1 838 400 306
Email: [email protected]

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