The company pursuing Scotland’s only commercial gold mine has extended its search for the precious metal across the country.
Scotgold Resources said its main focus remained on developing the Cononish seam near Tyndrum in the Loch Lomond and Trossachs National Park.
However, it said it is also carrying out hundreds of sample tests for signs of gold and silver at sites across 4,200km of Scottish countryside which it has under Crown option.
In a half-yearly update to the market yesterday, the firm said: “The company continues to actively pursue exploration activities on its substantial land position.
“It is noted that 85% of the area currently under Crown option to Scotgold is located outside the Loch Lomond and Trossachs National park,” the firm said.
“Regional fieldwork including ongoing stream sediment sampling continued over the Inverliever, Cononish-Glen Orchy, Glen Lyon, Knapdale and Ochils option areas.
“A total of 915 samples have been taken to date, and analysis of results received will be interpreted on completion of the program.
“Further follow-up field visits have been concluded on prospective areas in the Knapdale and Glen Lyon licence areas.”
The firm also revealed the results of its revised mineral resource estimate for Cononish, a scoping project carried out by Dr Simon Dominy of Snowden Mining Industry Consultants.
The total amount of gold identified in the area including measured, inferred and indicated (MII) resource was found to be 169,200oz, worth £178.1 million at yesterday’s prices.
The actual measured resource is 24,000oz, which is worth around £25.2m.
The MII silver resource is estimated at 631,300oz, the equivalent of £12.04m. The actual measured part of the seam extends to 104,500oz, which would be worth around £2m at current silver prices.
Scotgold has drilled and evaluated 18 holes at Cononish since January last year in an attempt to gauge the overall precious metals resource, and the company is awaiting the results of a further five boreholes drilled on the eastern portion of the seam.
It said it is progressing with a production plan for the mine.
“The updated mineral resource estimate will form the basis for the revised mining plan and updated Cononish Project Development Study to be completed under the auspices of Australian Mining Consultants UK Ltd,” Scotgold said.
“The company will then be in a position to determine the debt capacity of the project.
“The study commenced in December 2012 and is due for completion shortly,” it added.