Scotgold Resources Ltd announced record production for April and May 2022 at its Cononish gold and silver mine, near Tyndrum in Scotland.
PRODUCTION
Production for the two months amounted to 1,984 oz gold and 10,810 oz silver.
The Australian-owned company said it was on course to achieve upper quartile and/or exceed Q2 2022 target of 2,600 – 3,200 oz gold.
Galantas recorded gold grades in flotation concentrate of up to 324.4 g/t realised during April and May 2022.
FINANCE
The company reported sales of £2.424 million for 226.6 dry metric tonnes of gold concentrate for April and May 2022.
The draw down the £3 million Fern Wealth debt facility continues, with £1.915m drawn to date for the processing plant and mine optimisation initiatives.
OPERATIONS
Galantas added that a tailings thickener had been pre-constructed and was in transit to the site ahead of installation during August 2022.
The cut and fill – stoping mining method progressed well during April, May and into June and continues to improve production.
The company is targeting the third cut and fill stope for Q3 2022.
STEP CHANGES
Chief executive Phil Day said that production was in line with company expectations.
“Crucially, as we continue to develop the mine and access areas to stope mine – cut and fill, our mining visibility, mining efficiencies, gold grade definition and control further improve which places us in an ideal position to implement the processing plant and mine optimisation plans to yield further growth.
“With £1.915 million now received and drawn from our Fern Wealth debt facility, I am looking forward to H2 2022 as we commission the tailings thickener and deliver step changes in performance, gold grade, stability of production and reduced costs per tonne of ore mining.”