Scotgold Resources Ltd said it had entered into an agreement with Fern Wealth GmbH for up to £3 million to advance the Cononish gold-silver mine near Tyndrum in Scotland.
FERN WEALTH
The company added that the loan would be from a syndicate of high net worth investors.
Fern Wealth is a wealth management company based in Zug, Switzerland which finds and manages investment opportunities for their investors.
Scotgold will use the proceeds to “fast track the optimisation initiatives to achieve a gold production run rate of circa 23,500oz pa by the end of Q1 2023.”
INITIATIVES
The company plans to design, construct and commission a tailings thickener to improve the throughput and recoveries of concentrate product in the processing plant.
This will achieve a monthly run rate of 4,000 feed tonnes to the process plant by the end of Q2 2022, equating to 16,000 to 17,500 oz pa run rate of gold by the end of Q2 2022.
Scotgold will also use the funds to improve mining efficiencies to ensure continuous operations.
Additionally, the company will design, construct and commission an ore sorter at the processing plant to increase gold processed per tonne at lower tonnages and potentially lower CAPEX and OPEX.