https://www.miningweekly.com
Exploration|Gold|PROJECT
Exploration|Gold|PROJECT
exploration|gold|project

Scotgold gives up Portugal licence

18th July 2019

By: Creamer Media Reporter

     

Font size: - +

London-listed Scotgold announced on Thursday that it would not extend the Pomar exploration licence in Portugal, and that it had applied to terminate the licence.

This follows the earlier falling through of an earn-in agreement that Scotgold had with South African exploration firm PanEx.

Scotgold said that it continued to believe in the potential of the Pomar licence, but said that the exploration results to date, including the most recent soil sampling, suggested a significant further work programme would be required to realise this potential.

"Our belief in the potential of this licence and our positive experiences in Portugal made this a hard decision. Our critical focus at this time, however, has to be the development of the Cononish Project and securing positive cashflow in 2020. This will enable us to accelerate our exploration activities in Scotland and ultimately reconsider other opportunities in similar low political risk jurisdictions,” commented CEO Richard Gray.

PanEx withdrew from the earn-in agreement in February this year, after failing to validate a significant openpittable gold resource in the felsic dykes. The exploration company did not address mineralisation hosted in structures or the broader untested exploration potential along the margin of a granite intrusion.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Anglo American chairperson Stuart Chambers
Anglo snubs BHP’s ‘highly unattractive’ proposal
Updated 1 hour 21 minutes ago By: Mariaan Webb

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.161 0.197s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: