The Scotgold Resources Ltd (LON: SGZ) share price fell 2.97% after releasing an operational update regarding its Cononish gold and silver mine in Scotland, making it the country's first commercial gold producer amid CEO departure.
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The company noted that it had commenced long hole stoping along the 115m strike length and had completed the long hole stoping on block 1 safely and on time. The company has commenced drilling stop block 2 and will blast the target in a week.
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The raised air vent that would establish better air ventilation between the 400 and 415 levels had also been completed. The waste ramp development to the 445 level had also been completed in parallel to the air ventilation, allowing the mining on the 445 East level ore body to commence.
Scotgold Resources also revealed that the 445 East level development ore was being fed to the process plant. The ore had an excellent gold grade, in line with the company’s expectations, with an average grade of 8.3g/t, with the last three assays coming in at 12.9g/t, 13.7g/t and 16.9g/t.
On a sad note, the company also announced that its CEO would leave the firm to spend more time with his family in Australia. The company's board reluctantly accepted the resignation.
Peter Hetherington, Scotgold Resources Chairman, said: “On behalf of Scotgold's board of directors, I thank Phil for his dedication, unwavering support and very significant contribution to the Company. Under his calm and steady leadership, since April 2021, Phil has guided the Cononish mine to safe and environmentally compliant commercial production, redesigned the mine schedule, implemented cut and fill stoping for faster access to higher grade zones, commenced long hole stope mining and ramped up the process plant for optimal continuous operation.”
Phil Day, Scotgold Resources CEO, said: “I am very pleased with what we as a team have accomplished during my time as CEO. It has been a privilege to lead and develop the business. The Company's team and board are its greatest asset, and I want to express my gratitude for their contribution.”
*This is not investment advice.
Scotgold share price.
The Scotgold share price fell 2.97% to trade at 14.07p, from Wednesday’s closing price of 14.50p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.