Shares in Scotgold Resources Limited (ASX: SGZ) surged 50% today on the back of yesterday's Resource Estimate Upgrade of their Cononish Gold Project in the UK.
Gold metal content of the measured and indicated resource was increased by 201% and the average gold grade of the measured and indicated resource increased by 9%. Measured and indicated resource tonnes increased by 176% to 617,000 tonnes.
The company has now commenced 3D geological modelling to assess the optimal mining methodology for the Cononish deposit. This modelling will facilitate a revised mine development plan scheduled for completion in Q2, 2015.
Gold metal content of the measured and indicated resource was increased by 201% and the average gold grade of the measured and indicated resource increased by 9%. Measured and indicated resource tonnes increased by 176% to 617,000 tonnes.
The company has now commenced 3D geological modelling to assess the optimal mining methodology for the Cononish deposit. This modelling will facilitate a revised mine development plan scheduled for completion in Q2, 2015.