What is the story about?
What's Happening?
Scottie Resources has reported promising results from its ongoing drilling program at the Scottie Gold Mine in British Columbia, Canada. The company, led by President Thomas Mumford, is focusing on increasing geological confidence and transitioning ounces from inferred to indicated categories. Recent assays have shown high-grade gold results, with some drill holes returning grades up to 83.3 grams per tonne. The drilling program aims to expand resource shapes by targeting extensions of known vein zones. Scottie Resources is advancing towards becoming a near-term direct shipping ore gold producer, leveraging ore sorting technology to create a high-value product for Asian smelters.
Why It's Important?
The positive drill results strengthen Scottie Resources' confidence in the geological model of the Scottie Gold Mine, potentially enhancing the overall grade in future resource updates. This development is crucial for the company's strategy to bypass expensive mills and tailing facilities, thereby reducing production costs. The initiative could position Scottie Resources as a significant player in the gold mining industry, particularly in the Asian market. The successful transition of ounces from inferred to indicated categories could attract further investment and support the company's growth plans.
What's Next?
Scottie Resources plans to complete a preliminary economic assessment and initiate a feasibility study over the next two years. The company aims to secure project finance and complete environmental baseline work to advance permitting. The ongoing drilling program will continue to focus on exploration and hydrogeological studies to support engineering components. The company is also preparing to transport sorted material for third-party processing, with preliminary results expected soon.
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