Gold explorer Scotgold Resources reported a loss of A$0.6m for the six months to December, up from A$0.2m, in its first interim results since listing on AIM in February following a £0.7m placing.
CEO Chris Sangster said the company had made distinct progress over the period towards its goal of production from the Cononish gold and silver deposit, which forms the core of its Grampian Project in Scotland.
Exploration activities had underlined the potential for the Grampian region to host substantial mineralisation.
Total metal inventory now stood at 163,000oz gold and 596,000 oz silver.
New drilling started in October was aimed at infilling a portion of the existing inferred mineral resource and testing high-grade gold targets.
Eastern extension holes were regarded as particularly encouraging. The first drilling into the Beinn Udlaidh Breccia Pipe Field had produced a promising result.
A formal planning application for the Cononish Project was submitted in January 2010.
Story provided by Business Financial Newswire
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