Caspian Holdings, the oil and metals explorer, headed north on news of quick progress at its tungsten mining site in the Extremadura region of southwest Spain.
Caspian claims the La Parrilla project contains "one of the largest tungsten deposits in the western world".
Over the last three years the price of tungsten has more than doubled.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company has now begun a 1,500 metre drilling campaign to assess the mine. During the four month programme a total of 5 holes will be drilled targeting higher grade intersections at the edge of the ore body.
As well as the deposits available from the mine itself, Caspian also has access to 2.5 million tons of "tailings" or residue from previous mining activity. It expects to extract tungsten from those tailings within the next 18 months.
Over the past year Caspian shares have dropped 38%, but rose by 0.02p on the tungsten mine update to 0.3p.
BS
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
