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
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
-
Why undersea cables are under threat – and how to protect themUndersea cables power the internet and are vital to modern economies. They are now vulnerable
