26/11/2007
Patagonia Gold says El Tranquilo in Argentina has shown grades of up to 28.7 grammes of gold per tonne of ore.
The AIM-quoted company reports drilling on the Cap-Oeste project on the El Tranquilo property in the Santa Cruz province has shown an average grade of 11.55 grammes of gold and 47.49 grammes of silver per tonne across a 13-metre interval. This includes five metres at 28.7 grammes of gold and 84.1 grammes of silver per tonne.
El Tranquilo is 120 km south east of London-based Patagonia's La Paloma project. It consists of Cap-Oeste and another prospect, Breccia Valentina, which has shown a more modest average grade of 2.38 grammes a tonne across 12.5 metres.
Shares in Patagonia, whose loss for the first half-year leapt from £1.3 million to £4.5 million, plunged last year from 23p to 5p. Now 7.88p, up 0.5p this morning and valuing the company at £28.2 million, they are for gamblers.
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