Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Spotlight falls on Patagonia Gold
Recent buying by Goldman Sachs and others has focused market attention on Patagonia Gold, the AIM-quoted mining hopeful with interests in Argentina. Steered by Richard Prickett and Bill Humphries (the duo that built up the Brancote mining group before selling it for £220 million after hiving off Patagonia), the company boasts potential resources of one million oz of gold, which bulls hope further drilling could convert into two million oz in the first half of next year.
Another director, influential local businessman Carlos Miguens, holds a key stake in London-based Patagonia, which has been working to upgrade its gold resource at Lomada in Argentina’s Santa Cruz province. The company recently intercepted gold- and silver-bearing zones with gold grades ranging from 0.54 to 21.21 grammes of gold per tonne of ore near the surface at another prospect, Monte Leon, which it has suggested could be suitable for bulk mining.
Patagonia Gold, which ended last year with £6.8 million cash after losing £7.3 million, raised £5.25 million at 42p in May to finance an accelerated drilling programme at its flagship Cap-Oeste gold and silver project, also in Santa Cruz, holding an estimated 656,000 oz of gold. That followed a £19 million fundraising the month before for Cap-Oeste and the company’s high-grade COSE project.
Floated at 14p eight years ago, Patagonia shares have been slow burners, even though the presence of Miguens could be said to mitigate any Argentine political risk. They have traded between 16.25p and 68p over the past year and now change hands at 55.25p, valuing the company at £404 million.
Fans of Prickett and Humphries, whose other AIM vehicle, Canada-focused nickel play Landore Resources trades at 10.5p, believe there could be more action, especially while financial crises keep gold in vogue.
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