25 May 2012

Persian progress for Teeling

22/02/2008 Robert Tyerman

Persian Gold plans to test the size of its Dalli gold and copper resource at depth after encouraging drilling results.

The Dublin-based company, headed by Irish entrepreneur John Teeling, says drilling has shown gold grades ranging from 0.5 to 1.5 grammes per tonne of ore, ranging from 0.12 to 1.27 per cent in the South and North Hill sections of the Dalli porphyry project, which is 300 km south west of the Iranian capital, Tehran. AIM-quoted Persian that maintains two of Iran’s largest porphyry copper deposits, Sarcheshmeh and Sungun, have copper grades ‘only slightly higher’ than Dalli’s South Hill.

Elsewhere in Iran, the company says it is evaluating the potential for a gold mine at its Chah-e-Zard discovery. Floated at 25p in 2005, the shares hit 43.5p late the following year, before dropping to 13p a year ago.

Now 125p, up 1.5p this morning and valuing the company at £9.5 million, the shares, while carrying obvious risk, have speculative recovery potential.

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