Angus & Ross could have ‘well in excess of one million oz’ of gold at Santa Debora in Brazil.

That is the suggestion from Robin Andrews, chairman of AIM-quoted Angus, which is raising £750,000 at a heavily discounted 7.5p, as he considers the latest gravel-testing results from the company’s Brazilian projects. ‘I’m pretty sure we have a big resource there,’ he argues.

Andrews says the hard rock beneath the gravel could host significant gold deposits in a prospect that is next door to an already producing mine. He opines that another project, Santa Elena, where trial mining starts shortly, could hold 200,000 oz of gold.

If these projects bear out these hopes it will be a far cry from the company’s current industry JORC standard resource of 80,000 oz. Even then, Angus’s chief focus is on its Black Angel lead and zinc project in Greenland, which the company claimed earlier this year has a net present value of £30 million.

Angus shares have been volatile since floating six years ago at 19p and undergoing various direction changes since. They fell to 7.5p in mid 2005, the same price as the current placing, before surging to 27.25p in May last year and falling back since then to today’s 17.25p, which values the company at £24.4 million.

They could still repay a strong-nerved punt at some point.