Cambridge Mineral Resources says it will soon announce increased gold resources and reserves at Quintana in Colombia.

AIM-quoted Cambridge, which has been through several incarnations in a chequered quoted life of nearly ten years, says assays from drilling at Quintana in Colombia’s Antioquia Department show some impressive intersections, such as 2.5 metres at 46.44 grams of gold per tonne of ore and 1.75 metres at 55.39 grams per tonne. Managing director Colin Andrew points out that the latest drilling has intersected the Quintana vein below the presently known reserves and resources, and has thus ‘clearly enhanced the mine’s potential’.

He says a newly completed feasibility study on Quintana has confirmed an increase in both reserves and resources and only awaits an independent audit and ‘sign-off’ before being released to the market. Previously, Cambridge, now focused on gold and silver prospects in Colombia and Peru, had defined measured resources of 10,921 tonnes of ore at a grade of 9.63 grams per tonne of gold and 20 grams per tonne of silver.

Floated at 16p ten years ago under different management, Cambridge shares have put in a mostly dire performance, reaching 2.5p last October. Now 3.38p, up 0.25p today and valuing the company at £7 million, they have some speculative recovery potential.