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Drilling at Tashlaka Hill, where Cambridge Mineral Resources is minority partner, shows 68 metres at 3.2 grammes of gold per tonne.

Results from drilling at Tashlaka's Hole R-245 reveal an average of 3.2 grammes of gold and 3.6 grammes of silver per tonne of ore. These overall results include one metre at 29.3 grammes a tonne of gold and 24.5 grammes of silver, 11.9 metres at 8.1 grammes a tonne of gold and eight grammes of silver, and 2.9 metres at 20 grammes a tonne of gold and 18.6 grammes a tonne of silver.

Previously, AIM-quoted Cambridge has reported Tashlaka as a resource with 234,000 oz of gold at a grade of only 1.67 grammes a tonne. Now, managing director Colin Andrews says 'these results confirm our belief that Tashlaka represents a significant gold resource'.

Asia Gold, where mining tycoon Robert Friedland's Ivanhoe Mines holds 45 per cent and mining giant BHP Billiton 10 per cent, has 51 per cent of Tashlaka. Asia can increase its stake to 80 per cent by paying for the project's development.

The Bulgarian results come hard on the heels of encouraging progress at Cambridge's projects in Colombia and Peru. Andrews has set in train a strategy of seeking a collection of small to medium-sized projects, which, in aggregate, would put the company on the map as a sizeable producer, rather than putting all its eggs in one basket.

At 4.38p, up 0.88p today, Cambridge shares, which hit 19p three years ago, have rallied 17 per cent since our mention on Monday. They could have much further to go.