Santana Minerals has announced the results of a scoping study for an initial Bendigo-Ophir gold project. Given the attractive outcomes of the study, Santana will now continue to advance the project towards construction, Bell Potter reports.

The prefeasibility study is underway, with results guided for the Septemnber quarter. The project holds significant additional prospectivity for undiscovered gold deposits, the broker notes, and further discovery could highlight increased gold production potential.

Target rises to $2.15 from $1.90, Speculative Buy retained.

Target price is $2.15.Current Price is $1.33. Difference: $0.82 - (brackets indicate current price is over target). If SMI meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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