Amaroq Minerals (AIM:AMRQ) announced a 51% increase in the gold resources at its Nalunaq project, in Greenland, with an updated Mineral Resource Estimate including a maiden estimate in the Indicated category - which now has 157,600 ounces of gold.
The project's Inferred resources meanwhile comprise 326,300 ounces.
Amaroq said the new resource represents a potential extension to the mine life. The new estimates incorporate 65 new drillholes and geological work.
“This updated Mineral Resource Estimate represents a significant step forward for Nalunaq, with a 51% increase in contained gold and, for the first time, strengthening the resource base with the introduction of an Indicated Mineral Resource category,” said James Gilbertson, vice president exploration.
In London, Amaroq shares traded higher rising 4% to 100.88p.