Goldstone Resources (LON:GRL) intends to drill two targets at its Homase/ Akrokerri deposit in Ghana following its recent auger sampling.
The explorer received £1.25mln when fellow gold junior Stratex International (LON:STI) took a 33.45% stake last year.
That has given it enough cash to fund its exploration in Ghana until the end of the year.
The two anomalies lie to the southwest of the current resource on a continuation of the structural trend linking Akrokerri with Anglogold’s nearby Obuasi mine.
Goldstone added its strategy now is to focus on delineating additional near surface, oxide resources, which can be processed on a simple heap leach pad.
Talks have also been held with other operators in the area to determine if a critical mass of oxide resources could be accumulated through co-operation, but with no progress as yet.
In addition, it has looked at the potential for deeper, 'blind', higher grade underground ore shoots which form the basis for operations at Obuasi.
There are already indications of such shoots and Goldstone has looked at carving out a deep target project although these discussions are at an early stage, the company said.
"With a higher gold price, these potential deeper shoots could offer a very attractive longer-term future for the project,” said Christopher Hall, chairman.
Goldstone would also consider expanding its operations in Ghana, though this may depend on a pick-up in sentiment for junior gold groups.
Hall added: “The market for exploration shares remains depressed and investors, whether retail or institutional, continue to be averse to the perceived risks of gold exploration.
“Any major new exploration initiatives will be dependent on an improvement in the market at which time equity or other financing could be considered.”
In the ten months to December, Goldstone posted a loss of US$1.17mln and held cash of US$1.56mln.