Trident Royalties PLC (AIM:TRR) has noted that ongoing exploration drilling has boosted the resource base at the Rebecca gold project in Australia to 1.2mln ounces.
Trident holds a 1.5% net smelter return royalty over Rebecca.
The resource drilling has been undertaken by Rebecca’s new owner, Ramelius, following its acquisition of former owner Apollo Consolidated.
So far, Ramelius has managed to prove up an indicated resource of one million ounces, but there should be more to come, as the results thus far represent only a small proportion of the ongoing 75,000 metre programme.
"Ongoing infill and exploration drilling has continued to extend mineralised zones and improve resource confidence both within and outside of the current Rebecca optimised pit shell, as well as the Duchess and Duke deposits,” said Adam Davidson, chief executive of Trident.
This not only increased the total gold resource endowment by 9% to 1.2Moz Au, but significantly moved 1Moz of gold into the higher confidence Indicated resource category.
“With the Mineral Resource update based on only 9,070 metres from the planned 75,000 metres drill campaign, the prospects for future gold inventory increases are looking good for Trident's royalty, with the ongoing drill programme continuing to provide wide and high-grade gold intersections as the project continues to move towards a development decision," Davidson said.