Trident Royalties said it is "encouraged" by the recent drilling update from Ramelius Resources, the developer of the Rebecca gold project in Western Australia.
Ramelius is drilling to define an ore reserve and has released details from a further 55 drill holes across four deposits at the prospect.
Grades from the relatively shallow intercepts included bumper grades of 59.3g/t and 9.76 g/t respectively from two holes on the Rebecca deposit
Trident holds a 1.5% net smelter return gold royalty over the entirety of the project and its currently defined resource.
Adam Davidson, Trident’s chief executive, said: "We remain encouraged by the ongoing stream of successful drilling results at Rebecca which appear to support the potential to grow the resource and support the targeted 100koz per annum production rate over a 10yr mine life as previously noted by Ramelius."