Patagonia Gold has announced a 24 per cent increase in the indicated resource at its Cap-Oeste Gold-Silver project in the Santa Cruz province of Argentina.
The total "gold equivalent" ounces within the indicated category, is now at 1.197m ounces, an increase of 230,000 ounces.
The grade estimate has also been increased by 30% to 4.78 grams per tonne.
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Patagonia's Chief Executive Bill Humphries said the firm would "commence pre-feasibility studies in order to advance the project towards production, potentially for 2015."
The stock had gained 0.9% by 11:30 but is still down 32% in 2012.
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