Solomon Gold, the gold explorer focused on Australia and the Solomon Islands, says it has seen encouraging results at its Rannes project in Queensland.
In November the company released resource estimates of 812,000 ounces of gold equivalent at the site. It now says within Rannes, two prospects which were not included in the resource estimate, Double Scoop and Porcupine, have "delivered very good results".
The company says it is aiming for a total resource of two million ounces of gold equivalent.
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Solomon shares initially jumped 2% on the news but by 8.47am had fallen back 1.5%.
Over the last twelve months the stock has declined 68%.
BS
