Shares in AIM-listed gold miner Solomon Gold rocketed on Wednesday after the firm upped its resource estimates for the Rannes Project, the second time it has done so in two months.
The inferred mineral resources estimate for wholly-owned project in Central Queensland has now been increased by 20% from 675,779oz to 812,000oz. This follows the 24% upgrade reported in late September.
By 14:03, shares had jumped 40.85% to 12.5p.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief executive Malcolm Norris said: "The board is highly encouraged by today's further resource estimate upgrade. Drilling continues at the Company's Kauffmans, Crunchie, Shilo, Double Scoop and Nicks Prospects with shallow, percussion drilling and deeper diamond drilling."
"Exploration also continues at the 21 other nearby prospects, which have been identified in the Rannes Project area, with the aim of delivering the Company's objective of defining two million ounces of gold equivalent," he said.
BC
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
