Shares in Batavia Mining Ltd surged as the junior miner announced a 130 per cent increase in the size of the resource at its key gold and copper project in Western Australia.
Batavia said a drilling program at the Deflector deposit at its Gullewa project had led to the new calculation of a total resource of 775,000 gold equivalent ounces compared to the previous estimate of 322,000 ounces.
The Perth-based company said the new estimate, prepared by Snowden Mining Industry Consultants, represented a 130 per cent increase in total mineral resource tonnes and a 140 per cent increase in gold equivalent ounces.
Shares in Ridley soared after the announcement trading up as much as two cents or 50 per cent at six cents before easing to 5.8 cents at 1137 AEDT.
Batavia said it would bring Gullewa into production as soon as possible and was also working on gaining an exploration licence for advanced uranium targets in the Northern Territory.
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