Australian gold mining company Hill End Gold Ltd. said Monday that the estimated amount of gold at one of its projects has risen by 140 percent.

The indicated resources at the company's Big Nugget Hill deposit, which is part of the Hargraves project in central New South Wales, has risen to 143,000 ounces.

This significant upgrade of much of the Inferred Resource to Indicated Resource category results from an independently conducted due diligence and peer review of the geology and resource estimate within essentially the same portion of the Big Nugget Hill Deposit as used in the previous resource estimate, the company said in a statement.

Nearly all of the new indicated resources estimate occurs between the surface and a depth of about 150 feet.

This significant re-estimate of resources at Hargraves follows the gold price increase and additional drilling on the Big Nugget Hill Deposit, Philip Bruce, managing director said.

The independently reviewed uplift in our Indicated Resource will lead to a pre-feasibility study to assess the potential ore reserves at the Deposit and will reinforce our drive to advance our projects to development. At the same time we plan further drilling to increase our resource base to over one million ounces.

Gold Gold Gold Australia