Focus Minerals says it has begun a swag of new exploration programs after bedding down a $225 million placement to China's Shandong.
The company said drilling had recommenced across its Treasure Island, Coolgardie and Laverton projects with 40 targets identified.
Focus is aiming to lift its mineral resource from 4.3 million ounces to 5.5 over the next three years and its ore reserves from 0.51 million ounces to one million ounces.
Focus Minerals chief executive Campbell Baird said the company had 1650 square kilometres of tenements in two world class gold producing districts, but less than 4 per cent of the tenements had been explored.
He said further drilling programs are planned to commence in the first quarter of the year.Focus shares were off half a cent, or 2.94 per cent, to 3.3 cents at 9.50am.
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