Shares in Papillon Resources moved higher after the explorer announced a 22 per cent upgrade of the mineral resource estimate at its Fekola gold project in Mali.
The updated mineral resource estimate for the project is 68.29 million tonnes averaging 2.35 grams per tonne gold for a contained 5.15 million ounces at a lower cut-off grade of one gram per tonne gold.
The company said measured and indicated resource categories account for 90 per cent of the estimate or 4.64 million ounces.
Papillon said the mineralisation remained open at depth and along strike allowing potential for further resource growth.
Managing director Mark Connelly said a recent pre-feasibility study demonstrated Fekola's ability to support a large-scale, long-life, low-cost operation.Papillon shares were up 3.5 cents, or 3.04 per cent, to $1.185 at 8.50am.