Shares in Phoenix Gold hit a record high of 39 cents yesterday as the Kalgoorlie-based explorer continues to ride a wave of investor support.

Phoenix stock has risen 23.9 per cent in the past six trading days, which included Friday’s announcement the company had grown its resource base to 2.52Moz.

The upgrade represents a fourfold increase in less than two years and Phoenix is now targeting 4Moz next year with 215,000m of drilling planned as part of a $20 million exploration campaign.

Phoenix’s flagship Castle Hill project, about 25km west of Kalgoorlie- Boulder, will be the main focus, with more than 100,000m of drilling planned to grow the resource beyond the current 1.1Moz.

“Phoenix is now well funded to accelerate the large drilling programs and complete the definitive feasibility study on our core projects by December 2013,” Phoenix managing director Jon Price said.

“Next year will be a company-defining year for Phoenix, with significant resource growth expected together with a detailed economical evaluation to progress to mine development and construction of a standalone processing facility.”

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