Forrestania Resources Updates Mineral Resource Estimate for Western Australia Gold Deposit; Shares Up 3%

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Forrestania Resources (ASX:FRS) reported an updated mineral resource estimate for the British Hill deposit in Western Australia of about 3.3 million tonnes at 1.66 grams per tonne (g/t) grade of gold for 175,690 ounces of the precious metal, according to a Monday filing with the Australian bourse.

The updated estimates include about 2 million tonnes at 1.54 g/t within the indicated category for 100,260 ounces of gold at a 0.5 g/t gold cut-off, per the filing.

The mineral resource estimate is supported by results from the first six drill holes of the current drill program, which comprises 1,940 meters, the company said, adding that the remainder of the program is ongoing with three reverse circulation rigs.

The company's shares gained about 3% in recent Monday trade.

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