The company also reported a new consolidated Measured and Indicated gold Mineral Resources of 2.52 million ounces, representing a 167% increase.

“This update marks the establishment of our very first consolidated Mineral Resource and Reserve estimate across our two primary assets in Beta Hunt and Higginsville, completed on schedule despite significant drilling delays associated with covid-19 precautions during the middle of the year,” said Paul Andre Huet, Karora Chairman & CEO.

“Importantly, the very large increases are net of mining depletion through to the end of the third quarter of 2020.”

At Beta Hunt, where the company announced the maiden Mineral Reserve estimate last year, Karora added 176,000 ounces, representing a 57% increase over 2019. The mine, located 600 km from Perth in the mining town of Kambalda, is a deposit with the very rare feature of hosting both gold and nickel resources in adjacent discrete mineralized zones.

At Higginsville, located approximately 75 km south of Beta Hunt, when compared to the previous historical estimate completed by Westgold Resources in 2018, 2020 drilling and re-estimation efforts added nearly 500,000 ounces, increasing Mineral Reserves by 130%.

The company expects to have an updated Mineral Resource and Reserve estimate completed at its Spargos Reward open pit in the first half of 2021.

Shares of Karora Resources jumped 9.5% by midday Wednesday. The Toronto-based miner has a market capitalization of approximately C$533 million.