Kefi Minerals (LON:KEFI) marked off another step in its rapid exploration at the Jibal Qutman project in Saudi Arabia - with a resource upgrade.
The new JORC estimate for total indicated and inferred resources now stands at 17.7 million tonnes at 0.84 grams per tonne (g/t) gold for 480,000 ounces of the yellow metal.
Importantly, of that, 77% of material has now been lifted into the higher confidence indicated category.
That now stands at 13.6 million tonnes (Mt) at 0.87 g/t gold for 383,000 ounces, while inferred amounts to 4 Mt at 0.74 g/t for 97,500 ounces gold.
Managing director Jeff Rayner told investors: "We are delighted with the rapid success of our exploration programme.
"From licencing in mid-2012 to discovery in late-2012; now another resource upgrade whilst we continue steady progress on plans for a mining lease application in early 2014.
"We are dedicated to continuing our rapid progress towards development of the Jibal Qutman resource and we look forward to updating the market in due course."
A second phase of RC (reverse circulation) drilling is on-going, the firm added, with mineralisation remaining open along strike at the South, 3K Hill and 4K prospects.
Meanwhile, a new area of mineralisation has been discovered called the East zone and this is being drill tested, the firm added.
Pre-feasibility studies are now underway to accompany an application for a mining licence planned for the first quarter of 2014.
Kefi shares rose 2.08% in early deals.