This is a 94% increase on the previous estimate of 277,000 ounces of gold.
The update incorporates infill and extensional drilling at a number of Redcliffe deposits including Nambi, Bindy and Golden Terrace South (GTS).
NTM recently intersected high-grade gold from drilling at the GTS prospect, including 11 metres at 4.51 g/t gold.
Key value driver for NTM
NTM managing director Andrew Muir said: “The updated mineral resource estimate for Redcliffe is a significant milestone for NTM that has been some time coming, following an extensive period of drilling.
“The updated 538,000 ounce resource highlights the potential of the project and provides a key value point for NTM.
“However, we see significant upside beyond this resource, with many deposits still remaining open, as well as the potential for new discoveries with a sizeable portion of Redcliffe unexplored.”
Majority of deposits remain open at depth
The resource estimate is a key milestone in the company’s history and demonstrates the potential of the Redcliffe Project.
The majority of deposits remain open at depth or strike or both and present obvious near-term exploration targets.
NTM intends to expand exploration activities in the coming half, with drilling aimed at adding to the current resource base via new discoveries as well as incremental additions around the known deposits.