Resources across three deposits now stand at 10.5 million tonnes at 2.11 grams per tonne gold for 712,000 ounces of gold, using a 0.5gpt cut-off.

The update includes a maiden indicated resource of 8.4Mt at 2.01gpt gold for 541,000oz.

The bulk of the resource, comprising 654,000oz, sits within the flagship Klondyke deposit.

Calidus has completed 15,611m of drilling at Klondyke and surrounding areas in the past six months.

“To increase our high‐grade resource base by 74% within six months of listing by targeted drilling underpins the unique attributes of the Warrawoona project where outcropping gold mineralisation allows rapid and cost‐effective ounces to be added to this rapidly developing project,” Calidus managing director Dave Reeves said.

“We intend to keep this momentum going in the new year with extensional drilling of the resource, both down-dip and along strike planned. In addition, we plan on converting some of the large number of satellite targets to resource status in the coming year.

“Our planning for this is well-supported by our current cash position that allows a continuation of the aggressive program we have pursued to date.”

Calidus recently raised $10 million for the next stage of work at Warrawoona, and has received an Exploration Incentive Scheme grant of $140,000 from the Western Australian government for deeper drilling at Klondyke.

The company is planning to kick off a prefeasibility study at Warrawoona late next year.

Bell Potter Securities analyst Duncan Hughes initiated coverage on Calidus earlier this month, flagging a circa 700,000oz resource upgrade, but at a lower grade of 1.75gpt gold.

“We see potential for a plus-1Moz project at Warrawoona which we believe could support a standalone operation,” he said.

“Metallurgy looks simple as does mining and access. However, the project is only 65km from the Nullagine gold project so a fall back toll treat option may also exist.

“In addition, the recent arrival of Novo Resources on the register as well as the JV arrangement add to the potential value creation options at Warrawoona.”

Calidus was created earlier this year when AIM-listed Keras Resources vended its Australian gold assets into listed ASX shell Pharmanet.

Shares in Calidus were untraded at 4c this morning. Bell Potter had a speculative buy rating and 5.5c price target, prior to today’s release.