Overall resources have jumped 87% to 449,000 ounces grading 1.7 grams per tonne, including a maiden high-grade indicated resource of 81,000oz at 3.4gpt. 

 

The resource estimates use a 0.6gpt cut-off.

 

The past year has seen the company successfully deliver extensions to known mineralisation at the Montague-Boulder deposit, which now host 163,000oz at 1.7gpt, but it has also been able to add new discoveries such as Evermore and Achilles North to the mix. 

 

The maiden resource for Achilles North/Airport is stated at 99,000oz at 1.5gpt, while the initial estimate for Evermore is 67,000oz at 1.6gpt, however Gateway says the wide-space drilling means there is plenty of scope for growth.

 

The resources are dominated by open pittable material above 100m depth and include a significant oxide component.

 

Gateway aims to deliver an updated resource for the 120,000oz Whistler deposit in early 2022.

 

The explorer recently completed RC drilling at the Julias and Kashmir prospects, an early step-out to test targets within 5km of the Montague Granodiorite intrusion.

 

Recent aircore drilling at Julias returned 13m at 4gpt gold and 1m at 8.6gpt gold in a new shallow oxide zone, while Kashmir is a soil anomaly that's along strike from Horizon Gold's 204,000oz Howard resource.

 

Once the assays are in it plans more significant drilling next year, including the Monarch target, located immediately east of Kashmir. The Monarch mining area was worked with shafts in the 1930s, but where are just five historical RC holes.

 

Managing director Mark Cossom said the significant growth from the previous inferred resource of 240,000oz at 2.2gpt for just Montague-Boulder and Whistler showed the broader potential of the 1000sq.km Gidgee project.

 

"It represents a stepping-stone towards what we believe will emerge as a very significant shallow resource inventory at Gidgee at very attractive grades," he said.

 

Last month the company raised A$6 million in an oversubscribed placement at 1.7c per share.

 

Cossom, one of three directors who backed the raising along with major shareholder Kerry Harmanis, believes former owner Herald Resources developed the easy targets in the 1980s and 1990s, but left behind significant potential. 

 

Gateway is targeting 1Moz of gold at Gidgee.

 

Shares in the explorer were off 6% today to 1.6c today, valuing it at $38 million.

 

The stock has traded at 1.4-3.7c over the past year.