The results extend the mineralisation zone to the north and south of Giles, and feasibility studies have been commenced towards fast track development of the project. Initial resource calculations are still being calculated, the company said.

The best of the drilling results included GSRC17, which produced 9m grading at 11.72 grams per tonne of gold from 73m; GSRC24 – 19m at 17.4gpt from 30m; and GSD01 – 4m at 10.4gpt from 16m.

Hole GSRC24 extends the high grade zone 50m further north. Drilling along strike continues.

The existence of a possible parallel mineralised zone is also becoming evident, the company said.

Croesus expects any mining operation to be very low cost as the orebody is shallow, the area is heavily weathered to 50m below the surface and no ground water has been encountered during drilling.

The level of drilling has been increased at Davyhurst, with three drilling rigs now in operation. RC and RAB drilling is continuing at Giles.