The company believes a further 1-1.5 million tonnes at 3-5gpt gold containing 100,000-200,000oz is possible.

Drilling is now set to get underway.

The exploration comes as processing at the overall Way Linggo project is understood to have ceased earlier this month, with mining having stopped earlier this year due because of COVID-19 restrictions.

Production in the September quarter was forecast earlier this month at 2200oz.

Kingsrose had cash and bullion worth A$34 million at the end of July.

Shares in Kingsrose were down 3% to 3.6c in afternoon trade, capitalising the company at $26.3 million.