The Resolute Mining Limited (ASX: RSG) share price has been a strong performer on Thursday.
The gold miner's shares are up a sizeable 4% to $1.21 at the time of writing.
Why is the Resolute share price charging higher?
As well as getting a boost from a jump in the gold price overnight, investors have been buying its shares following the release of drilling results from its Syama Satellites in Mali.
Resolute's drilling campaign has been focused on expanding the mineral resources at its satellite prospects.
According to today's update, excellent results have been received and will expand sulphide resources at Tabakoroni as well as build on the open pit oxide mineral resource inventory at Tabakoroni, Cashew and Paysans.
The company's managing director and CEO, John Welborn, was happy with the continuing exploration success at Syama.
He explained: "We continue to receive excellent high-grade intersections from drilling at Tabakoroni. We remain confident that further drilling will expand our underground resource model and form the basis of a future high-grade underground mine."
"Of equal importance is our success in growing available oxide resources. Open pit mining at Tabakoroni is exceeding expectations with high grade ore resulting in record production from the Syama oxide processing circuit in 2019. The success of our regional oxide exploration programs provides obvious opportunity to extend the oxide mining inventory," he added.
What's next for Resolute?
These activities are set to continue in 2020, with management intent on accelerating its investment in exploration at Syama.
By the end of the year it is optimistic that its studies will be complete. And if the studies confirm the feasibility of the project, development is expected to commence within two years.
Elsewhere in the industry, Northern Star Resources Ltd (ASX: NST) and Saracen Mineral Holdings Limited (ASX: SAR) shares are trading higher today following the rise in the gold price.
