S&P/ASX 300 Index (ASX: XKO) gold stock Resolute Mining Ltd (ASX: RSG) is pushing higher today.
Resolute Mining shares closed yesterday trading for $1.045 a share. In early morning trade on Tuesday, shares are changing hands for $1.055 apiece, up 0.9%.
This sees the Resolute Mining share price up a jaw-dropping 176% since this time last year.
For some context, the ASX 300 is down 0.7% today and up just under 4% over 12 months.
Here's what's catching ASX investor interest today.
ASX 300 gold stock expands African gold resource
Before market open today, Resolute Mining announced an initial Mineral Resource Estimate (MRE) at its La Debo Project, located in Côte d'Ivoire (formerly the Ivory Coast).
The ASX 300 gold stock is lifting today, with the new MRE coming in at 643,000 ounces of contained gold. That's 60% larger than historical estimates at the site.
Management credited the boosted gold estimates to exploration success at Resolute Mining's G3S prospect on the La Debo permit. The company said it intends to focus future exploration on extending the high-grade mineralisation at G3S. It will also drill test new targets within the permit area.
Last month, the ASX 300 gold stock was granted two new exploration permits adjacent to the La Debo permit. Resolute said it aims to kick off exploration across these permits in 2026, with the potential for the resources at La Debo to expand further. Depending on the exploration results, the MRE may then be updated in late 2026.
The miner noted that it now has more than 7 million ounces of gold resource across three assets in Côte d'Ivoire.
What did management say?
Commenting on the initial MRE that's boosting the ASX 300 gold stock today, Resolute Mining CEO Chris Eger said, "We are pleased to release an initial JORC resource for the La Debo project in Côte d'Ivoire. The exploration team has done a great job adding over 250,000 ounces of contained gold to the historic resource."
Eger added:
The initial MRE of over 640,000 ounces of contained gold forms a strong foundation at La Debo. We are confident of expanding the resources further and will continue exploration over other prospects on the La Debo permit.
Moreover, initial exploration work is planned on the two newly granted exploration permits that are only 15 kilometres from the resource announced today.
Looking ahead, Eger concluded, "With exploration projects in Côte d'Ivoire, Senegal and Guinea, Resolute is well-positioned to continue building a diversified pipeline of high-quality projects."
