Australia-based gold miner Gascoyne Resources is set to more than double its exploration budget following strong results.

The board of the company has approved increasing the FY2021 Exploration Budget from A$3m ($2.28m) to A$6.3m ($4.79m) to support the testing of several gold targets across its project portfolio.

The company, based on drill results, plans more than 70,000m of continuous drilling for its Western Australian assets.

It includes further resource extensional drilling at Gilbey’s, Sly Fox and Plymouth as well as additional aircore and initial RC drilling at Dalgaranga regional targets.

The plan also includes a drilling programme at the Glenburgh-Mt Egerton project as well as aeromagnetic surveys at Mumbakine Well and Glenburgh.

Gascoyne Resources managing director and CEO Richard Hay said: “We are very pleased to now be in a sufficiently strong financial position to do greater justice to the excellent exploration potential we see at Dalgaranga and our other exploration projects in Western Australia.

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“The doubling of our FY2021 Exploration Budget to A$6.3m, with the increase fully funded from operational free cashflows, primarily as a result of solid operational results and an excellent in-the-money hedge position.”

Gascoyne Resources focuses on exploration and development of multiple gold projects in Western Australia.

The company’s wholly owned subsidiary GNT Resources operates its flagship Dalgaranga Gold Project. The group also includes several non-operating wholly owned subsidiaries which hold ancillary assets.

Hay added: “We continue to deliver on what we said we would do in terms of production from the Dalgaranga operation and pursuing organic growth by actively exploring the Company’s high quality projects. I look forward to updating the market as we progress these activities.”