Kaiser Reef (ASX:KAU) converted the historical Union Hill waste dumps at the Maldon gold project in Victoria into a low-grade stockpile after completing a drilling program, according to a Wednesday Australian bourse filing.
The stockpile is estimated to be 566,000 tonnes at 0.48 grams per tonne grade of gold for 8,649 ounces of gold.
The drilling program consisted of 163 drill holes for a total of 2,212 meters.
Its shares rose 1% in recent trading on Wednesday.
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