Ovoca Gold has found potential gold resources at its Stakhanovskiy project in the Magadan region, Russia, but said more development work was needed.

It said studies at Stakhanovskiy had identified four mineralised areas, namely Zabolocheniy, Albitoviy, Burovaya, and Berezitoviy.

Most of the mineralisation was shallow dipping and drilling is yet to close the mineralisation off at depth, giving rise to extra resource potential, it said.

Zabolocheniy retains the greatest potential for future resource development, while more potential also exists at Burovaya and selected areas of Berezitoviy.

The group said in a statement: "An updated resource estimate not only converts our previous resource estimate to higher resource categories but also proves the potential of the licensed area and encourages our team to continue the development of the project."

Shares fell 0.12p to 8.62p at 15.45pm in London.

PW

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