Emerald Resources (ASX:EMR) has had something of an early Christmas, boosting its Memot Gold Project (MGP) resource by 120%, to 1.03Moz.

That comes in at a rejuvenated calculus pointing at 19.5Mt of ore graded at 1.65g/t gold.

Just shy of 70% of the company’s resources is classed in the ‘Indicated’ confidence level; mineralisation underground at MGP is interpreted to remain open omnidirectionally.

Four diamond drill rigs are active on-site ultimately carrying out extensional drilling ahead of yet another resource upgrade tipped for mid-2025.

Feasibility studies underpinning MGP remain ongoing, but Emerald wrote Friday it believes at this time the MGP could easily become a second Cambodian standalone gold project. Emerald picked up the project in 2021.

“In parallel with the Stage 2 drill program, the company has been progressing with feasibility studies which will continue along with licencing and permitting with the view of commencing development of the project in 2025,” Emerald MD Morgan Hart said.

“Results from the recently completed program has [sic] seen the resource ounces over double, demonstrating that the deposit remains open in all directions and at depth and confirms our view that the Memot Gold Project will become our second operation in Cambodia.

“Positive results obtained from ongoing metallurgical studies confirm a high gravity component in the orebody that suggests a conventional CIL process flow sheet will be economically optimal.”

However, the news wasn’t enough to save Emerald from the red on Friday – shares were down towards 4% around the start of lunch.

EMR last traded at $3.67.

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