08:50 AM EDT, 04/10/2024 (MT Newswires) -- Allied Gold Corp. ( AAUCF ) , which saw its shares rise 2.1% yesterday, on Wednesday reported "positive" exploration results from the Tsenge gold prospect, an exploration target at the Kurmuk Project.

According to a statement these results are part of a program that is expected to "significantly" increase the mineral resources and mineral reserves at Kurmuk, "aligning with the company's goal of achieving a minimum of five million ounces of gold in mineral inventories at the project". The Kurmuk Project, currently in development and expected to enter production in the second quarter of 2026, is anticipated to have its mine life "significantly extended" by these multiple exploration targets, and in particular by the Tsenge gold prospect.

The company also reported "positive" exploration results at Sekekoto West, which is one of the new significant targets at Sadiola and where ongoing exploration activities continue to uncover additional near-surface oxide gold mineralization. These findings are set to enhance production at existing operations and supplement future ore feed to Sadiola, it said.

"These achievements highlight Allied's commitment to creating value through focused exploration, supported by this year's budget of $32 million. The aim of this investment is to extend mine life, improve production and margins, as the Ccmpany focuses on enhancing efficiencies and profitability through the development of the Kurmuk Project, the Sadiola Expansion and the optimization initiatives at its producing assets," Wednesday's statement added.