Capricorn Metals (ASX:CMM) has announced its Mt Gibson Gold project mineral resources estimate has increased by 32%.

The new estimate is 2,755,000 ounces, and includes 2,106,000 ounces in the Indicated category, providing a strong basis for the maiden ore reserve estimate targeted for later in the current quarter.

Capricorn says the average vertical depth of MRE shell is only 160m, presenting continued opportunity to increase resources and convert inferred with further drilling over 8km of resource strike.

Capricorn?s share price closed 10% higher today.