"The Taurus resource estimate confirms the potential for significant bulk-tonnage deposits at the Cassiar property," president and CEO Tyler Rice said.

The inferred resource comprises 21.8 million tonnes at 1.43 grams per tonne gold for 1Moz, using a 0.7g/t cut-off.

Margaux acquired Cassiar in June through an all-share option agreement with Wildsky Resources.

The property is said to have produced about 920,000t grading an average 11.9g/t gold for 350,000 ounces, primarily between 1979 and 1997 and at different operations.

Margaux said the property had since been amalgamated and now spanned 56,000ha.

It said the Taurus resource was based on results of 423 drill holes completed to date at Cassiar.

Rice said a focused 2020 exploration programme would include drilling.

"The extent and strength of the gold-bearing system on the property is quite remarkable and we look forward to exciting times ahead as we drill to expand the Taurus resource and to test other quality targets on the property," exploration vice president Linda Caron said.

Cassiar also contains a 2010 resource for the Table Mountain area, comprising an indicated 21,470t at 18.02g/t for 13,650oz and an inferred 65,750t at 24.3g/t for 56,360oz, the company said.

It raised about C$855,000 (US$649,000) in July at 7c per unit and 8c per flow-through unit for exploration and general working capital.

IAMGOLD president and CEO Steve Letwin is an advisor to Margaux and it has McEwen Mining president and COO Chris Stewart among its directors.

The company also has the Sheep Creek orogenic gold project in BC.

Margaux's shares are up 200% year-to-date.

They closed down half-a-cent yesterday to 9c, capitalising it at $8.4 million (US$6.4 million).