The initial mineral resource for the project has been set at 27.4 million tonnes grading 1.2g/t Au totaling 1.02 million oz Au in the indicated category and 5.2 million tones grading 1.2g/t Au totaling 198,000oz Au in the inferred category.

The Canada-based company's president and CEO Nana Sangmuah said the resource suggests a "stand-alone project status" for Kandiole.

"The good metallurgical recoveries, high-grade starter pit, low strip ratios, and the high-quality resource with 84% included in the indicated resource category and 72% within saprolite, points to a potential high-margin LOM operation," Sanmuah said.

The maiden pit constrained mineral resource is inclusive of gold mineralization from six deposits: Mankouke South, Mankouke Central, Kandiole 1, Kandiole 2 and 4, Kabaya and Moussala, Roscan noted.

Discovery areas of Disse, Walia, and Mankouke West were not included due to insufficient drilling to date, it said.

"Importantly, this initial resource is just the beginning for the overall project potential, the mineral resource remains open to further growth with the pending results from our incremental drilling, which remains ongoing," Sanmuah said.

The CEO said management plans to commence "in short order" environmental studies to facilitate permitting and de-risking of the project development.

Roscan's share price rose 6% day on day to C$0.345 (US$0.28) on June 8, giving the company a market capitalization of C$129.48 million.