Alacer said Ardich held a measured and indicated resource of 6.9 million tonnes grading 1.32 grams per tonne (g/t) for 294,000 ounces. The inferred resource of 2.2Mt held 85,000oz at 1.2g/t.

The company said the size of the deposit was "highly prospective", with this resource estimate being the first for a potentially larger deposit.

The resource estimate was based on only the first 55 diamond drill holes completed and did not include any of the 42 drill assays received after the resource cut-off date of October 1, the company said. These additional holes indicate the current resource estimate will grow.

"Ardich represents the next stage of our successful organic growth strategy as we work to add a fourth ore source to our portfolio. The Ardich mineral resource continues to demonstrate the oxide ore prospectivity from the Çöpler District," said Alacer CEO Rod Antal.

"In parallel to continuing to define and grow Ardich, we will advance the environmental, permitting and processing options to ensure pathways for low-cost, near-term development of Ardich are achievable."

Ardich is next to the Çöpler mine plant and has an existing access road connecting the nearby Çakmaktepe operations.

Alacer said there was an opportunity to either process Ardich oxide ores at the existing and expanded Çöpler oxide plant, or to construct standalone processing facilities at Ardich.

The company will undertake a feasibility study in 2019 to weigh options for a 20Mt expansion of the Çöpler heap leach pad. It would also consider options for standalone facilities and heap leach pad facilities of varying size (some more than 50Mt), should the Ardich deposit grow to the full extent of the 2km mineralised target, the company said.

Alacer owns 80% of the Ardich deposit and used a gold price of C$1,500/oz for calculating the resource estimate.

The company gained C3c or 1.4% on Monday to $2.17, after last peaking at $2.97 in July. It has a market value of $637.633 million.