An updated reserves estimate for the Redbeard gold deposit, part of Millennium Minerals Ltd.'s Nullagine mine in Western Australia, outlined 153,000 tonnes grading 3.5 g/t for 17,200 ounces in the probable category.

The company said July 3 that production from the oxide deposit is on track to start later in the month.

Reserves are included within measured and indicated resources and surveyed stockpiles and were estimated using a cutoff of 0.7 g/t.

Millennium said the Redbeard analysis represents a resource-to-reserve conversion rate of 76%, making it the highest-grade deposit defined to date at Nullagine. Deeper drilling is underway on the Redbeard deposit as part of the company's plans to assess a potential underground operation.

The company is also planning to complete initial resource estimates for the Golden Gate mining center, which is next to Redbeard and was last mined in 2014.