(REUTERS) -- Brigus Gold raised the resources estimate at its Black Fox project in Ontario by more than 50 percent.

The indicated resources at the project are expected to increase from the current 116,710 ounces upon further drilling next year.

The company's exploration program continues to confirm the potential for new gold discoveries within the Black Fox Complex, which covers about 18 square kilometres within the Timmins mining district, it said in a statement.

Brigus has an C$8 million surface exploration budget for 2012, it said.

Shares of the company closed at C$1.10 on Wednesday on the Toronto Stock Exchange.