New Carolin Gold Corp., formerly Module Resources Inc., said Tuesday a preliminary study of a gold deposit is southeastern British Columbia shows an existing gold resource of 728,429 ounces.

The figure, which includes measured, indicated and inferred categories, covers gold at the Carolin Mine, located within its Ladner Gold Property.

The estimates are indicative of the potential gold resource at present and which the company believes will be increased with further exploration, New Carolin said in a statement.

Additional drilling will be needed to determine the full extent of the gold resource.