(REUTERS) --African Barrick Gold raised the mineral resource estimate for its Nyanzaga project in Tanzania, and said the project had the potential to become its next mine in the country.

The miner's Nyanzaga project, which comprises the Tusker and Kilimani mineralised zones, is located within the Sengerema District in the Mwanza region of the east African nation.

The London-based company, a unit of the world's largest gold producer Barrick Gold, now estimates the amount of gold contained in the project at over 4.6 million ounces, up from its previous estimate of over 4 million ounces announced in January.

African Barrick has 4 producing mines, all located in northwest Tanzania.

The company's shares, which have shed about a quarter of their value since the company gave out a disappointing forecast in February, rose nearly 2 percent to 393 pence at 0709 GMT on Tuesday on the London Stock Exchange.