Resources and Energy Group has announced a 44 per cent increase in the resource at its Mount Mackenzie gold and silver project in Central Queensland.

It now stands at 3.42 million tonnes at a grade of 1.18g/tonne gold and 9g/tonne silver for a total of 129,000oz of gold and 862 ounces of silver.

Resources and Energy said the updated mineral resource estimate would be used for ongoing mine planning, which would provide a basis for advancing the project to detailed feasibility study stage.

Additional drilling and metallurgy studies will be carried out.

The updated resource estimate for the project, 150km north-west of Rockhampton, came after the company last month announced it was revisiting its figures as gold prices headed north of $2600.

The review follows scoping study results released in December that showed a strong case for the development of an open-cut gold mine, costing about $13 million to bring online.