Gold explorer Range River Gold Ltd (ASX: RNG) saw its stocks soaring on Monday following its announcement that it has upgraded the open-pit resource potential of the company's two reservoir sites of its Mt Morgans project in Western Australia.

Company shares surged by up to 10 percent to 2.2 cents during the early part of the market's opening yet it retreated by 1450 AEST but still managed to retain the two cents it gained or 5.26 percent to end up trading at 2.1 cents.

Range River was able to achieve considerable outputs of ore from Mt Morgans earlier in February and more site evaluations were being conducted to determine whether an expansion would be viable enough.

The company reported that on its recent drillings at the Ramornie North deposit, top gold grades of up to 11.5 grams per tonne (G/T) were identified while the Sarah deposit drilling yielded a hit of 20.5 grams per tonne.

Managing director Rick Watsford said that the results so far were in line with the company's target of racking up additional 10,000 to 20,000 ounces for its proposed production aim of up to 40,000 in the current fiscal year.

That number, according to Mr Watsford, would be further boosted to some 100,000 ounces per annum as the company embarks on higher production goal within the next five years.