W Resources PLC (LON:WRES) shares rose on Monday as the firm said it hit high-grade intersections from recent diamond core and reverse circulation drilling at the Régua mine development in Northern Portugal.
The company has completed over 2.73 kilometres of drilling comprising 916 metres of diamond core drilling, plus 1,809 metres of RC drilling.
The results confirm thick higher grade zones closer to the planned mine portals, including 29 metres at 0.75% tungsten trioxide (WO3) and six metres at 0.43% WO3.
The next phase will be to complete the updated resource estimates and mine optimisation planning to incorporate these new results which are expected to increase plant feed grades in the planned initial mining phase.
"The exceptionally good drilling results at our Régua tungsten project in Portugal bode well for increases in mine feed grades and overall resource tonnages,” said W Resources chairman Michael Masterman.
“The high-grade zones are thicker and closer to the planned two mining portals, indicating the potential for higher ROM feed grades and lower unit costs. We will now complete updated resources estimates and optimise initial mine plans."
In afternoon trading, shares in W Resources were 4.4% higher at 0.47p.
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