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Mining highlights: W Resources, Bushveld, Hummingbird, North River, Wishbone, Xtract & more

Here’s the news highlights from the mining sector this past week.
W Resources saw a significant upgrade to its tungsten resources.

W Resources (LON:WRES) has seen a significant upgrade to its tungsten resource at La Parrilla in Spain.

The new JORC estimate is 51mln tonnes (mt) at 0.096% WO3 (tungsten trioxide) and 0.108% Sn (tin), but within that 36mt or 70% is now in the higher quality indicated category compared with nothing in the 2013 estimate of 47mt.

W Resources plans to develop the mine at La Parrilla in two stages and there is now a resource of 13mt at 0.101% WO3 identified in the Fast Track Mine (FTM) area.

Bushveld Minerals (LON:BMN) has had a value of more than US$400mln slapped on its Mokopane vanadium project in South Africa.

A pre-feasibility study (PFS) carried by a group of consultants estimated Mokopane’s reserves of 28.6mln tonnes would support a minimum of thirty years mining, running at annual production of about 1mln tonnes annually.

Hummingbird Resources (LON:HUM) chief Dan Betts delivered what he described as a “very pleasing piece of upside” with a desk-top study that revealed the potential of the Gonka deposit next to the Yanfolila gold project in Mali.

The results were announced alongside a funding update as the firm said the Taurus Mining Finance Fund had agreed a one-month extension to a US$15mln bridge facility, which now runs to March 8.

Shares in North River Resources (LON:NRRP) surged almost 27% as it took a key step toward a mining licence for its flagship Namib lead-zinc project. The firm has received from the ministry of mines and energy what's called a "notice of preparedness" to grant the document.

Shares in Wishbone Gold (LON:WSBN) broke out after it announced the paper acquisition of Precious Metals International (PMI), which has a precious metal and gem trading licence to operate in the UAE.

PMI's wholly owned subsidiary is Black Sand FZE, which has a gold, precious metals and gem trading licence.

Xtract Resources (LON:XTR) has been granted permission to re-start its processing plant at the Chepica gold mine in Chile. Ore will start to be processed again tomorrow morning and be back to full capacity in a few days, Xtract said.

The plant was shut in December following the deaths of two employees in an accident at the site. Since then, Xtract has been stockpiling ore it has been mining.

First drill holes from its Kvemo Bolnisi prospect in the Republic of Georgia have confirmed its potential for rapid development of a gold pit said Noricum Gold (LON:NMG). Surface grades included 4.2m at 5.91g/t gold and 4.8m at 1.05 g/t.

The low stripping rates make the prospect a unique opportunity said Greg Kuenzel, Noricum’s managing director, as it can use the nearby facilities of its partner to process any ore produced.

Patagonia Gold (LON:PGD, TSE:PAT) has exercised its option agreement to acquire Trilogy Mining Corporation's gold projects in Uruguay. The assets have good geological potential in a new jurisdiction, it said, and will enable the currently Argentina-based miner to diversify its geographical and political risk.

Rambler Metals and Mining (CVE:RAB, LON:RMM) has delivered approximately 8,000 wet metric tonnes (wmt) of concentrate from its facility in Newfoundland. The shipment was the twelfth from mine and its average grades of 26% copper, 14g/t gold and 107 g/t silver made it a high quality product by concentrate standards Rambler said.

SolGold (LON:SOLG) has released a batch of results from its recently completed programme at the Cascabel copper gold project in Ecuador. Four drill holes - Hole 13 through Hole 16 - encountered mineralisation. 

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