Tertiary Minerals (LON:TYM) is looking forward to results from the drilling, now in progress at its MB fluorpar project in Nevada, it told investors in its results for the year to end September.
The firm said 2015 had seen a 132% increase in the contained fluorspar in the JORC estimate at the site, with the indicated category now housing 6.1mln tonnes at 10.8% fluorspar and inferred 80.3 million tonnes grading 10.7%, at a 9% cut-off.
The main aim of the fourth phase of work is to test the extent of high grade mineralisation at the newly disovered western area.
Drilling will be carried out December and January and the aim is to use the results to upgrade the current JORC resource estimate during the first half of 2016.
That will enable work in the second half, which includes metallurgical testwork, a scoping study and mine permit planning, the firm said.
Meanwhile, at the Storuman project in Sweden, the mine permit application has progressed through the final stages of consultation and a decision is anticipated shortly.
In keeping with a company at this stage, the loss before tax was £674,991 compared to £358,807 in 2014.
Richard Clemmey, managing director, said: "It has been a year of solid progress on our key Storuman and MB fluorspar projects.
"We have increased our fluorspar Mineral Resources at MB substantially in 2015 and hope to secure the Mining Concession at Storuman shortly.
"We are looking forward to the results of drilling now in progress at MB and to advancing economic and technical studies in 2016. "