Thor Mining PLC (LON:THR) saw its shares leap today after it unveiled a 55% increase in the resource at its Pilot Mountain tungsten project in Nevada.
The group said Pilot Mountain now has an estimated 11.73mln tonnes at 0.28% of WO3 (tungsten).
In reaction, the AIM-listed firm's shares jumped nearly 13%, or 0.1p higher to 12.88p.
Mick Billing, Thor’s executive chairman, said: "This is a significant step forward for the Pilot Mountain project. The resource inventory still has considerable growth potential via the GunMetal and Good Hope deposits, as well as more potential upside at Desert Scheelite and Garnet."
"Importantly, the grade of mineralisation at Pilot Mountain is relatively high and this underpins the robust nature of the project."
WATCH: Thor Mining's Mick Billing on big resource hike at Pilot Mountain
The upgrade follows the inclusion of the Garnet prospect for the first time, while Desert Scheelite, another target, was upgraded.
At Garnet, there is now an estimated 1.83mln tonnes (Mt) at an average grade of 0.36% WO3 (using cut-off grade of 1,000 ppm WO3), while Desert Scheelite now has an estimated 9.9 mln tonnes at an average grade of 0.26% WO₃ in addition to 19.39 gram/tonne silver (Ag), and 0.14% copper (Cu).
In addition, zinc grades at Garnet Zinc appear sufficient to produce a saleable bi-product to the Scheelite stream Thor said, with an exploration target at Garnet of 1.4 - 1.8 Mt at 0.5 to 1.0% Zinc or 7,000 - 18,000 tonnes contained zinc metal. The zinc potential was not included in the new resource estimate.
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