Michael McNeilly, chief executive of the AIM resources investor, said the “short confirmatory drill programme” had yielded five high-grade tungsten intersections as well as three high-grade gold intersections.
The tungsten intersections had an average grade of 0.3% tungsten trioxide, compared to the typical grade of 0.1% for commercial tungsten deposits. The gold intersections meanwhile, had ranged between 9.7 grams per tonne (g/t) and 96.2 g/t.
The programme had been conducted in a “cost-effective manner” McNeilly added, utilising spare drill rig capacity and with staffing from Mineral Exploration Network (MEN) Finland Limited, MTR’s joint venture (JV) partner for the project.
“We are currently considering the next steps for the project with our JV partners and will provide further updates in due course.”
Shares were up 6.1% at 1.3p.