25th Mar 2015 08:13
LONDON (Alliance News) - Wolf Minerals Ltd Wednesday said the ore reserve at the Hemerdon tungsten and tin project in the UK has increased by 34% after it completed a six hole geo-technical drilling programme in the fourth quarter of 2014.
The new ore reserve stands at 35.7 million tonnes of ore at 0.18% tungsten and 0.03% tin, compared to 26.7 million tonnes at 0.19% tungsten and 0.03% tin reported in the definitive feasibility study carried out on the project in 2011.
The new ore reserve represents a 34% increase on the previous ore reserve, and Wolf said it will add a further three years to the mine life.
"Consistent with Wolf's expansion plans for the project, the drilling program was designed to better understand the strength of the wall rocks with a view to steepening the final pit slope, resulting in a deeper open pit and increased ore reserves," said the company.
Wolf Mineral shares were up 10.1% to 21.75 pence on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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