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Tungsten group W Resources (LON:WRES) says it's delighted with latest drill results from La Parrilla project in Spain, which beat expectations and will improve mine planning next year.
Drilling at the "fast track mine" (FTM) area, which got the green light for development last month, returned some high grade and near surface assays, including 40 metres at 0.32% tungsten from surface in one hole and 56.20m at 0.21% tungsten in another.
Chairman of the miner Michael Masterman said: "We are delighted with the latest drilling results at La Parrilla which highlight high grades in the south east of the FTM area as well as at La Parrilla West.
"The thick, high grade results in the FTM area are at the edge of what was previously considered the southern extent of the orebody - this is now open with significant grade and tonnage potential. These results enable us to better delineate the areas for mine planning next year and are higher than initially expected.
He added: "The project continues to make good progress, with metallurgical and process design work advancing well, and updated geological modelling underway for the updated JORC compliant mineral resource estimate.
"The resource update will be completed in Q1 2016 and will form the base of revised mine plan and design. We remain on track for production and cash flow generation from the Fast Track Mine in late 2016."
The plan is to construct La Parilla in two stages - a fast-track mine scheduled to be completed next year, following an estimated capital spend of US$16mln, where tungsten production will be between 1,200 and 1,300 tonnes per year with 110 tonnes of tin as a by-product
The full mine will come on stream in 2018 at 5,000 tonnes tungsten and 400 tonnes of tin.
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