Almonty Industries Inc. (TSXV:AII) announced that it has an updated mineral reserve and resource estimate for its Los Santos project. The Company also has an updated NI 43-101 report for the project. The complete new report was filed on SEDAR.
As quoted in the press release:
The resource estimate includes 3,037,000 tonnes of measured and indicated mineral resources with a WO3 average grade of 0.30%, plus, 1,416,000 tonnes of inferred resources with a WO3 grade of 0.20%. The currently planned open pits and underground mine contain 2,062,000 tonnes of proven and probable mineral reserves with a WO3 average grade of 0.36% The planned pits also contain inferred resources of 447,000 tonnes with a WO3 average grade of 033%.
Almonty, Chairman and CEO, Lewis Black, stated:
We are very pleased with the upgraded resource estimate at the Los Santos Project adding over 10% to mineral reserves with an increase of more than 20% of contained tungsten, all from a 9-month, 5,000 metre exploration campaign in fiscal 2012.