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Shares in Element 25 (ASX:E25) jumped 7% on Tuesday morning following an MRE upgrade that puts 47% of resource into the measured and indicated category.
The upgrade relates to the company’s Butcherbird manganese project in the Pilbara region of WA where the freshly updated MRE is to demarcate the commencement of Stage 2 expansion.
All in all, the company is busying itself towards an extension of the overall LOM of the project.
It also wants to produce up to 1.1Mtpa of “medium-grade high silica manganese ore.”
Infill drilling data at several key deposits were used to boost the JORC estimate; the measured and increased resources have technically increased 142% (but still only reflect half of the company’s ‘global’ resource.)
Those HotCopper users who commented in the fairly quiet announcement thread were clearly pleased with the update.
“I had to re-read this… 47% of our resource is now Measured & Indicated, not Inferred,” user Schumacher703 wrote.
“HUUUGE results for E25. Very happy.”
Element 25 last traded at 31cps.
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