Tungsten West PLC on Monday said mineral resource and ore reserve estimates have increased for its Hemerdon project.

The London-based owner and operator of Hemerdon tungsten and tin mine in Plymouth said its ore reserve estimate showed a 60% increase in tonnage and a 10% increase in contained metal from 2021’s estimate.

The company also reported mineral resource estimate indicated that there was a 7% increase in tonnage and a 1% increase in contained metal from 2021.

The Hemerdon deposit is now estimated to be the second largest reported CRIRSCO standard tungsten reserve and resource globally, the firm said.

CRIRSCO refers to the Committee for Mineral Reserves International Reporting Standards

Tungsten West said the Hemerdon ore reserve is now 101.2 million tonnes at 0.14% tungsten trioxide and 0.03% tin, while the Hemerdon global mineral resource is 351.5 million tonnes at 0.12% tungsten trioxide and 0.03% tin.

Executive Vice-Chair Mark Thompson said: ‘The increase in both the ore reserve and mineral resource at Hemerdon further highlights the world class nature of the deposit we have in Devon.’

‘We intend to continue to build on this world class asset and continue the trend of adding value through reserve and resource growth through future drilling campaigns as indicated by the scale of the proposed exploration target,’ he added.

Tungsten West shares were up 7.2% at 15.70 pence per share on Monday morning in London.

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