UPDATE: Playfair Mining Jumps 18% at the Open As Increases Tungsten Resource at Grey River
Playfair Mining Ltd. (PLY.V) started today's session with sharp gains of 18%, jumping to $0.065 from yesterday's $0.055 close, after announcing the results of an updated independent mineral resource estimate on its 100% owned Grey River Tungsten Deposit located near the fishing village of Grey River, Newfoundland.
The company said the results from the updated resource estimate indicate 1.2 million tonnes of inferred mineralization grading 0.730% WO3 containing 18.8 million pounds of tungsten trioxide or 853,000 metric tonne units.
The increase has resulted from an extension of the No. 10 Vein on the property by further drilling as well as the inclusion of a newly modeled vein on the hanging wall of the main exploration target, the No. 10 Vein and an additional vein to the north which is interpreted as a fault displaced extension of the No. 10 Vein, the company added.
At yesterday's close, PLY shares have touched 20-day SMA $0.055.
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