Keras Resources said it had discovered higher-than-expected grades of manganese after testing samples taken from stockpiles at the Nayega project in Togo.
Assay results indicated average manganese grades of 41.15%, which the company said was 18% higher than the budgeted grade of 35%.
'The initial assay results from the bulk sampling testwork programme at Nayega have exceeded our expectations,' chief executive Russell Lamming said.
'Most importantly, these results also exceed the required manganese specifications of the third-party producer of manganese-based alloys, who have funded the bulk sample.'
'With the current installed plant capacity, Nayega will be able to produce circa 6,500 tonnes per month of manganese ore without any further capital investment.'
'With this in mind, the project is proving to be a significant asset for Keras and we look forward to providing further updates regarding its development.'
At 1:57pm: (LON:KRS) Keras Plc share price was +0.04p at 0.38p