Manuka Resources (ASX:MKR) expanded by 375% to 243 square kilometers the area of existing mining permit MMP55581 n New Zealand.
MMP55581 now includes an additional permitted 967 million tonnes of vanadiferous titanomagnetite resource, which yielded a more than 200% increase in to 1.88 billion tonnes of vanadiferous titanomagnetite permitted resource, according to a Thursday filing with the Australian bourse.
The increase in permitted resource provides more flexibility when optimizing the mine plan, including scope for increased production rates. may improve the project's financial returns, the company said.
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