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FINWIRES

Encounter Resources Upgrades Mineral Resource Estimate at Western Australia Project; Shares Climb 11%

-- Encounter Resources (ASX:ENR) said its combined, inferred mineral resource estimate at the Aileron project in Western Australia grew 54% to 120 million tonnes at 0.8% grade of niobium pentoxide, according to a Wednesday filing with the Australian bourse.

The company said ongoing field operations at Aileron are targeting an upgraded resource classification of potential high-grade starter pit locations, as well as a further expansion of the niobium-rare earth element resource base.

Encounter Resources highlighted "substantial upside" to the mineral resource estimate, with a pipeline of roughly 15 regional prospects to be drill tested this year.

The company's shares gained more than 11% in recent Wednesday trade.

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