Sky Metals (ASX:SKY) completed an updated mineral resource estimate (MRE) for its Tallebung tin-silver-tungsten project in New South Wales, with the new MRE exceeding the upper limit of the previous exploration target, according to a Monday Australian bourse filing.

The new MRE stands at 32.7 million tonnes at 0.16% tin equivalent for 36,800 tonnes of contained tin, 1.14 million metric tonne units of contained tungsten trioxide, and 9.94 million ounces of contained silver.

The company said the estimate now contains 58% more tin, 126% more tin in measured and indicated resources, 163% more tungsten, and includes a maiden 9.94 million ounce silver resource.

Tallebung continues to advance through the New South Wales State Significant Development approval pathway, with the environmental impact statement now underway alongside the completion of the pre-feasibility study (PFS) targeted for later this month, it added.

The company's shares rose 4% in recent Monday trade.