Metals Australia (ASX:MLS) reported a maiden inferred mineral resource estimate of 45.7 million tonnes grading 9.4% titanium oxide, 0.25% vanadium oxide and 21% iron at a 4% titanium oxide cut-off for its Manindi West vanadium-titanium-magnetite project in Western Australia, according to a Friday Australian bourse filing.

The company said the estimate establishes a "substantial" resource base within the Discovery Zone, while metallurgical test work has successfully shown the production of both high-purity titanium oxide and iron oxide products from the ilmenite-rich component of the vanadium-titanium-magnetite mineralization.

The company's shares rose 6% in recent Friday trade.