The stock gained 15c to hit an intraday high of $1.30 after Wolf announced a resource estimate of 82 million tonnes at 0.22% tungsten trioxide and 0.022% tin in the inferred category.
The resource upgrade was completed by SRK Consulting and based on 303 drillholes for 21,846m of drilling.
Wolf Minerals managing director Humphrey Hale said the JORC estimate updates a previous non-JORC estimate produced as part of the feasibility study by North American mining company AMAX in 1981 of 73Mt at 0.143% tungsten trioxide and 0.026% tin.
"The JORC resource announced today both confirms previous resource estimates as reported within the planning approval pit design and also significantly upgrades the global resource in both tonnage and grade," Hale said.
Wolf is planning a small drill program and metallurgical work to help bring a previous feasibility study released in 1982 up to date.
The drilling planned is also expected to allow a significant proportion of the resource estimate to be upgraded to the indicated category.
The company acquired the United Kingdom project - considered one of the largest tungsten and tin deposits in the world - in December for $1 million.
Shares in Wolf cooled to be trading 5c higher at $1.20 in early afternoon trade.
