Shares of Heavy Minerals (ASX:HVY) saw a rise of as much as 26.3% to A$0.120 and is on track for its best day since July 13, assuming gains are maintained.

The industrial minerals miner announced that it has awarded the pre-feasibility study for its garnet mine at Port Gregory, Australia, to mineral sands engineering firm IHC Mining.

The company will consider multiple production profiles to enhance the Net Present Value (NPV) of the project.

The trading volume reached 1.1 million shares, significantly higher than the 30-day average volume of 108,535 shares.

The stock has reached its highest level since September 14 even though it has fallen 36.7% year-to-date as of its last close.

Heavy Minerals (ASX:HVY) is an industrial minerals miner focusing on garnet mining.