EQ Resources (ASX:EQR) has confirmed its initial ore reserve section following infill grade control drilling at its Mt Carbine Tungsten Mine in Cairns, Queensland.
The $98.79 million market capitalisation company has completed 115 grade control drillholes from a total of 155 planned holes with the aim to provide the basis for a detailed ‘Dig Model’ for its ore reserves over the next 12 months.
Assays have been received for 16 of the 115 holes thus far. EQ Resources says the shape and grades reflect well, with the detailed grade control drilling showing a 0.65% WO3 weighted average against a 0.48% WO3 average in the ore reserve model.
Ahead of the company’s presentation at the Noosa Mining Investor Conference today at 4:00pm, EQ Resources Chief Executive Officer (CEO) Kevin MacNeill says: “I am pleased with the initial trial works for mining at Mt Carbine, with 3 blasts on 25 June, 1 July, and 16 July completed and the early results from infill grade control drilling supporting our reserve model work.
“Material ore haulage during July is expected to be more than 40,000 tonnes of ore as we ramp up toward monthly plant production capacities over the coming months”
Material ore haulage during July is expected to be more than 40,000 tonnes of ore as we ramp up toward monthly plant production capacities over the coming months. As we ramp up ore deliveries, I look forward to showing our increase in tungsten production.”
The company adds that the grade control drilling is expected to be completed by mid-August, and all assays will be available by the end of August 2023.
EQ Resources is an ASX-listed company focused on transforming its flagship tungsten assets at Mt Carbine in North Queensland. The company also holds gold exploration licences in New South Wales, Australia.
On 31 March 2023, the company had $5.93 million cash and cash equivalents at hand, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: EQ Resources Ltd
