EQ Resources (ASX:EQR) has completed a transaction to acquire privately held Aus Critical Minerals and TTTP1, increasing the Mt Carbine Project’s exploration tenure by 45% to 1,136km2.
On 7 July, EQ signed the deal to acquire both companies for $900,000 cash and 30 million shares. The package includes granted mining lease ML 20728 at Mt White, located approximately 67km from the Mt Carbine processing facility, with surface tungsten stockpiles identified as a potential early supplementary feed source.
Managing Director Craig Bradshaw says the transaction enables the company’s strategy to build a district-scale tungsten position around Mt Carbine.
“This acquisition is highly complementary to our existing operating base,” Bradshaw says.
“It adds prospective tungsten ground, supports our hub-and-spoke strategy, and gives us greater control of the regional pipeline around our Mt Carbine processing infrastructure.
“Our immediate focus is to progress the tenure, mapping, and assessment work required to prioritise targets and unlock the value of this broader regional position.”
During FY2027, EQ Resources will begin exploration activities on the newly acquired tenements, initially focusing on systematic mapping, structural analysis, geochemical and geophysical follow-up, and staged scout drilling where warranted.
Mt Carbine is located in Far North Queensland and is historically one of the world’s major tungsten mines. The operation combines open-pit mining, historical stockpile retreatment, TOMRA XRT ore sorting, and gravity processing to produce tungsten concentrate.
EQ Resources is a global tungsten producer with mining operations at Mt Carbine in Queensland and Barruecopardo in Spain.
Write to Aaliyah Rogan at Mining.com.au
Images: EQ Resources
