Tungsten Mining (ASX:TGN) reports an updated mineral resource estimate (MRE) for its Watershed Tungsten Project in Queensland.
The updated MRE totals 69.7 million tonnes at 0.109% tungsten trioxide across measured, indicated, and inferred categories.
This implies an 8% increase in contained metal to 76,000 tonnes of tungsten trioxide.
Tungsten Mining revised its cut-off grade to 0.04% tungsten trioxide from 0.05% to reflect stronger global tungsten prices.
Chairman Gary Lyons says the reduced cut-off grade reflects current market strength and the quality of the Watershed deposit.
“In an environment of tightening global supply, this updated resource positions Tungsten Mining well for the next stage of the project’s development,” Lyons says.
The Watershed project sits 130km north of Cairns, with granted mining leases, active exploration permits, and environmental authority for open-pit development.
The resource extends 1.2km along strike and 250m to 500m across strike and hosts three styles of mineralisation.
Tungsten Mining intends to conduct 15,000m of reverse circulation drilling to infill at 20m to 30m spacing and test strike continuity and down-dip extensions. The deposit remains open at depth and along strike.
Tungsten Mining is focused on the development of tungsten deposits in Australia.
Write to Paula Fabe at Mining.com.au
Images: Tungsten Mining
