What's Happening?
Tungsten Mining has updated the mineral resource estimate (MRE) for its Watershed Tungsten Project in Queensland, reporting a total of 69.7 million tonnes at 0.109% tungsten trioxide. This update reflects an 8% increase in contained metal to 76,000 tonnes of tungsten trioxide. The
company revised its cut-off grade to 0.04% tungsten trioxide due to stronger global tungsten prices. The Watershed project, located 130km north of Cairns, has granted mining leases and environmental authority for open-pit development. Tungsten Mining plans to conduct 15,000 meters of reverse circulation drilling to test strike continuity and down-dip extensions.
Why It's Important?
The updated resource estimate positions Tungsten Mining favorably amid tightening global tungsten supply, enhancing its strategic position for future development. The increase in resource size and the adjustment of the cut-off grade reflect the project's potential profitability in the current market environment. This development is crucial for Tungsten Mining's focus on expanding its tungsten deposits in Australia, potentially leading to increased production and market share in the global tungsten industry.
What's Next?
Tungsten Mining will proceed with its planned drilling program to further define the resource and explore additional mineralization at the Watershed project. The company aims to enhance its resource base and prepare for potential development phases, which could include expanding its mining operations and increasing production capacity.
