MAIDEN JORC RESOURCE EXCEEDS EXPECTATIONS PILOT MOUNTAIN TUNGSTEN-COPPER PROJECT
HIGHLIGHTS
● Significant maiden JORC resource estimate for the Desert Scheelite Deposit completed by independent consultants, Golder Associates, exceeds guidance by 36%.
● Indicated and Inferred Resource of 6.79Mt @ 0.31% tungsten trioxide (WO3), 22.8g/t silver and 0.17% copper
reported at a 0.2% WO3 cut-off with 90% of this resource in the “Indicated” category. Resource contains;
• ~2.1 million MTU’s of WO3
• ~25 million pounds of copper
• ~4.9 million ounces of silver
● Broader Indicated and Inferred Resource at a lower cut-off grade of 0.1% tungsten trioxide (WO3) of 12.99Mt @ 0.23% WO3, 17.2g/t silver and 0.12% copper represents a potentially significant bulk tonnage target with 84% of the resource in the “Indicated” category.
● Desert Scheelite deposit remains open in all directions with the most easterly drill hole (DSDD-15) of the recent diamond drilling program returning an exceptional down-hole intersection of 13.9m @ 0.89% WO3, 1.75% copper and 31g/t silver.
● Updated combined Exploration Target* across the three primary deposits of 10.8 – 12.5Mt @ 0.32 –0.35% WO3. This includes 3-4Mt @ 0.36 – 0.41% WO3 at the Garnet & Gunmetal Deposits.
● Eleven other prospects within the project area are yet to be assessed.
● Metallurgical reviews of historic Union Carbide Feasibility Study data in addition to new test work has commenced to investigate modern processing and blending alternatives to increase historical recoveries above the reported 76% - 86%.
● Scoping Study planned to commence in current quarter.
Base Metal Resources – Potential Significant By-Product Credit Metals
While tungsten is the primary commodity focus for the Project, significant copper & silver mineralisation and lesser zinc and lead mineralisation has been identified by drilling. Within the 0.2% WO3 cut-off resource estimation more than 4.9moz of silver and 25 million pounds of copper mineralisation has been defined.
In addition to the tungsten resource estimation, Golders were asked to provide resource calculations specifically for copper and silver so that the potential significance of these metals within Desert Scheelite could be determined.
Copper Resource – 0.2% Cu cut-off
Indicated & Inferred - 2.00Mt @ 0.48% Cu, 0.31% WO3 and 27.7g/t Ag.
Silver Resource – 20g/t Ag cut-off
Indicated & Inferred – 2.83Mt @ 54.7g/t Ag, 0.29% WO3 and 0.26% Cu.
Based on the highly successful resource definition program at Desert Scheelite, the Company has updated the “Global” resource potential for the Project.
The new combined Exploration Target* across the three primary prospects, including the Desert Scheelite 0.2% WO3 JORC resource, is 10.8 – 12.5Mt @ 0.32 –0.35% WO3
In addition to this Exploration Target, a total of 11 other prospects within the project area are yet to be assessed.
* This targeted tonnage and grade is conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource