ASX-listed Tungsten Mining starts 15,000m RC and 5,700m diamond drill program at Queensland's Watershed project, as US export curbs and defence demand push tungsten prices up 800% in some markets.
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Trades in ASX-listed tungsten explorer Tungsten Mining NL (ASX:TGN) stayed quiet Tuesday. The company unveiled a major drilling campaign at its Watershed Tungsten Project in Queensland, yet the stock barely budged.
The shares are up nearly 200% over the past year. The metal used in armor-piercing rounds and missile components has been the subject of multilateral strategic-mineral supply deals. Shortages have driven prices up 800% in some markets in recent history.
This month the US moved to curb exports of tungsten scrap, requiring deliveries to go only to domestic buyers. Defense applications have been hoovering up available supply, traders said. The confluence of supply chain constraints and geopolitical demand keeps the thematic intact.
Tungsten Mining remains a while from commercial production. The company is drilling 15,000 meters of core equivalent using reverse-circulation rigs, targeting 175 holes. A diamond-drill program will add 75 holes for 5,700 meters of core to inform metallurgical and geotechnical work. The team is mapping out mineralization at Watershed.
The results feed into a JORC resource estimate, a mine plan and an open-pit design. Those are due in October.
"The RC drilling is concentrated within areas of known high-grade mineralisation," Chair Gary Lyons said. "Together, these programs will further enhance the technical definition of Watershed and help reduce project development risk as we advance."
Global factors pressuring tungsten supply are unlikely to ease soon. That reality keeps the Queensland-based team busy with drill permits, sample bags and assay lab timelines through the southern winter.
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