EQ Remodeled Pit Upgrades Tungsten Resource

EQ Remodeled Pit Upgrades tungsten Resource

EQ Resources has completed the remodeling of its Mt Carbine tungsten resource in remote northern Queensland, resulting in a much higher grade ore block than the historical mined resource and a reduction in tonnes to be recovered from the Andy White pit.

This work is based on the results of recent drilling which focused on shallow areas immediately below the existing mine floor as part of the work in support of its ongoing bankable feasibility study.

The total resource is now defined at 9.2 million tonnes grading 0.63% tungsten, only 60% of the previous block model area, and EQ suggests further drilling should lead to resource growth opportunities.

While the majority of the resource is classified as inferred, the indicated 2.4 million tonnes at 0.74% is said to be five times higher grade than the ore mined from Mt Carbine in the 1970s and 80s.

Diamond drilling has been completed as the first step in the EQ reopening program. The company also conducted a pilot ore sorting campaign on material from the low-grade ore pile, where an additional 12 million tons of 0.075% indicated resources are available.

The ore sorter known as "Big Kev" showed a tenfold increase in low-level crushing and sorting of ore, and also generated a waste stream that could be sold as the road-building base and aggregate material.

In summary, Mt Carbine contains 6.7 mtu of metal at a price of $310 per metric ton of ammonium paratungstate. Each mtu is equivalent to 10 kg. CEO Kevin MacNeill says the work to date has changed EQ's view of mining at Cabin Hill, which remains Australia's only primary tungsten mine.

Its definition of a 2-12m wide high-grade lens means it can reduce the amount of barren rock reported to the gravity plant and provide significant economic benefits

"Few tungsten mines have reached such high mineable grades. Because of these high grades, we expect most of the indicated resources to go into the tungsten resource," he said.

The Company plans to conduct further drilling at Andy White and to convert inferred resources in the Iron Duke extension. The BFS and unmined mine reserves are expected to be completed in November, with plans to ramp up operations to 1 million tonnes per annum in the second half of 2022.

The company recently raised A$6 million through the issuance of notes convertible at 6.5 cents. Over the past year, the stock has traded between 2.4 and 6.9 cents.

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