- EQ Resources (EQR) completes the phase one drilling program at the Mt Carbine Tungsten Mine in Far North Queensland
- This phase one program focused on the shallow mineralisation that has the potential to extend the planned open cut as per the bankable feasibility study
- Results have been received for the final five holes with significant mineralisation encountered in the zone west of the pit where the King-Veins have been intersected
- New results have peaked at 0.94 per cent tungsten trioxide and the results will be incorporated into the upcoming pit optimisation studies
- EQR is up 3.51 per cent on the market with shares trading at 5.9 cents at 2:05 pm AEST
EQ Resources (EQR) has completed the phase one drilling program at the Mt Carbine Tungsten Mine in Far North Queensland.
Discovered in the late 1800s, Mt Carbine is considered Australia’s only primary tungsten producer.
Despite being a major tungsten producer in the 1970s and 1980s, the mine is relatively underexplored and has significant exploration potential for tungsten mineralisation.
This phase one program focused on the shallow mineralisation that has the potential to extend the planned open cut as per the bankable feasibility study (BFS).
Results have been received for the final five holes with significant mineralisation encountered in the zone west of the pit where the King-Veins have been intersected.
These veins remain open to the west and at depth.
New high-grade results include 20.37 metres at 0.36 per cent tungsten trioxide from 72.90 metres including 5.95 metres at 0.94 per cent tungsten trioxide from 84.96 metres.
The results will be incorporated into the upcoming pit optimisation studies.
“It was unexpected that we intersected a high-grade zone of mineralisation of 5.95 metres at 0.94 per cent tungsten trioxide on our last section going westward from the open pit,” CEO Kevin MacNeill said.
“This shows the high grade repeats itself along strike. Knowing that our geophysics highlights this extension, it is a very encouraging sign. This mineralisation going west offers significant upside, just when we thought the veins were narrowing and losing some intensity away from the main orebody.”
EQR was up 3.51 per cent on the market with shares trading at 5.9 cents at 2:05 pm AEST.