Tungsten Mining NL - Quarterly Activities Report June 2024
TUNGSTEN MINING NL (TGN) Share Update July 2024 Tuesday 30th
Tungsten Mining NL Reports Significant Progress in Key Projects
Tungsten Mining NL (ASX: TGN) has released its quarterly activities report for June 2024, highlighting substantial progress in its Mt Mulgine and Hatches Creek projects. The company has made significant advancements in testwork, engineering, and approvals, positioning itself for future growth.
Instant Summary:
- Mt Mulgine Project nearing completion of Strategic Study.
- Positive testwork results from initial downstream testwork.
- Hatches Creek Project shows strong amenability to gravity processing.
- Cash position of $8.07 million as of 30 June 2024.
- Received $900,000 from the Federal Government’s Critical Minerals Development Program.
Mt Mulgine Project
The Mt Mulgine Project has seen significant progress, with the Strategic Study nearing completion. This study aims to assess potential development options, and recent drilling and testwork results have been promising. The company has received positive results from initial downstream testwork, indicating a simple processing solution. Several studies are either completed or underway for the approvals stream, with the intention of preparing the project for EPA referral.
Testwork has advanced through various metallurgical programs, including the production of saleable concentrate grade tungsten from flotation and gravity tabling. Validation testwork continues on the current library of drill core from Mulgine Hill to refine the flowsheet. Approvals have also progressed, with engagements with Integrate Sustainability to navigate the approvals pathway.
Hatches Creek Project
The Hatches Creek Project has also made notable progress. Initial beneficiation testwork of the ore sorter concentrates indicates strong amenability to gravity processing. Preliminary engineering design has been completed to support a potential development strategy. Several ancillary studies, such as water exploration and tailings design, have been completed to support project development.
Geological assessment is complete, and further exploration work program approvals have been submitted. The project has also seen the completion of sample preparation and beneficiation testwork aimed at defining a feasible flowsheet based on gravity and magnetic concentration.
Financial Position
As of 30 June 2024, Tungsten Mining NL holds a cash position of $8.07 million. The company has successfully received $900,000 from the Federal Government’s Critical Minerals Development Program, with an additional $271,760 refund from the ATO for R&D tax incentive.
The advancements in the Mt Mulgine and Hatches Creek projects are likely to positively impact Tungsten Mining NL's stock. The completion of the Strategic Study and positive testwork results provide a strong foundation for future development. The company's solid cash position and government support further bolster investor confidence.
Investor Reaction:
Analysts are likely to react positively to the progress in both projects, especially given the promising testwork results and strategic advancements. The company's ability to secure government funding and maintain a strong cash position will be seen as a positive indicator of its financial health and future prospects.
Conclusion:
Investors should keep an eye on the upcoming updates from Tungsten Mining NL, particularly the outcomes of the Strategic Study for the Mt Mulgine Project. The continued progress in both key projects and the company's strong financial position make it a promising investment opportunity in the critical minerals sector.