Tungsten Mining to rule all at Mt Mulgine, taking 100% of mineral rights

Tungsten Mining to acquire 100% of Mt Mulgine mineral rights
Company to acquire tenements, mining information, water licence and contracts
Deal allows exploration beyond existing tungsten and molybdenum rights

Special Report: Tungsten Mining is acquiring the Mt Mulgine project from Minjar Gold for $3m cash in a move that would give the company the rights to all metals beyond its existing claim to the project’s tungsten and molybdenum.

European tungsten concentrate prices have lifted 8% this year, with Chinese demand growing strongly in a tightly supplied market over the past two years, lifting imports of tungsten con by 95% according to Argus Media.

And Tungsten Mining’s (ASX:TGN) Mt Mulgine contains a handy 290,000t of WO3 (tungsten oxide) and 71,000t of molybdenum with by-products of copper, gold and silver.

While the company currently has the rights to all by-products from the mining of tungsten and molybdenum – including the gold, silver and copper – they want Minjar’s mineral rights to anything discovered on the project’s grounds.

Once the acquisition is complete, the company will hold all interests, rights, and title in the tenements comprising Mt Mulgine, along with mining information and a water licence.

Unlocking value beyond tungsten

Mt Mulgine is the highest priority development project for the junior, which recently completed six RC holes over 714m testing extensions to mineralisation, with assays due in the December 2024 quarter.

“We are pleased to have agreed terms with Minjar to acquire the assets comprising the Mt Mulgine Project, this gives the Company rights to explore, then hopefully develop, all minerals on the Mt Mulgine tenements beyond tungsten and molybdenum,” TGN chairman Gary Lyons said.

“The ownership of these tenements is an important step as we seek to unlock value in our most important project for our shareholders.”

This article was developed in collaboration with Tungsten Mining, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.