Tungsten discoveries advance
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By Leia Michelle Toovey - Exclusive to Tungsten Investing News
The current global consumption for tungsten is approximately 80,000 tonnes per annum, with 60,000 coming from mines and the balance from recycled material. China is the largest producer and consumer, and the nation continues its grip on the market. Mining companies outside China, however, are shifting gears – turning exploration focuses to tungsten. Industry experts believe that growth for global tungsten demand has been around 8-10 per cent per annum, and will continue atat that rate, if not more. With China as the major controller, diversification to other parts of the world should stabilize prices. China has held the privy to cut supply and send the price up around the globe. This August, pure tungsten was worth about US$28,000 per tonne, a relative high that has been achieved over recent years as China has tightened supply to foreign markets.
Continuing developments outside China, Peel Exploration (ASX:PEX) is pleased to announce that recent drilling on its 100 per cent owned Attunga Tungsten Deposit has encountered extremely high-grade tungsten-molybdenum mineralization. The Attunga Tungsten Deposit was discovered in the late 1960s, but the property was largely untouched for about 40 years. In April 2008, Peel announced the completion of an independent resource estimate by Geos Mining Mineral Consultants for, indicating grades up to 24.21 per cent tungsten oxide and 1.71 per cent molybdenum.
The deposit remains open in several directions and future exploration will comprise infill and extensional drilling. At least five other outcrops of tungsten mineralization have been identified, therefore, Peel believes that further discovery in this region is highly probable. Peel has engaged NAGROM to complete metallurgical test work on the new diamond drill cores. Results are anticipated in 2-4 weeks. Information obtained from the results of the metallurgical test work and additional drilling will be used to plan a scoping study into possible development scenarios for the deposit. Peel’s shares rose Thursday on the news, closing 8.33 per cent stronger at 19.5 cents.
StrataGold corporation has announced results from its 2008 Diamond Drill program on the Dublin Gulch property. This year, StrataGold aims to increase the resources of both the Eagle Zone and Mar-Tungsten Deposits. A total of 34 DD holes were completed on the Mar-Tungsten Deposit in 2008, totaling 4057.68 meters. The 2008 DD program on the Mar-Tungsten Deposit has successfully extended mineralized zones, and the Deposit remains open down dip and along strike in both directions. This indicates that there is potential for further economic mineralization in the area. Indicated resources are 5,310,000 tonnes at 0.39 per cent WO3, inferred resources of 2,170,000 tonnes of 0.36 per cent WO3. Results from the drilling program have enabled StrataGold to add the property to their National Instrument compliant resources. StrataGold has also drilled the open up dip edge of the deposit with metallurgical test results pending. Drilling on the Eagle Zone Deposit is ongoing with results pending.
Earlier this month, StrataGold Corporation announced that it had received recommendations by SRK consulting to advance drilling on their BRL Venture, in Northwestern Guyana. Drilling is currently underway. The project is a 50 per cent joint venture partner Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation (TSX:NMC), the exploration program is managed by StrataGold and funded equally by StrataGold and Newmont.
Tags: asx, diamond drill, drill cores, foreign markets, global consumption, imports, mining companies, molybdenum, recycled material, tungsten, tungsten exports, tungsten oxide
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