Australia-based Tungsten Mining has struck a deal with GWR Group to acquire the Hatches Creek tungsten project in Australia’s Northern Territory.
The AU$8.68-million deal will bolster Tungsten Mining’s inventory and add valuable resources to the company’s portfolio.
Hatches Creek is comprised of two granted exploration licenses, with a combined total area of 31.4 km2. The project is situated in the historic Hatches Creek tungsten mining center, where 2,840 tonnes of tungsten were recovered between 1915 and 1957.
In 2016 and 2017, GWR completed a reverse circulation drilling program at Hatches, which confirmed that there were multiple high-grade polymetallic tungsten targets.
“Tungsten Mining has a stated objective of becoming a globally significant player in the tungsten industry,” Craig Ferrier, Tungsten Mining’s CEO, said to the press.
“This acquisition together with the recent acquisition of the Watershed Project in Queensland and our Mt Mulgine development in Western Australia provide an exciting portfolio of tungsten assets to deliver our strategic objective.”
This most recent acquisition will be added to Tungsten Mining’s ever-growing portfolio. In early August, the critical metals miner purchased the Watershed tungsten project, also located in Australia, for AU$15 million.
In addition to the two latest deals, Tungsten Mining has three advanced tungsten projects in Australia, the Mt Mulgine project in the Murchison region, the Big Hill project in the Pilbara region and the Kilba project in the Ashburton region of Western Australia.
GWR will retain a small 9.73-percent stake in the Hatches project. The diversified metals explorer plans to use the proceeds from the Hatches deal to further advance the company’s Wiluna West gold project.
Tungsten Mining shares were up 5 percent on Wednesday (September 5), trading at AU$0.525.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.