EQ Resources Limited (ASX: EQR) has released an updated Ore Reserve estimate for its Mt Carbine Tungsten Project (100% ownership) in Far North Queensland.
The Mt Carbine Tungsten Mine near Cairns is Australia’s only primary tungsten producer.
Key Highlights
- Significant increase in open cut Ore Reserve tonnes to 3.54mt
- 29% increase in contained WO3 in open cut Ore Reserves to 1.161m mtu
- Substantial decrease in strip ratio improves mine life extension potential for Australia’s only primary tungsten producer
A combination of additional drilling results, reinterpretation of the Resource model and the successful implementation of the XRT ore sorting operations at lower grades has resulted in a significant increase in the estimated open cut Ore Reserve tonnes and contained WO3 metal.
The low-grade stockpile (LGS) has been partially depleted since the previous Ore Reserve estimate. The Ore Reserve estimate is current as of September 1, 2022 and accounts for all mining activities undertaken to this date.
The increase in Ore Reserves has reduced the ROM strip ratio within the open cut from 11.1 (waste to ore) to 3.1. The updated Ore Reserve estimate will be used to inform the current Bankable Feasibility Study (BFS) which is due for completion in late 2022.
The increased Ore Reserves combined with a lower strip ratio has improved the economic viability of the project via the implementation of larger mining equipment and a reduction in the amount of costly selective ore mining.
