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JOHANNESBURG (miningweekly.com) – ASX-listed tungsten explorer Icon Resources on Thursday reported that an independent scoping study into the redevelopment of its Mount Carbine tungsten deposit, in Queensland, found that a “relatively modest” capital expenditure was required to redevelop the project.
“The scoping study confirms the board’s long-term commitment and vision for Mount Carbine, which has historically been one of Australia’s largest tungsten producers,” said MD Dr John Bishop.
“These results show that the Mount Carbine project, as defined by the present limited drilling has the potential to be a viable project again, with an net present value of more than 45c a share.”
Icon stated that given the existing mining lease, access and no significant environmental constraints, the project could be in production within three years.
Icon was now continuing to upgrade the target mineralisation to joint ore reserve committee resource status through both assay and further drilling, as well as immediately moving forward on the prefeasibility study.
The scoping study was commissioned to assess the economics of restarting an openpit mining operation based on the geological model recently provided by resources consultancy Geostat Services P/L, and used a higher grade portion of the target mineralisation of 69,1-million tons averaging 0,064% tungsten.
The study also found that the long-term production strategy comprised both open cut and underground resources giving it a ten-year life-of-mine.
