Vital awarded Watershed licence
PERTH (miningweekly.com) – Tungsten hopeful Vital Metals has been granted a mining lease for its flagship Watershed project, in Queensland.
The grant of the mining lease meant that the project was now fully permitted, and construction could start.
“With all the necessary approvals now in place, the Watershed project is poised for development and will enjoy a significantly enhanced profile within the global tungsten industry,” said Vital Metals MD Mark Strizek.
He noted that the company’s core focus would be on completing the definitive feasibility study (DFS), in collaboration with joint venture partner Japan Oil, Gas and Metals National Corporation (Jogmec), which would establish the framework for the proposed mine development.
The DFS was on track to be completed by the first quarter of 2014.
The Watershed project currently has a mineral resource of 49.32-million tons, grading 0.14% tungsten. The project is wholly owned by Vital, but Jogmec is earning a 30% stake in the project, and is also contracted to take 30% of the project’s offtake.
Strizek, meanwhile, reported that the company was awarded two additional tenements in close proximity to the Watershed project, expanding the company’s footprint in the region.
He added that the addition of the new tenements was in keeping with Vital Metals’ strategy to build a significant strategic metals company.
“In parallel with the development of the Watershed project, our aim is to apply our geological expertise to build a pipeline of projects supported by the proposed Watershed mining operation.
“We already have a world-class resource at Watershed, and we believe these new tenements offer outstanding prospectivity for identifying further mineralisation.”
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