Perpetual gets a fresh look ahead of maiden drilling with 12pc tungsten oxide

• Eight out of nine underground samples returned more than 1% WO₃, including 5 samples >4% WO₃ and one sample >12% WO₃
• Completed LiDAR survey helps identify targets beyond historic workings with historical mineralisation open along strike, down plunge and at depth
• Diamond drill rig contracts under review for maiden modern program

Special Report:Perpetual Resources has uncovered high-grade tungsten in the historic underground workings at its Nevada Scheelite project, giving the explorer fresh encouragement ahead of a maiden modern drilling program.

The results mark the first modern laboratory results from Perpetual Resources (ASX:PEC) project in Nevada.

Out of a total of nine samples collected underground, eight returned more than 1% tungsten trioxide (WO₃), five exceeded 4% and the highest assayed 12.03% WO₃.

The standout result came from a grab sample of broken material in an old stope on the 200-foot level, while another grab from broken material on the 100-foot level returned 4.89% WO₃.

The in-situ underground chip samples delivered strong readings of their own, with 5.79% WO₃ from a pillar on the 100-foot level and results of 5.76%, 4.48% and 3.28% WO₃ from the 200-foot level.

At surface, two garnet-pyroxene skarn rock chips returned 1.18% and 1.10% WO₃ from the granite-limestone contact.

Other sampled rock types returned much lower tungsten values, helping distinguish the prospective skarn from its surroundings.

“What makes these results particularly exciting is the opportunity we see beyond the historically mined areas,” Perpetual executive chairman Julian Babarczy said.

“Our newly completed underground LiDAR survey, combined with historical mine plans and geological data, is providing us with a much clearer picture of the scale and geometry of the historic workings and, importantly, the areas that remain largely untested along strike, down-plunge and at depth.”

Finding the gaps in an old mine

The assays come alongside completion of a LiDAR survey, which has created the project’s first modern 3D visualisation of its extensive historical workings.

The survey captured the main and decline shafts and the 100-foot to 400-foot levels.

Perpetual is combining this information with digitised mine plans and a database of more than 400 historical drill holes to map what has been mined and pinpoint areas that could warrant testing.

A working geological interpretation points to a north-plunging, tungsten-bearing zone along the granite-limestone contact.

PEC sees potential for additional mineralisation along strike, down-plunge and at depth, including beneath the historic 550-foot level, although modern sampling has not yet established continuity in those extensions.

There is also a useful clue deeper in the mine. Ultraviolet examination on the 400-foot level identified fluorescent scheelite exposed in the walls, but those exposures have yet to be sampled and assayed.

“While these are selective samples and do not establish average grades or continuity, they reinforce our confidence in the exploration potential of Nevada Scheelite,” Babarczy said.

The underground picture builds on Perpetual’s earlier review of historical drilling and its September expansion of the Nevada Scheelite land position by about 1,272 acres, opening more ground for systematic targeting.

Maiden drilling moves into focus

Perpetual is now integrating the fresh assays, the LiDAR model and historical technical data to determine priorities for its first modern diamond drilling program.

Rig contracts are under review, with arrangements expected to be confirmed in the coming weeks.

The forward program also includes re-assaying preserved historical core, underground mapping and systematic channel sampling, and soil geochemistry over newly staked claims.

The results suggest other targets worth following up.

Two chip samples from the Viking’s Daughter prospect returned 1.03% and 0.40% WO₃, while a separate grab sample from a small historic ore pile about 210m northeast of the main shaft assayed 55.9g/t gold, 386g/t silver and 1.43% copper.

That ore-pile result is a selective point sample, with follow-up mapping and sampling planned.

Tungsten’s supply backdrop adds a strategic dimension.

The US Geological Survey says the country has seen no commercial tungsten mining since 2015, despite the metal’s use in wear-resistant cutting equipment, specialty steels and industrial alloys.

“With tungsten increasingly recognised as a strategically important critical mineral, we believe Nevada Scheelite represents a compelling opportunity to investigate a historically producing, high-grade tungsten system in the United States,” Babarczy said.

This article was developed in collaboration with Perpetual Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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