Tungsten Mining Hits 292m Thick Zone at Mt Mulgine, Lifting Resource Growth Hopes
Key Takeaways
- Tungsten Mining's first 16 Mt Mulgine holes returned mineralisation up to 45m thicker than predicted, including 292m at 0.11% WO₃ in MMC599.
- Thicker zones appeared in all three areas tested, with 15–45m of extra thickness and holes ending in mineralisation, so depth extent remains open.
- The 0.10–0.11% WO₃ grades match the 2020 MRE of 247Mt at 0.11% WO₃, supporting the 165–200Mt Exploration Target.
- Molybdenum and gold by-products add upside, with 118m at 591 ppm Mo and 6m at 5.49 g/t Au, though the announcement does not quantify their contribution.
- The formal resource is unchanged, and FID timing and funding are unconfirmed, with 124 holes of the 140-hole program still to be fully reported.
Mt Mulgine tungsten drilling returns intersections up to 292m, with mineralisation thicker than predicted
Tungsten Mining (ASX: TGN) has reported results from the first 16 holes of its 140-hole, 40,000m Mt Mulgine resource expansion drilling program. The holes intersected mineralisation up to 45m thicker than predicted, including intervals of up to 292m at 0.10–0.11% WO₃.
WO₃ is tungsten trioxide, the standard way tungsten grades are reported. Thicker zones at typical grade matter because they point to more mineralised rock to test, which supports the case for resource growth.
Which intercepts stood out?
The announcement, dated 16 October 2026, highlighted four tungsten intersections as evidence of the deposit’s bulk-tonnage potential:
- 292m at 0.11% WO₃ from 2m (MMC599)
- 290m at 0.10% WO₃ from 10m (MMC600)
- 264m at 0.11% WO₃ from 24m (MMC598)
- 257m at 0.11% WO₃ from 2m (MMC604)
Holes ended in mineralisation, so the depth extent of these zones remains open. Many existing holes in the northeast and centre of the deposit also ended in mineralisation.
Gary Lyons, Chairman
“These initial results are highly encouraging and reinforce the significant resource growth potential at Mt Mulgine…”
Lyons added that “Watershed is our immediate priority as we progress towards FID and secure the most capital-efficient funding structure.” FID means Final Investment Decision, the point at which a company commits to build a project.
The program began in May 2026, with 50 RC (reverse circulation) holes for 14,140m completed to date. Assays for the remaining holes are pending and will be reported once available.
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Where is the mineralisation thicker than predicted?
Drilling at the Mulgine Trench found greater thicknesses at depth than the existing model predicted in three areas. Across the 16 holes reported, the company described a 150 to 290 metre thick envelope of tungsten mineralisation.
Three zones, one pattern
| Zone | Key holes | Extra thickness vs prediction | True thickness | Grade |
|---|---|---|---|---|
| Northeast | MMC599, MMC600, MMC604 | **30–45m** | Up to **290m** | Typical grade |
| Centre | MMC598, MMC601, MMC602 | **20–40m** | Up to **265m** | Typical grade |
| Southwest | MMC606, MMC608, MMC610 | **15–40m** | Up to **160m** | **0.08–0.09% WO₃** |
The southwest returned lower-grade mineralisation, which the company said is consistent with existing drilling and the 2020 Mineral Resource Estimate (MRE). All three zones, per the announcement, showed holes ending in mineralisation.
Molybdenum and gold by-products
Drilling also confirmed continuity of the 50m to 120m wide Lower Tungsten-Molybdenum Domain within the larger tungsten envelope. Molybdenum is a metal used mainly in steel alloys, and gold is a by-product here, meaning it is recovered alongside the main metal.
Better molybdenum results included:
- 118m at 591 ppm Mo from 176m (MMC603)
- 100m at 545 ppm Mo from 150m (MMC602)
- 66m at 681 ppm Mo (MMC603, Table 3)
Gold results included high-grade shoots within broader zones of elevated gold:
- 6m at 5.49 g/t Au from 286m (MMC602)
- 10m at 3.67 g/t Au from 308m (MMC601)
- 22m at 1.83 g/t Au from 288m (MMC606)
- 58m at 0.46 g/t Au from 242m (MMC611)
The company said this highlights the potential strong contribution of by-product metals to future project economics. The announcement does not quantify that contribution.
What is an Exploration Target, and why does bulk tungsten matter?
Tungsten mineralisation at Mt Mulgine occurs dominantly as scheelite, one of only two tungsten minerals that support commercial extraction and processing. Tungsten is used across aerospace and defence, electronics, automotive, extractive and construction sectors, including in cemented carbides.
“Bulk-tonnage” describes a deposit where value comes from large volumes of typical-grade rock rather than narrow, high-grade veins. That is why long, consistent intercepts matter here.
A Mineral Resource Estimate is a formal estimate of the quantity and grade of mineralisation. An Exploration Target is a conceptual range with a lower level of confidence.
| Measure | Tonnes | Grade | Source |
|---|---|---|---|
| Mulgine Trench MRE (Indicated and Inferred) | **247Mt** | **0.11% WO₃**, 280ppm Mo, 0.13g/t Au | May 2020, at 0.05% WO₃ cut-off |
| Exploration Target (additional to MRE) | **165–200Mt** | **0.10–0.12% WO₃** | December 2025 |
The Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
These results also do not change the existing resource. The company stated that the Exploration Results do not constitute a Mineral Resource estimate, and that further drilling, assay results and geological modelling are required before they can be incorporated into an updated estimate.
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What does the result mean for investors and what comes next?
The announcement points to three supports for the project: thicker mineralisation than modelled, 100% company ownership of a contiguous group of tenements, and a deposit the company describes as globally significant. The company frames Mt Mulgine as its major longer-term tungsten development opportunity, while Watershed advances towards a Final Investment Decision.
The announcement does not confirm FID timing or funding. For you as an investor, the near-term read-through is about the size of the mineralised system, not a change to the formal resource.
Planned further work listed in the announcement includes:
- Reporting remaining assays from the drilling program
- Updating the Mulgine Trench geological model, with additional drilling data and re-blocking for mining assessment
- Advancing Mt Mulgine into a Definitive Feasibility Study, covering process engineering, plant design, mining studies and non-process infrastructure design
- Detailed metallurgical testwork, water supply investigations, and submission of key approvals with baseline environmental studies
Earlier metallurgical testwork on 2020 PQ drill core achieved up to ~90% WO₃ recovery in coarser fractions using wet tabling, and scheelite flotation achieved 71–89% WO₃ recovery.
The company has drilled 321 holes for 52,256m at the Trench deposit to date, plus 22,755m of historical drilling.
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