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EQ Resources (ASX:EQR) - Chair & Non Executive Director, Oliver Kleinhempel - The Market Herald
Chair & Non Executive Director, Oliver Kleinhempel
Source: CRONIMET
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  • EQ Resources (EQR) closes green after reporting the latest results from drilling at its Mt Carbide Tungsten Mine in Queensland
  • The drilling struck 22 King Veins, which EQR says refer to tungsten veins greater than one per cent tungsten trioxide (WO3)
  • All up, 16 holes were drilled for over 4000 metres as part of EQ Resources' plans to complete a feasibility study for the Mt Carbide project
  • Results from another seven holes drilled in the area are slated for later this month
  • Shares in EQ Resources closed 7.69 per cent higher this afternoon at 2.8 cents each

Tungsten mining company EQ Resources (EQR) closed green today after reporting the latest results from drilling at its Mt Carbide Tungsten Mine in Queensland.

The drilling is designed to help EQR complete a feasibility study for the project, with lies near Cairns.

EQ Resources is busy working out the potential for an open pit and underground mining project at Mt Carbine, which the company touts as Australia's only primary tungsten producer.

Results from today's drilling program struck 22 "King Veins" which, in this instance, refer to tungsten veins greater than one per cent tungsten trioxide (WO3).

The best hits came from the Iolanth and Bluff zones in the project area, and include a 6.97-metre intersection at 0.9 per cent WO3 from 120.85 metres. This intersection includes a 1.5-metre zone at 2.88 per cent WO3 from 16 metres below the pit floor.

Results from another seven holes drilled in the area are slated for later this month.

EQR CEO Kevin MacNeill said the average mineralised grades reported from this round of drilling were "considerably higher" than the historically reported resource grade of 0.13 per cent WO3.

"This round of results has exceeded our expectations and give further confidence to the continuity of the discrete and individual zones at Mt Carbine now being better defined and understood in more detail," Mr MacNeill said.

All up, EQ Resources drilled 16 holes in the area for 4074.1 metres as part of the latest drilling program.

Building the feasibility study

The company said the 22 separate King Veins struck in the program showed tungsten veins ranging from five centimetres to 1.5 metres in width, though they were typically between 10 and 30 centimetres. As far as grading goes, the company struck tungsten grades ranging from 0.5 per cent WO3 to 17.6 per cent WO3.

Mr MacNeill said all of the information from this drilling program will flow into a block model and resource statement as part of the planned feasibility study report for the project.

"Our bankable feasibility study will better define the optimal mining plan for the King-Veins in the Mt Carbine resource to produce better mine grades in conjunction with the use of advanced processing technology in determining the future economics for the next stage in the life of Mt Carbine," Mr MacNeill said.

He added that the company has been trialling some cutting-edge ore-sorting tech at the project, which Mr MacNeill claimed was having a "much higher impact" than previous conventional sorting methods at the project.

Shares in EQ Resources closed 7.69 per cent higher this afternoon at 2.8 cents each. The company has a $33 million market cap.

EQR by the numbers
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