Vital Metals Limited's wholly owned Watershed scheelite project 150 kilometres northwest of Cairns in north Qld has, as of 30 June 2012, Measured Resources of 4.42 Mt at 0.25% WO3, Indicated Resources of 11.51 Mt at an average grade of 0.24% WO3, in addition to Inferred Resources of 4.73 Mt at 0.26% WO3, using a cut-off grade of 0.10% WO3, for a total of 50.7 kt contained WO3. In mid–2011, Vital entered into an earn-in agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC), which has earned 30% of the Watershed project by co-funding a definitive feasibility study for the project. The JOGMEC interest will pass to a Japanese-owned corporation which, in partnership with Vital, will take the project into development and operation. Vital announced in July 2013 that it was extending its feasibility study to investigate tripling production rates to 3 Mt per annum, partly in response to increasing wolfram prices. The company has indicated it expects the revised feasibility study to be completed by the first quarter in 2014. Environmental approvals for the project have been granted and mining leases are expected to be granted in the near future. The Watershed deposit, originally discovered by Utah Development Company Ltd in the early 1980s, consists predominantly of quartz-scheelite vein swarms within metasedimentary rocks of the Hodgkinson Province.
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