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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World Ranking

In 2012, world economic resources of tungsten mine are estimated to be around 3488 kt based on United States Geological Survey (USGS) data and updated by Geoscience Australia for Australia’s resources. According to the USGS, China holds approximately 54.5% of the world economic resources followed by Australia with 11.2%, Russia with 7.2% and the USA with 4%.

The USGS estimates that world production of tungsten mine in 2012 amounted to 73 kt2 , which was similar to production in 2011. China was the major producer with approximately 84%, followed by Russia with 4.8%. Production for the USA was not recorded for reasons of confidentiality. Over the past few years, the Chinese Government has restricted the amount of its tungsten mine ores that can be offered on the world market by applying export quotas and taxes, favouring instead the export of value-added, downstream tungsten mine materials and products.

 

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The price of tungsten rose dramatically following the global financial crisis from a low of less than US$200 per metric tonne unit (MTU = 10 kilograms) of ammonium paratungstate (APT) in late 2008 to mid-2009 to reach new highs of US$480/MTU in mid-2011. This price increase reflected growth in demand and tightening of supply by China. Prices have since eased, to below US$350/MTU in early 2013, before recovering to around US$400/MTU in September 2013, which is still above the 2000-2010 long term average levels. Price increases in the second half of 2013 have also coincided with a decrease in the value of the Australian dollar. There has been continued activity at a number of Australian projects, including production at Kara in Tasmania and Wolfram Camp and Mount Carbine in north Qld.

In November 2011, the German mining company, Deutsche Rohstoff AG (DRAG) took full control of the Wolfram Camp tungsten-molybdenum project, 90 kilometres west of Cairns in north Qld, as well as the Bamford Hill tungsten-molybdenum deposit 25 kilometres south of Wolfram Camp. In February 2012, DRAG delivered its first WO3 concentrate from Wolfram Camp. The Wolfram Camp mine was discovered in the late 19th century and has a recorded production3 of 5.4 kt of wolfram, 1.4 kt of tungsten and bismuth (Bi) and 135 tonne of molybdenum (Mo). Tungsten-molybdenum-bismuth mineralisation occurs within quartz pipe-like bodies within the greisen-altered margin of the James Creek Granite in contact with metasediments of the Hodgkinson Province. The Wolfram Camp mine was officially re-opened in July 2012. In December 2012, DRAG upgraded the treatment plant allowing greater throughput, and since February 2013 the company has been producing between three and four tonnes per day of tungsten concentrate, plus an unspecified amount of by-product molybdenum. Tungsten concentrates are handled by off-take partner USA-based Global Tungsten and Powders Corp. In November 2013, DRAG announced that the Wolfram Camp mine had officially commenced commercial operations with a planned 10-year mine life. The most current resource estimate for Wolfram Camp, which was released by Planet Metals Limited in May 2010, is 1.42 million tonnes (Mt) grading 0.6% WO3 and 0.12% Mo comprising 0.78 Mt grading 0.56% WO3 and 0.13% Mo in Indicated Resources and 0.64 Mt grading 0.65% WO3 and 0.11% Mo in Inferred Resources. In November 2013, DRAG released an updated non-JORC Code compliant, estimated inventory of about 3.8 Mt returning approximately 0.4% WO3. Continued exploration is planned to further define the resource.

 

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Background:

Tungsten is a gray-white metallic element. Its atomic number is 74 and its atomic symbol is W (after the German name Wolfram given to this element). It is stable and is very resistant to acids and bases. It does, however, oxidize in air, especially at higher temperatures. It has the highest melting temperature of any metal (3422 degrees C, 6192 degrees F), and the second highest of all elements (Carbon is highest).

Tungsten was discovered in 1758 by Axel Fredrik Cronstadt; in 1781 Carl Wilhelm Scheele isoldated a tungsten oxide, and in 1783 the Spanish chemists (and brothers) Fausto and Juan Jose de Elhuyar first separated tungsten from the mineral wolframite.

It is interesting to note that tungsten is important to the health of plants and animals. Specifically, it is used by some enzymes (which are called oxidoreductases).

 

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