Guardian Metal Resources has released an update on its due diligence process for the acquisition of the Tempiute Tungsten Mine & Mill project in Nevada.
The project, also known as the Emerson Tungsten or Black Dog Mine, is located less than 240km north of Las Vegas.
The company, in collaboration with Hinkinite Resources, is working on acquiring the Tempiute project.
Hinkinite Resources, a Utah-based company, is known for prospecting and developing mineral deposits across the western US.
The due diligence process includes a title opinion by US-based legal advisers, confirming no maintenance deficiencies or liabilities against the project.
A geological desktop review by LC Geoscience Mining & Exploration Services has also been completed.
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The review highlights a tungsten-rich skarn-type mineralising system at Tempiute, with potential for significant exploration.
The presence of underexplored mineralised breccia pipes and porphyry zones indicates further potential.
Guardian Metal CEO Oliver Friesen said: “A huge thanks to all of our legal, environmental and technical advisers who are assisting us with our due diligence process. Things are progressing well and we look forward to providing our next update in January 2025, with the expectation that, subject to final due diligence, this announcement will be in regard to the signing of the definitive agreement to acquire the project.
“It is clear, now more than ever, that the US needs a domestic source of mined tungsten and Guardian Metal is positioned to play a part in the reshoring efforts for tungsten with our flagship Pilot Mountain Project.
“Subject to the completion of due diligence, the acquisition of Tempiute would represent a significant step change as we look to scale our operations in the mining friendly state of Nevada, with the ultimate goal of helping the US significantly reduce its dependence on foreign sources for this key defence and industrial metal.”
Previous studies have outlined several skarn zones, up to 30m thick, with consistent mineralisation over vertical extents of at least 400m. The primary ore minerals include scheelite, sphalerite, molybdenite, chalcopyrite and galena.
Results from a sampling programme have been received, confirming tungsten-bearing skarns, semi-massive sulphide mineralisation and tailings.
Assays from ALS Laboratory in Reno show WO3 concentrations of 1.50% and 0.94%, along with high-grade silver, molybdenum, zinc and copper.
Guardian Metal Resources is advancing the production of definitive agreement documents, aligning with the expected timeline for finalising the due diligence process.
The environmental assessment, the final due diligence workstream, is expected to conclude in January 2025.
