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Tungsten Mining (ASX:TGN) has raised A$1.9 million via the placement of 48 million shares at A$0.04 per share as the company focuses on a duo of recent Western Australian acquisitions.
The funds will be applied to development activities at the company’s Mt Mulgine and Big Hill tungsten properties, recently acquired from Hazelwood Resources (ASX:HAZ).
The raising is interpreted as signalling a strong endorsement of Tungsten Mining’s strategy of building a tungsten business of scale with these assets.
The combined inventory of Mt Mulgine and Big Hill equates to 88.2 million tonnes at 0.17% WO3 for more than 15.3 million tonnes of WO3.
This resource equals 121,700 tonnes of contained tungsten metal.
This would add significantly to Tungsten Mining’s existing WA portfolio, which includes the recently enlarged Kilba resources of about 5 million tonnes at 0.24WO3 for 12,129 tonnes of WO3.
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