Terra Uranium Limited - Could the Glen Eden Project Be The Next Tungsten and Molybdenum Story in Australia - A Sisson-Style Tungsten Project?
- Noel Ong
- Aug 31
- 21 min read
Prior to a few months ago, the word "tungsten" would have been foreign to most people, and I dare say that the majority of investors on the ASX would struggle to understand its significance or prospectivity, even now in September 2025. There is definitely no argument that it is one of those commodities that rarely makes headlines, yet it quietly underpins some of the most critical sectors of the global economy.
As I read the tea leaves today in 2025, the strategic importance of tungsten is unparalleled, and the scarcity of the metal, along with its dominance by a single nation, China, which has been discussed for a decade, is now at potentially critical levels. The issue has finally reared its head, and the solution is not easily found nor easily implemented. There is going to be a lot of pain, and before any market volatility can be calmed.
The tungsten space has had very little movement since the early 2010s, leading to a lack of opportunities for investors to get a position because there simply has not been any positive news. The intriguing part of the tungsten space is that not only has there been not much news on the positive pricing trends, but there is also a lack of understanding of what makes the industry tick, from the geological and the technical requirements to gain favour from the capital market.
The good news is that I think there is now movement in both the pricing, which is now at all time high, and for ASX investors, there is a AUD $3.78M market cap company with what I think compares very well with giant deposits like The Sisson project in Canada. Terra Uranium Limited (ASX: T92) has acquired an interesting project in New South Wales, Australia, which I think could make shareholders of the company some good returns in the coming future. The historical data reminds me of the time that I was working in the Tungsten sector and it compares very well with the Watershed project in Queensland and the Sisson project in British Columbia, Canada.
For this Samso Insight, I am going to make a direct comparison to the Sisson project as I feel that this is the market leader, it will be the nearest tungsten project to be in production that has all the hallmarks for being a long life economical tungsten mine.
What Is Driving the Lack of Tungsten?
A major problem with the Tungsten Supply issue, similar to the challenges faced in the REE conflict that the "West" is striving to overcome or at least gain progress in, is the severely limited tungsten mining and processing capabilities outside of China.
Figure 1: Location of the Sangdong and Boguty Tungsten Mine (Almonty and www1.hkexnews.hk)
Projects like the Sangdong Tungsten Mine and Kazakhstan’s Boguty mine (Figure 1) contribute minimally relative to global demand. Processing bottlenecks and underdeveloped beneficiation infrastructure further hinder diversification. Investors looking for a play in this space are continuously playing a losing game. My experience in this commodity space began in 2012, and I will say that I have not seen one winning project. The list I have of projects is all losers, which reflects the technical deficiencies and the lack of market support via price and capital funding for such projects.
The Price Factor
One of the biggest factors that has plagued the success of tungsten projects has been the price of Ammonium Paratungstate (APT). The APT price has always been used to measure the market, and that has not had a good run until now.
For those interested, Samso published an in-depth look into the tungsten industry in May 2025, "Tungsten: The Quiet Giant – Market Trends and Investment Pathways," where we first discussed the rising tungsten pricing to levels in the USD400+ mtu. As you can see in Figure 2 below, that is now at $USD 520/mtu.
Figure 2: Price of Tungsten products and the Tungsten price trend as of 18th August 2025 in RMB. (source: www.ctia.com.cn)
Once you accept that the pricing is now at an all-time high, then let's consider factors such as the irreplaceable nature of tungsten from military applications and aerospace engineering to everyday tools and electronics. What obscures the sexiness of tungsten from the everyday investor is that, unlike gold or copper, the tungsten story is less about glamour and more about geopolitics, supply chains, and the reality of doing business in a market dominated by China.
Figure 3: Uses of Tungsten (source: samaterials.com)
Understanding the business of tungsten is not just about geology—it is about strategy, economics, and a resource that has become central to the conversation on critical minerals.
Tungsten Is Not just Another Metal
Tungsten is not just another industrial metal—it is a strategic asset, and its price is taking off like a rocket (Figure 2). Its unmatched hardness, density, and resistance to heat make it indispensable in sectors ranging from defense and aerospace to energy and high-tech manufacturing (Figure 3). Yet despite this demand, investment opportunities outside China remain extremely limited, placing a premium on any project with the scale and economics to enter production.
The fact that the scarcity is amplified by the ongoing geopolitical tension between the West and China may bring some question as to the durability of the price rise, but when you start to understand the economical geology nature of tungsten in terms of the economic geology. With China controlling nearly 80% of global tungsten supply, Western governments are acutely aware of their vulnerability to supply shocks. The result is a growing push to diversify supply chains, secure critical minerals through domestic or allied sources, and back projects that can shift the balance of dependence. For investors, the tungsten sector is no longer just a resource play—it is becoming a frontline in the broader strategic competition between East and West.
The Geological Reasons why Tungsten is going to have a Supply Crunch.
The other factor that the capital market ignores is that to find and develop an economical tungsten deposit is very hard. Firstly, the nature of tungsten geology is that it does not occur as an economical scenario every time you have tungsten mineralisation.
If you look at the global types of economical deposits, they are the low-grade and large tonnage style mines. To add complications, there are the byproducts, and some have items such as radioactive minerals (commonly in small quantities that are enough to spook investors and the potential metallurgical issues), and if you throw ESG issues, that will be the nail in the coffin scenario.
The other geological influence is the presence of by-products that require extra processing, creating cost implications that negatively reflect the outcome of the economical equation. The Sisson project is Molybdenum-Tungsten, and 15 years ago, when Molybdenum was not worth a lot, that held back Sisson as a good project. Today, when Molybdenum is in a shortage and pricing is finally buoyant, there is now a boost in energy for the Sisson story.
Figure 4: The Sisson partnership that is driving the fortune of the Sisson Tungsten and Molybdenum Mine. (source: The Sisson Partnership).
This is pretty much all the drivers controlling the tungsten story. For all the critical minerals that are talked about in the media, it seems that Tungsten may be the first of the ranks that is in reality mode now.
Path To Understanding the Tungsten Story.
To understand the Tungsten Story and what makes a sustainable and economical Tungsten Story, one must first look at the metal and the global examples. Personally, my thoughts are that there are two examples that are in front of my mind in terms of a potential economical project, that I know well enough to say, and that are the Sisson and Watershed projects. To keep things simple, I have chosen the Sisson project to discuss here.
True to the Samso platform, I will try an compare the Terra Uranium Limited (ASX: T92) recent acquisition of the Tungsten-Molybdenum project in New South Wales, Australia, to give ASX investors something to think about from a small capitalisation entry to the tungsten story. Looking at the ASX release (Terra Uranium to Acquire Largest Tungsten Project in NSW), I am reminded of my days looking at tungsten projects, and there are hallmarks of a potential to become a world-class concept.
A recent ASX release with some rock chips is giving some good indications that mineralisation does exist (Deepwater Rock-Chips 3% Tin, 13.7% Tungsten & 6% Molybdenum). This region is renowned for IRGS (Intrusion Related Gold Systems) and tin, tungsten, molybdenum and potentially lithium. It's just the ideal geological environment to find the later-stage metal deposition from the incompatible suite of elements on the periodic table.
So let's get into the main part of this Samso Insights with the following chapters to help navigate the details of this Samso Insight.
Why is Tungsten Unique?
One of the key properties of tungsten is that it is one of the densest metals, but contrary to popular thinking, it’s not the very densest.
Here’s the breakdown:
Tungsten (W): Density ~ 19.25 g/cm³
Osmium (Os): Density ~ 22.59 g/cm³ → the densest naturally occurring element.
Iridium (Ir): Density ~ 22.56 g/cm³ → almost as dense as osmium.
Platinum (Pt): ~21.45 g/cm³.
Gold (Au): ~19.32 g/cm³ (slightly denser than tungsten).
So tungsten is extremely dense (comparable to gold), but osmium and iridium are denser. What makes tungsten unique is that, while it isn’t the absolute densest, it combines very high density with the highest melting point of any metal (3,422 °C), which is why it’s so valuable for industrial and defense applications.
1. Highest Melting Point of Any Metal
3,422 °C (6,192 °F) — higher than any other pure metal.
Enables use in applications exposed to extreme heat (rocket nozzles, turbine blades, plasma torches, light bulb filaments).
2. Very High Density
19.25 g/cm³ — comparable to gold and almost twice as dense as lead.
This density makes it ideal for kinetic penetrators, armour-piercing ammunition, counterweights, and ballast in aerospace.
3. Exceptional Hardness & Strength
In carbide form (tungsten carbide), it’s one of the hardest known substances (≈9 on Mohs scale).
Critical for cutting tools, drilling bits, and wear-resistant machinery.
4. Resistance to Thermal Expansion
Very low coefficient of thermal expansion.
Maintains dimensional stability under rapid heating/cooling cycles → key for high-precision equipment.
5. High Tensile Strength at Elevated Temperatures
Retains strength even when red-hot.
Used in applications where other metals would soften (e.g., aerospace components, furnace elements).
6. Chemical Stability
Highly resistant to corrosion and oxidation.
Useful in harsh industrial and chemical environments.
The Sisson Project
(source: The Sisson partnership)
The Sisson Partnership is dedicated to developing the Sisson Project, a modern, long-life open-pit mine for tungsten and molybdenum, situated on Crown land in central New Brunswick, about 100 km northwest of Fredericton (Figure 5).
It emphasizes responsible and ethical mining, with a focus on sustainability and respect for local communities and the environment, aiming to become a North American leader in the production of these critical minerals. (Source: The Sisson Partnership)
Figure 5: Location of the Sisson Project in Canada. (source: The Sisson Partnership).
Project Background & Infrastructure.
(source: The Sisson partnership)
The project site is well-served by existing infrastructure—roads, highways, railways, power lines, deep-sea ports, and water supplies—helping to reduce development costs.
Initial mineralization was discovered in 1978, with extensive drilling and resource evaluation completed by 2012. A positive Feasibility Study was finalized in January 2013, outlining a 27‑year mine life supported by open‑pit mining and onsite processing, including an ammonium paratungstate plant.
History & Current Status.
(source: The Sisson partnership)
History
Discovery: 1978 by Kidd Creek; drilling extended into 2009 under Geodex.
Northcliff acquired 70 % in 2010, and the remaining 30 % by mid‑2012; Todd Minerals (a sub of Todd Corporation) invested around C$14 million to gain an 11.5 % stake, with Northcliff (88.5 %) as operator.
Positive Feasibility Study completed in January 2013, affirming a long-life, open-pit development.
Current Stage
Northcliff is working to update feasibility, complete engineering, secure financing, and finalize offtake agreements before advancing to a construction decision.
Economic & Development Highlights.
According to the 2013 Feasibility Study:
Construction phase: ~500 jobs.
Permanent operations: ~300 jobs.
Estimated capital expenditure: C$579 million.
Estimated pre‑tax Net Present Value (NPV, at 8% discount): C$714 million.
Internal Rate of Return (IRR): 20.4%.
Payback period: ~4.1 years.
Recent Developments & Funding
(source: The Sisson partnership)
US Funding: In May 2025, the U.S. Department of Defense awarded USD $15 million (approx. C$20.7 million) under the Defense Production Act to support the project’s pre-construction phase.
Canadian Funding: In August 2025, Natural Resources Canada granted C$8.21 million for updating the feasibility study and basic engineering as part of its Global Partnerships Initiative, complementing the U.S. contribution.
The combined C$29 million in bilateral funding underlines Canada and the U.S.'s commitment to securing the supply of these critical minerals, reinforcing North American competitiveness and supply chain resilience.
As of mid‑2025, Northcliff has invested around C$70 million to date in studies, environmental approvals, and development activities.
Timeline to Construction: The CEO of Northcliff, Andrew Ing, has suggested that with these investments, the project is nearing a construction decision, and that actual mining (i.e., digging) might begin in roughly five years, though past figures may no longer reflect updated capital cost estimates.
Technical Details: Resources, Mining & Processing
(source: The Sisson partnership)
Mineral Reserves and Resource Estimates
The project is estimated to host 334 million tonnes of proven and probable ore, grading approximately 0.066 % tungsten trioxide (WO₃) and 0.021 % molybdenum, containing roughly 22.2 million metric tonne units (mtu) of WO₃ and 154.8 million pounds of molybdenum (Figure 6 and Table 1).
Figure 6: Sisson deposit geology and mineralisation. (source: Northcliff Resources)
Geological setting: Hosted in structurally controlled zones (I, II, III, and Ellipse) adjacent to the Howard Peak Granodiorite. Mineralization is within narrow, northwest-trending quartz-sulphide veins (scheelite for tungsten, molybdenite for molybdenum).
Table 1: Sisson deposit Mineral Resource. (source: NorthCliff Resources)
Mining & Processing Plan
Mining: Scheduled as a conventional open-pit operation using truck-and-shovel methods, targeting a daily mining rate of around 30,000 dry metric tonnes per day.
Processing
Crushing, grinding, and flotation to produce separate tungsten and molybdenum concentrates at an on-site plant.
Unique to Canada, the project includes an Ammonium Paratungstate (APT) plant, using alkali pressure leach technology. Annual production projections include 557,000 mtu of APT and 4.1 million pounds of molybdenum concentrate.
The Terra Uranium Project - A Tungsten and Molybdenum Gift.
Terra Uranium Limited (ASX: T92) has taken a decisive step beyond its uranium focus, announcing the acquisition of Dundee Resources Pty Ltd, which holds an undeveloped tungsten–molybdenum project in New South Wales (Figure 7). The move comes as tungsten prices surge to 12-year highs—above USD $450/MTU—driven by rising demand across military, aerospace, and advanced technology sectors.
Figure 7: Tenement location plan for the Terra Uranium Limited new project. (source: Terra Uranium).
The project is located in the highlands of New South Wales and has a strong history of tin mining and strong mineralising history of molybdenum, and is a well-sought-after place for prospectors hunting for sapphires and semi-precious stones.
The Acquisition at a Glance
The agreement secures Terra Uranium's 100% ownership of Exploration Licence EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects. Among these, Glen Eden stands out as a significant mineral system hosting tungsten, molybdenum, tin, and bismuth. Previous drilling has shown consistent mineralisation with intervals such as:
282m @ 0.28% WO₃ equivalent from 7m (0.11% MoS2, 0.02% SnO2 and 0.08% WO3)
235m @ 0.25% WO₃ equivalent from 15m (0.10% MoS2, 09.03% SnO2 and 0.06% WO3)
392m @ 0.14% WO₃ equivalent from 3m (0.06% MoS2, 0.01% SnO2 and 0.025% WO3)
Notably, metallurgical test work conducted by Amoco in 1981 demonstrated strong recoveries—66% tungsten, 58% tin, and 86% molybdenum—indicating the potential to generate saleable concentrates.
Exploration and Development Potential
Glen Eden is defined by a 500m-wide greisen breccia and stockwork complex hosted in rhyolitic volcanics. The mineralised system remains open at depth beyond 385m, and geological modelling suggests similarities to deep-seated molybdenum–tungsten deposits such as Henderson in the U.S.
A JORC-endorsed Exploration Target estimates between 20–30Mt grading 0.18–0.29% WO₃ equivalent to depths of 100–150m. While conceptual at this stage, Terra Uranium has confirmed plans to launch a drilling campaign aimed at converting this target into a JORC-compliant resource within the next two years.
Historical soil sampling has created a large footprint of potential mineralisation in the main area (Figure 8).
Figure 8: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited).
A Multi-Phase Hydrothermal System
The project area is dominated by a hydrothermally altered rhyolitic volcanic sequence, mapped over an area of approximately 1,500 metres by 800 metres. Within this alteration halo sits a 500-metre-wide central greisen and breccia complex, which forms the core of the mineralised system.
Geologists have identified three distinct phases of mineralisation:
Phase 1 – Hydrothermal Alteration
Early alteration halos consisting of sericitic, phyllic, and potassic assemblages.
This broad zoning indicates the system was driven by a substantial intrusive body at depth, which remains unexposed at surface.
Phase 2 – Greisen and Vein Development
An irregular greisen breccia and stockwork zone developed within the rhyolitics.
Mineralisation here includes molybdenite (MoS₂), wolframite (WO₃), cassiterite (SnO₂), and bismuth minerals, pointing to a polymetallic system with multiple saleable commodities.
Phase 3 – Overprinting Brecciation
Later structural events created more intense veining, brecciation, and stockwork zones.
These overprint earlier mineralisation, effectively recharging and enriching the system.
This multi-phase history is significant because it indicates the system has been reactivated and re-mineralised multiple times, increasing the probability of high-grade shoots at depth.
Evidence from Historical Drilling
Past explorers, including Carpentaria Exploration (1960s) and Amoco Minerals (1980s), drilled to depths of nearly 400 metres. Mineralisation remained open at depth in all directions, suggesting the system extends much further than tested (Figure 9).
Some key intercepts include:
282m @ 0.28% WO₃ equivalent from 7m (GENSW80-1)
235m @ 0.25% WO₃ equivalent from 15m (GENSW80-2)
392m @ 0.14% WO₃ equivalent from 3m (GENSW81-5)
Notably, these were not narrow, high-grade veins but broad, bulk-minable zones, consistent with the potential for a large tonnage system.
Figure 9: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited).
Metallurgical Evidence – Unlocking Value
Historical test work on Glen Eden ore has already demonstrated promising metallurgical recovery rates:
66% tungsten recovery
58% tin recovery
86% molybdenum recovery
These results show that not only is the mineralisation significant in scale, but it also has the potential to produce marketable concentrates, strengthening the commercial case for development.
Why Geology Matters for Investors
From an investor’s perspective, Glen Eden represents more than just another exploration play. Its geology suggests:
Large-scale system – with alteration halos, breccia pipes, and stockworks supporting a bulk-mining model.
Polymetallic upside – tungsten, molybdenum, tin, silver, and bismuth offer multiple revenue streams.
Exploration potential – mineralisation remains open at depth, with modelling pointing to deeper, high-grade zones.
Critical mineral leverage – tungsten and molybdenum are both classified as critical minerals, giving the project strategic importance.
In short, the geology of Glen Eden provides the foundations for a project that could evolve into one of Australia’s most important non-ferrous critical mineral deposits.
Geological Comparisons – Henderson-Style Potential
Geochemical signatures and alteration patterns suggest Glen Eden may share similarities with Henderson (USA), one of the world’s largest molybdenum–tungsten deposits. Like Henderson, Glen Eden exhibits:
Multi-phase breccia and greisen development
Persistent molybdenite and wolframite mineralisation
Open mineralisation at depth, indicating potential high-grade shells
This geological model underpins the JORC-endorsed Exploration Target of 20–30Mt grading 0.18–0.29% WO₃ equivalent to depths of 100–150 metres.
The Other Notable Tungsten Projects
Hemerdon Tungsten Project: Geology and Resource:
(Figure 10)
Ore Reserves: ~101.2 million tonnes grading 0.14% tungsten (WO₃) and 0.03% tin (Sn).
Mineral Resources: ~351.5 million tonnes at 0.12% tungsten and 0.03% tin.
Figure 10: Hemerdon Site layout. (source: Tungsten West).
Sangdong Tungsten Project: Geology and Resource.
Proven and probable reserves: around 7.9 million tonnes with grade ~0.45% WO₃.
Measured & indicated resources: approximately 8 million tonnes at ~0.49% WO₃; inferred resources total ~52.8 million tonnes at ~0.44% WO₃.
These figures place Sangdong (Figure 11) among the largest high-grade tungsten deposits in the world.
Figure 11: Sangdong Tungsten Mine in South Korea. (source: Wikipedia).
Nui Phao Tungsten Project: Geology and Resource.
(Figure 12)
Ore Reserves: Estimates range from ~55 million tonnes to 66 million tonnes of ore, with average WO₃ (tungsten trioxide) grades of 0.21%.
It’s recognized as one of the largest tungsten deposits outside China, featuring a polymetallic composition including fluorspar, bismuth, and copper.
Figure 12: Sangdong Tungsten Mine in South Korea. (source: Wikipedia).
Samso Concluding Comments
The tungsten narrative is typically flying under the radar, and I am really surprised at how low-key this is compared to the Antimony hype, which seems to be taking a journey of greater excitement since it started 12 months or so ago. Even the recent rush for the clay rare earths is making more waves than Tungsten, which is at its APT price at an all-time high (Figure 2).
The APT price at USD520/mtu is a lot higher than in 2012, when it was hovering in the USD420/mtu range. When I had the conversation with Oliver Friesen a few months ago, we were talking about a potential price that was around the USD 460/mtu, so you can imagine my surprise when I saw that while researching for this Samso Insight.
Tungsten has long since been what I call a dark metal, meaning that the demand vs. supply narrative is shrouded in mystery. It is very hard to visualise the real market. When you look at the global demand and then you look at what is outside of China, you will start to see why it is so hard to visualise where the supply can come from. If my thoughts are correct that there are few economical tungsten projects outside China, then the scarcity issue is in Defcon 1 critical status.
The Market Leaders In The Last Tungsten Boom.
In 2012, there was talk of the Hemerdon (Drakelands) tungsten‑tin project, Sangdong and Nui Phao Mine coming on stream. At that time, the Sangdong mine was the most talked about, as there were some comments that Warren Buffett was backing it. These three projects were the most advanced, and they were all going to feed into the supply of tungsten. What happened in reality was that Nui Phao was the only one that produced, but it never reached its potential.
At that time, as I said, these projects were the market leaders, and they were going to be the superstars of the "Western" tungsten production world (Figure 13). The fact that in 2025, we are only seeing small production figures coming out from Nui Phao and an APT price in the USD 520/mtu levels should be giving investors and shareholders of tungsten projects hugs of excitement. Where is the new production going to come from, and could the tungsten price be setting its new base level?
Figure 13: M&I resource tonnes and WO3 grade of major world projects. The Dolphin project is located on King Island in Australia. Nui Phao is in in Đại Từ District, Thái Nguyên Province, northern Vietnam—around 80 km from Hanoi. The Drakelands deposit is about 7 miles northeast of Plymouth, near Plympton in Devon, England. The Sisson project is in NorthEast Canada. (source: QuotedData)
Could the new pricing levels be the catalyst for capital to start seeking projects such as Glen Eden? Could the market situation give the small-cap company with a market capitalisation of less than AUD $5M the edge it needs?
All these questions should be asked, and the market will have to get itself familiar with the real, critical nature of tungsten. There just isn't enough tungsten to bring out from the ground now. So what does that mean for the end-users?
Real Companies That Will Feel The Supply Crunch.
What does it mean for companies that make bullets and ammunition, including global defence conglomerates like BAE Systems, General Dynamics Corporation, and Northrop Grumman Corporation, as well as specialized ammunition manufacturers such as Ammo Inc., Hornady, NIOA, Remington Arms, Sellier & Bellot, and Winchester Repeating Arms Company?
What about the major airplane manufacturers, including Boeing and Airbus, for large commercial aircraft, while Lockheed Martin and Northrop Grumman focus on military aircraft? Other key players include Embraer and Bombardier for regional jets, Textron Aviation (which owns Cessna and Beechcraft) for general aviation, and emerging companies like COMAC from China and Mitsubishi from Japan.
Where are they going to find their tungsten for their production? The issue is that there are just no other projects that you can go and dig some up now. Like all mineral projects, it is a long-term proposition and the capital markets may be just waking up to something that has a real supply issue, unlike lithium, REE, Copper...etc.
To date, the Hemerdon and the Sangdong projects have not produced any tungsten, and as far as I am able to find out, Nui Phao is struggling with production targets. In summary, the so-called Western projects have been a complete failure. With the APT price at the USD520/mtu levels, could this be real evidence for the revitalisation of the tungsten industry?
Will the market fall and repeat the last boom-bust cycle? According to Oliver Freisen, the supply crunch is real. He mentioned that even Boeing is worried. In support of his comments, the price in China is rising and coupled with reports that China is again a net importer of tungsten concentrate, one would be assured that Oliver's words could be ringing true.
What does it mean if this is a real supply crunch? Well, if you look at the current projects, there are not many that I would say will make the all-important economical milestone. The Spanish and Portuguese projects may get up, but historically, they have had issues. The last time around, I was told that the "government" and "pseudo-government" bodies were moving goal posts. There were too many issues with deals and counter-deals for access and approvals. In my opinion, looking at the Chinese deposits, they were all low-grade and high tonnage mines. This is supported by my conversations with the Chinese geological consultants. So if this is the path, that puts out a lot of projects like Los Santos, Barruecopardo, Borralha and Vila Verde and Panasqueira.
Figure 14: Tungsten Reserve comparison with what I call the Portuguese and Spanish Tungsten projects. (source: Group 6 Metals Limited)
The high-grade Dolphin Tungsten Mine (Australia) has had its second failure recently, and that may be a sign of what can work and what cannot work. The diagram below, Figure 14. It is a great depiction of the smaller end of town that I don't think will be able to be a functional economical proposition. I may be wrong, but I am sure that in time, I should be proven correct. History does not lie; once uneconomical, mining projects never become instantly (without an upgrade or a material change to the geology or resource) economical with a rising metal price. The cost follows the same gradient of the curve.
Bridging the Supply Deficient Gap.
What does this mean for the industry to bridge the gap? Well, these were projects such as Glen Eden, in my humble opinion, that come into their own. What little information is available is mixed with the understanding that the geological environment is suited for this kind of mineralisation. There is a good chance that Glen Eden will become something like a Sisson.
Sisson is characterised by its association with Tungsten and Molybdenum, and the early results at Glen Eden are showing just that from its historical work. One of the great wonders of geology is that although each deposit is different in its structure, the fundamentals of the geology that created the mineralisation are similar. If you have the same cooking mechanics and you are getting similar fruits, the likelihood of a similar style is in place. The big question is the magnitude.
Comparing Sisson and Glen Eden
I have specifically chosen to compare Sisson with Glen Eden because of the similar style, and Glen Eden is outcropping, which will make the mining proposition more economical from this point of view. I believe that the next Tungsten mine will be Sisson, and with time, this will be a significant player with the backing of the US government.
Figure 15: Molybdenum price chart since 2016. (source: Daily Metal Price).
What Sisson and potentially Glen Eden will have, which was a liability in the past but is now potentially an added value that the other project doesn't have, is the presence of Molybdenum. As you can see in Figure 15, the slow rise of Molybdenum to its 2009 high is now within reach. The critical nature of Molybdenum is high on the list as well, and this will be something that both Sisson and Glen Eden will have that could make the project more economical.
As far as critical mineral projects go, I think the Tungsten space can be considered a polymetallic heaven. Glen Eden shows great potential for creating newsflow that could make it a global significance. The three drilling intercepts below are what sparked my interest in Glen Eden.
282m @ 0.11% MoS2, 0.02% SnO2 and 0.08% WO3.
235m @ 0.10% MoS2, 09.03% SnO2 and 0.06% WO3 from 15m.
392m @ 0.06% MoS2, 0.01% SnO2 and 0.025% WO3 from 3m.
Whenever you have that level of drill intercepts, it indicates some serious cooking mechanism in place. What the company needs to do now is to get onto the ground and start making more sense of the geology and develop what could be a globally significant tungsten-molybdenum deposit.
Don't get me wrong, Glen Eden is going to take a while before it becomes anywhere being considered a mining proposition, but for the shareholders, that value creation will bring them good rewards as they establish firstly a resource and then its viability as an economical mining deposit.
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Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
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