THE BOURSE WHISPERER: Vital Metals (ASX: VML) has had Mining Leases for the company’s Watershed tungsten project in Queensland granted by the Queensland Department of Natural Resources & Mines.
The grant of the Mining Leases means the Watershed project is now fully permitted and authorised to commence construction.
“With all the necessary approvals now in place, the Watershed project is poised for development and will enjoy a significantly enhanced profile within the global tungsten industry,” Vital Metals managing director Mark Strizek said in the company’s announcement to the Australian Securities Exchange.
“Our core focus will be on the completion of the Watershed Definitive Feasibility Study, in collaboration with our Joint Venture partner JOGMEC, which will establish the framework for the proposed mine development.”
Vital Metals Watershed project tenements. Source: Company announcement
Vital Metals indicated the Watershed DFS is on-track to be delivered in the first quarter of 2014.
In addition to the granting of the Mining Leases, Vital Metals also announced it has been awarded two additional tenements in close proximity to the Watershed project, expanding the company’s footprint in the region.
“In parallel with the development of the Watershed project, our aim is to apply our geological expertise to build a pipeline of projects supported by the proposed Watershed mining operation,” Strizek said.
“We already have a world-class resource at Watershed, and we believe these new tenements offer outstanding prospectivity for identifying further mineralisation.”