The Tungsten Mining (ASX: TGN) share price is in focus today after the company announced the start of major drilling at its Watershed Project, aiming to boost geological confidence and refine mine planning.
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What did Tungsten Mining report?
- Major reverse circulation (RC) drilling program of 175 holes for 15,000 metres underway
- Diamond drilling of 75 holes for approximately 5,700 metres commenced
- Focus on increasing geological confidence in high-grade areas targeted for initial mining
- Drilling follows strong Preliminary Economic Evaluation released in June 2026
- Initial assay results expected from October 2026
What else do investors need to know?
The Watershed Project sits on granted Mining Leases with an existing Environmental Authority and is located around 130km north of Cairns. The new drilling will directly support updated Mineral Resource estimates, pit designs, and a refined mine plan, paving the way for an accelerated development pathway towards a final investment decision.
Tungsten Mining acquired the project in 2018 and completed an updated Mineral Resource Estimate and Preliminary Economic Evaluation in June 2026. The company will keep the market informed as drilling results and further updates become available, in line with its disclosure obligations.
What did Tungsten Mining management say?
Chairman Gary Lyons said:
The commencement of this major drilling program is an important next step in the advancement of Watershed following the strong Preliminary Economic Evaluation outcomes announced in June. The RC drilling is concentrated within areas of known high-grade mineralisation targeted for initial mining and is designed to provide greater confidence and definition for resource modelling and mine planning. At the same time, the diamond program will provide the metallurgical samples and geotechnical information required to refine process design, pit design and detailed engineering. Together, these programs will further enhance the technical definition of Watershed and help reduce project development risk as we advance.
What's next for Tungsten Mining?
Investors can expect the first drilling results from the Watershed Project from October 2026. These results will inform the company's Mineral Resource model and help advance detailed engineering and mine design. Tungsten Mining remains focused on de-risking the project and progressing toward rapid development, with further updates expected as key milestones are achieved.
Tungsten Mining share price snapshot
Over the past 12 months, Tungsten Mining shares have risen 192%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 3% over the same period.
