en.Wedoany.com Reported - Canadian explorer Allied Critical Metals (CSE: ACM) has received early drilling results from its Borralha tungsten project in northern Portugal. Drilling at the newly defined Venise target intersected a tungsten mineralized zone over 200 meters wide, located within a historical breccia system. The project, a former producing mine, is situated 60 km east of the city of Braga. The drilling aims to expand the resource base for a Preliminary Economic Assessment (PEA) scheduled for release in December 2024.

The Borralha project hosts the Santa Helena deposit, which has Measured and Indicated resources of 13 million tonnes grading 0.21% tungsten trioxide (WO₃), and Inferred resources of 7 million tonnes grading 0.18% WO₃. The December 2024 PEA outlines an 11-year mine life producing 1,708 tonnes of WO₃ annually. Using an 8% discount rate and a WO₃ price of $1,000 per metric tonne unit, the assessment calculates an after-tax net present value of $473 million and an internal rate of return of 49%. The Venise target, located approximately 400 meters from the Santa Helena breccia deposit, was not included in the PEA mine plan. This breccia system was documented in geological studies during the 1970s and 1980s but has not been systematically tested using modern exploration methods.

The project has been designated as nationally strategic by the Portuguese Defence Industry and Innovation Agency (idD Portugal Defence) and is currently undergoing environmental review. The company is executing a 20,000-meter drilling program, with the Venise target recently confirmed. Drilling is ongoing and advancing towards the interpreted central portion of the breccia body.

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