en.Wedoany.com Reported - EQ Resources has entered into an agreement with Sunshine Metals to acquire the latter's Hodgkinson mining rights portfolio near the Mt Carbine tungsten mine in Queensland.

The transaction covers six exploration licenses, totaling approximately 365 square kilometers, adjacent to the Mt Carbine mining area, with a transaction amount of $250,000, subject to regulatory and third-party approvals.

EQ Resources Managing Director Craig Bradshaw stated that the company appreciates Sunshine's constructive engagement in the transaction and recognizes the alignment between the Hodgkinson project and its broader regional development strategy. Bradshaw noted that the proposed acquisition is a prudent regional move around the company's existing Mt Carbine operational base.

The Hodgkinson project features multiple known mineralized sites, with historical exploration indicating anomalous gold and tungsten mineralization in the area. EQ Resources believes the project may potentially provide resources within trucking distance of Mt Carbine in the future.

This acquisition helps the company expand its regional tungsten footprint and build a pipeline of development opportunities around existing operations. Bradshaw pointed out that the expanded processing capacity at Mt Carbine enables the company to think regionally, and Hodgkinson, along with Wolfram Camp and other opportunities in the broader area, has the potential to become part of a hub-and-spoke model, positioning Mt Carbine as a central processing hub for the regional tungsten basin.

For Sunshine Metals, this sale allows it to focus on advancing the Mt Moss gold plant, the Liontown gold project, and Sybil exploration activities, while improving its cash position. Sunshine Metals Managing Director Damien Keys stated that the divestiture of Hodgkinson is a win-win for both companies. Keys noted that Sunshine's current core focus areas are closer to its Townsville headquarters, namely Ravenswood Consolidated and Mt Moss/Sybil, with work priorities including engineering and pre-construction preparations for the Mt Moss gold plant, updates on resource and mining studies at Liontown, and exploration of the Sybil epithermal gold target.

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