en.Wedoany.com Reported - Western Star Resources has acquired the Eagle Point tungsten mine located in southwestern New Mexico, USA.

Blake Morgan, CEO and President of the company, stated that the Eagle Point tungsten mine combines advantages such as high grade, a well-documented production history, eight outcropping independent skarn bodies, and a top-tier U.S. jurisdiction, yet it has never been touched by modern exploration.

Under the agreement, Western Star will obtain a 100% interest in the project, covering 24 lode mining claims, by paying $150,000 in cash and issuing 4 million shares to the seller. The company may repurchase 1% of the royalty for $1 million in the future. The transaction is subject to customary closing conditions and regulatory approvals. According to Western Star, previous U.S. government exploration estimates, based on surface trenching and outcrop sampling, indicate the mine contains approximately 140,000 to 180,000 tons of scheelite-bearing material.

Following the acquisition, Western Star plans to initiate exploration work, starting with drone surveys to delineate drilling targets, while simultaneously updating historical maps and using ultraviolet lamps to quickly identify scheelite. Data obtained from these efforts will be used to prioritize targets and advance drilling permit applications. The company noted that this transaction further strengthens its tungsten business platform in the U.S., against the backdrop of China controlling approximately 85% of the global tungsten supply.

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