en.Wedoany.com Reported - Perpetual Resources is set to acquire the Nevada Scheelite Mine in the U.S. state of Nevada, adding a brownfield tungsten asset to its critical minerals portfolio. The company plans to validate historical data while assessing the potential for an initial JORC-compliant resource, and will obtain a 100% interest in the project through staged payments under a definitive agreement.
Nevada Scheelite is located in Mineral County, Nevada, approximately 50 miles southeast of Fallon, and about 80 kilometers north-northwest of Guardian Metal's Pilot Mountain tungsten project. The acquisition includes four patented mining claims: Don Lode, Tungsten Lode, Turtle Lode, and Viking's Daughter. Perpetual stated that these claims provide private ownership of both mineral and surface rights for the project's high-grade core area. In the U.S., private ownership of mineral and surface rights is a key advantage, as public land permitting often poses significant hurdles for new mining projects.
Julian Babarczy, Executive Chairman of Perpetual Resources (ASX: PEC), said Nevada Scheelite gives Perpetual exposure to a high-grade historical producer within a top-tier global mining jurisdiction. He noted that the immediate priority is to validate the extensive historical dataset, advance modern geological modeling, and rapidly assess the pathway to defining an initial JORC-compliant resource.
Historical Tungsten Core. Historically known as the Leonard Mine, Nevada Scheelite was one of the higher-grade tungsten producers in the United States. The mine produced approximately 328,747 short ton units of tungsten trioxide at an average grade of 1.1% WO₃ between 1937 and 1957, with limited operations continuing into the early 1980s. Perpetual reported that historical drilling yielded strong tungsten intercepts, including 8.2 meters at 2.40% WO₃ from 14 meters; 4 meters at 1.34% WO₃ from 78 meters; 16.8 meters at 0.89% WO₃ from 40 meters; and 18.9 meters at 0.63% WO₃ from surface. Historical underground face sampling also returned weighted average grades: 1.80% WO₃ by Westley Mines in 1978, and 1.45% WO₃ by NRD Mining in 1981. Verification sampling on the 550 level included 3.7 meters at 2.26% WO₃ and 1.8 meters at 2.28% WO₃. Perpetual noted that Nevada Scheelite currently does not have a JORC-compliant Mineral Resource or Ore Reserve. The immediate focus is on validating the historical dataset and building a modern geological model to support future resource work.
Existing Infrastructure. Nevada Scheelite also includes extensive existing underground infrastructure. The site features a three-compartment shaft to 127 meters depth at Don Lode, and an inclined shaft to 175 meters depth at Turtle Lode. It also has over 2,100 meters of drifts and crosscuts across six levels. Perpetual stated that this infrastructure could reduce future capital requirements and enable a faster validation pathway compared to greenfield projects. The project is a tungsten skarn system developed along a granodiorite-limestone contact. Modern work has highlighted several priority targets, including the intrusive contact, the 500-level dip reversal, the northeast bay, and the low-capital start-up potential at Viking's Daughter. The initial work program will involve compiling and digitizing mine plans, drill records, and production data. It will also develop a 3D geological model, conduct mapping and sampling, refine drill targets, and assess near-surface development opportunities.
Funding Secured. Perpetual has secured firm commitments for a A$2.5 million private placement at A$0.02 per share to fund the acquisition and initial work program. Proceeds will be allocated to acquisition consideration, validation, metallurgy and exploration programs, placement costs, and working capital. The total acquisition consideration is payable over four years, comprising up to US$1.925 million in cash and US$1.9 million in shares. Completion of the transaction is subject to due diligence and other conditions, with the due diligence period running until July 27, 2026, unless otherwise agreed.
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