Canada's Gordon Mining Plans to Acquire 343-Hectare Tungsten Project in the United States

en.Wedoany.com Reported - On October 20, Canadian mining company Gordon Mining Group announced that it has signed a definitive acquisition agreement with Lamina Minerals to acquire 100% interest in the Tungsten Tail tungsten project in New Mexico, USA, through the acquisition of all shares of TT Minerals. The project is located in the Tierra Blanca mining district of Sierra County and comprises 41 contiguous vein mining claims covering approximately 343 hectares. The first-stage consideration for the transaction includes CAD 125,000 in cash and 1.5 million common shares of the company, with subsequent payments tied to drilling permits, drilling results, and resource reports.

Under the agreement, Gordon Mining will pay the first-stage cash and issue shares upon closing of the transaction. After obtaining the project drilling permit, the company will also issue 2 million common shares; upon completion of at least 1,000 meters of core or reverse circulation drilling in the first phase, it will issue an additional 500,000 shares. If subsequent drill holes intersect a mineralized interval with a true thickness of not less than 10 meters and an average tungsten trioxide grade of 0.7%, an additional 1 million shares will be triggered as a payment condition. The seller retains a 2% net smelter return royalty on the project, and Gordon Mining may buy back 1% of it for USD 1 million.

The Tungsten Tail project is located on the eastern side of the Black Range in New Mexico, USA, and covers the historical Tungsten Tail mine and the central portion of the Pierce Canyon fault. The U.S. Geological Survey previously identified continuous tungsten and molybdenum geochemical anomalies along the fault, which extends approximately 10 kilometers within the region. The historical mine shipped small amounts of scheelite-bearing ore in 1942 and 1955, with the mine owner at the time reporting a tungsten trioxide grade of approximately 3%–4%. Two types of samples selected by the U.S. Bureau of Mines in 1942 assayed 1.42% and 2.91% tungsten trioxide, respectively. The above data are historical records and have not been re-verified under current resource estimation standards.

After completion of the transaction, Gordon Mining plans to conduct geological mapping, rock and soil sampling at the historical adits and surrounding areas, and to use the U.S. Geological Survey's 2023 airborne magnetic and radiometric survey data to screen mineralized targets. Follow-up ground geophysical work will include magnetic surveys, induced polarization or controlled-source audio-frequency magnetotelluric surveys. The company also plans to apply to the U.S. Forest Service and relevant New Mexico state authorities for drilling permits, focusing on verifying the down-dip extension of the historical mineralized zone at depth.

The acquisition agreement also sets a resource milestone payment condition: if a future technical report confirms a mineral resource of at least 5 million tonnes with an average tungsten trioxide equivalent grade of not less than 0.7%, the seller will be entitled to CAD 500,000 in cash or equivalent shares. This figure is a transaction payment trigger condition, and the project has not yet established a mineral resource compliant with current standards. Completion of the transaction is also subject to regulatory approvals and the relevant requirements of the Canadian Securities Exchange.