Program Aims to increase Annual Output; Mine Life Could be Extended
Almonty Industries Inc. (“Almonty” or the “Company“) (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten, today announced the commencement of a large-scale drilling program at its Panasqueira Mine in Portugal, with the objective to define the mine plan for the expansion into Level 4, a new production level. The drilling program also aims to support an increase in annual output and a potential extension of the mine’s operational life.
Level 4 will be explored through surface and underground diamond drilling covering a total of approximately 14,000 meters using three rigs, which is expected to extend over a 12-month period at an estimated investment of €2.5 million. This drilling program builds upon prior exploration campaigns, which confirmed the presence of mineralized veins in the target area. The results are expected to allow Almonty to update the resource model, calculate new inferred resources, and guide future production planning.
Lewis Black, Chairman and Chief Executive Officer of Almonty, commented,
“This new drilling campaign represents a major step forward in the ongoing development of our Panasqueira Project, the geological data from which could support long-term production planning.”
“Ultimately, this represents yet another strategic investment to maximize our ability to further establish Almonty as the preeminent supplier of tungsten to allied industry in what is an increasingly robust demand and pricing environment,” concluded Black.
Source: www.almonty.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein