Elementos Limited has doubled the inferred tungsten mineral resource at its Cleveland Tin Project in Tasmania, marking a significant milestone as it advances towards a scoping study later this year.
- Inferred tungsten resource increased 100% to 8.49 million tonnes at 0.24% WO3
- Contained tungsten now totals 20,610 tonnes, up from 10,360 tonnes in 2014
- Ore sorting testwork achieved a 410% grade uplift to 0.98% WO3 with 87% recovery
- Significant tin and copper resources remain unchanged from 2018 estimates
- Exploration target suggests potential for a much larger tungsten resource, though still conceptual
Resource Expansion at Cleveland
Elementos Limited (ASX – ELT) has announced a substantial increase in the inferred tungsten mineral resource at its Cleveland Tin Project in Tasmania. The updated estimate now stands at 8.49 million tonnes grading 0.24% tungsten trioxide (WO3), effectively doubling the contained tungsten to 20,610 tonnes compared to the previous 2014 resource. This uplift reflects the integration of new geological data and re-evaluation of historical drilling information.
Ore Sorting Breakthrough
Supporting this resource upgrade, 2025 ore sorting testwork demonstrated a remarkable 410% increase in tungsten grade, upgrading feed from 0.24% WO3 to 0.98% WO3. The testwork, conducted using TOMRA XRT technology, achieved an 87% metal recovery while rejecting 79% of the mass, underscoring the potential for efficient processing and improved economics in future development phases.
Stable Tin and Copper Resources
Alongside tungsten, the Cleveland Project maintains significant tin and copper mineral resources unchanged since 2018, with 7.47 million tonnes at 0.75% tin and 0.30% copper, plus a tailings probable reserve of 3.7 million tonnes. These resources remain physically separate from the tungsten mineralisation, providing a diversified base for Elementos’ portfolio.
Exploration Target and Future Work
Elementos has also delineated a tungsten exploration target ranging from 32 to 90 million tonnes at grades between 0.17% and 0.24% WO3. While this target is conceptual and not yet classified as a mineral resource, it indicates the potential for a significantly larger tungsten system at Cleveland. The company is actively progressing data collection, including detailed core assessments, drone-based LiDAR surveys, and metallurgical testing, aiming to complete a scoping study in 2026. Further drilling is planned to upgrade resource confidence and explore extensions at depth.
Strategic Context
The timing of this resource expansion is notable given tungsten’s current market strength, with prices at historic highs; approximately US$130,000 per tonne in Rotterdam and US$119,000 per tonne in China. Elementos’ progress positions the Cleveland Project as a potentially significant supplier of this critical metal, which is essential for various industrial applications, including green technologies and electrification.
Bottom Line?
With tungsten resources doubled and promising exploration targets ahead, Elementos is poised to unlock further value at Cleveland as it advances towards economic evaluation.
Questions in the middle?
- How soon can Elementos upgrade the tungsten resource classification beyond inferred?
- What are the expected capital and operating costs for developing the tungsten resource?
- How will co-mineralised elements like rubidium and bismuth factor into future resource and economic assessments?