EQ Resources Advances Mt Carbine Drilling to Extend Tungsten Reserves

Drilling Program Targets Resource Growth and Mine Planning

EQ Resources Ltd (ASX:EQR) has kicked off an ambitious 28-hole drilling program at its Mt Carbine Tungsten Mine in North Queensland, designed to bolster geological confidence and expand the mine’s resource and reserve base. With approximately 7,700 metres planned, the campaign began in mid-March and is expected to run for around four months.

The program focuses on infilling and extending mineralisation across several key ore zones, including Bluff, Dazzler, Iolanthe, Johnson, Ruby, and Iron Duke. These areas are critical to refining the stage 2 and stage 3 open pit designs, which underpin future production plans. So far, diamond drilling has completed 5 holes totalling 1,900 metres, while a reverse circulation (RC) rig mobilised in April has added 3 holes for 710 metres.

Strategic Response to Tungsten Price Strength

The timing of this drilling push aligns with recent strength in tungsten prices, which has prompted EQ Resources to reassess its reserve position and mine planning parameters. Mt Carbine produced 487 tonnes of tungsten trioxide (WO3) in FY2025 and currently holds an 8-year reserve life, with only 23% of the resource converted to reserves. The new drilling aims to test extensions to known mineralisation and improve the confidence level of resources that could be upgraded to reserves.

This initiative complements EQ Resources’ broader growth trajectory, as the company recently highlighted its expanding role amid a tightening global tungsten supply. The focus on securing and growing the Mt Carbine resource base follows a period of record production and balance sheet strengthening, including a A$34 million capital raise earlier this year. These efforts underpin the company’s ambition to scale production and meet growing demand for ethically sourced tungsten in Western markets, as detailed in their prior growth as Western tungsten supply tightens.

Assay Turnaround and Reporting Timeline

Samples from the drilling program are being processed by Intertek in Townsville, with assay turnaround expected between 20 to 30 business days from receipt. EQ Resources plans to release results progressively over the next three to six months as data is validated. These results will feed into a planned resource and reserve update slated for late 2026, which could influence mine design and long-term production forecasts.

Managing Director Craig Bradshaw emphasised the broader implications of extending Mt Carbine’s mine life, noting that it supports not only production growth but also regional employment and supply chain stability. The drilling is expected to shed light on structural controls and potential high-grade ore shoots that could unlock additional value beyond current mine plans.

Unexplored Potential and Technological Advances

Despite Mt Carbine’s established status, much of the deposit remains underexplored. Advances in ore sorting technology offer new avenues to exploit previously uneconomic zones, making the drilling program’s exploration of strike and depth extensions particularly pertinent. The results could redefine the mine’s operational envelope and extend its contribution to the critical minerals sector.