Tungsten Mining has kicked off a comprehensive 20,700-metre drilling campaign at its Watershed Tungsten Project, aiming to boost geological confidence and gather critical engineering data following strong economic results.
- 20,700 metres of combined RC and diamond drilling underway
- Focus on high-grade zones for initial mining areas
- Drilling supports updated resource models and mine design
- Initial assay results expected October 2026
- Program follows robust Preliminary Economic Evaluation
Comprehensive Drilling Program Targets Watershed Project
Tungsten Mining NL (ASX:TGN) has commenced a major drilling campaign at its 100%-owned Watershed Tungsten Project in Queensland, marking a significant technical milestone following the robust Preliminary Economic Evaluation (PEE) published in June 2026. The combined reverse circulation (RC) and diamond drilling programs total approximately 20,700 metres aimed at increasing confidence in high-grade mineralisation zones earmarked for initial mining.
The RC component involves 175 holes over 15,000 metres drilled on a tight 20m-by-20m grid. This pattern is designed to refine the geological model by improving the continuity and grade distribution of mineralisation within priority mining areas. Meanwhile, the diamond drilling program, comprising 75 holes for roughly 5,700 metres, focuses on collecting metallurgical samples and geotechnical data essential for detailed engineering, mine planning, and pit design.
Drilling Data to Drive Resource and Engineering Updates
The results from both drilling programs will underpin updates to the Mineral Resource model, enabling Tungsten Mining to refine its mine plan, schedules, and pit design. The diamond core will also be assayed and logged to enhance the resource estimate and provide representative samples for process design. Initial assay results are anticipated from October 2026, setting the stage for further technical de-risking.
Chairman Gary Lyons emphasised the importance of the campaign, stating it will reduce project development risk and enhance the technical definition of Watershed. He highlighted that the RC drilling targets known high-grade zones to provide greater confidence for resource modelling, while the diamond drilling will support engineering and metallurgical requirements.
Watershed Positioned for Accelerated Development
Located about 130km north of Cairns, Watershed is an advanced tungsten project with granted mining leases and environmental approvals for open-pit mining. Tungsten Mining acquired the project in 2018 and has since updated the Mineral Resource Estimate and economic evaluation, positioning Watershed on an accelerated development pathway. The PEE revealed a strong economic case with a pre-tax NPV exceeding A$1.3 billion and an IRR near 200%, underpinning the push toward a final investment decision.
This drilling program complements other recent initiatives, such as the large-scale Mt Mulgine drilling campaign, which targets resource growth and long-term production expansion. Together, these efforts reflect Tungsten Mining’s strategy to establish a globally significant tungsten resource base and progress toward production.
Bottom Line?
The scale and focus of this drilling campaign underscore Watershed’s advancing maturity, but investors should watch closely for assay results and engineering outcomes that will shape the project’s final investment decision.
Questions in the middle?
- How will the updated drilling results impact the Mineral Resource classification and mine plan?
- What metallurgical insights from the diamond drilling could influence processing design and costs?
- Will the drilling outcomes support the targeted final investment decision timeline later this year?