Tungsten resources at Dolphin project located in Tasmania, Australia estimated to an Increase of 18%, according to King Island Scheelite Limited unveiled on September 26. The indicated mineral resources stood at 11.36Mt graded at 0.9% tungsten trioxide.
The increase in resource estimate is due to the recent forecast increase in resources for the Bold Head scheelite deposit. According to the JORC 2012-compliant probable reserves, the total tungsten carbide burrs resources of the Boulder head scheelite project estimated to be 1.76 million tons, grading 0.91% tungsten trioxide (WO3).
King Island Scheelite Limited is a company listed on the Australian Stock Exchange (ASX) and is headquartered in Sydney, Australia, and is principally engaged in the exploration, development, and production of tungsten ore. Johann Jacobs, the CEO of the company said the projected increase in tungsten resources would likely extend the life of the Dolphin Tungsten Mine to more than eight years in the feasibility study.
The King Island Scheelite Limited plans to reopen the production of a major part of the Dolphin project in 2021. The Boulder head scheelite project was mined between 1974 and 1986, and the fall in tungsten prices forced it to close.tungsten carbide sheet
In May of this year, an economic analysis of the Dolphin tungsten mine in Tasmania, Australia, is estimated to cost about $65 million in development costs. The mine is expected to be open-pit for 8 years annually produce. 20 tons of tungsten will generate a net present value of 153 million Australian dollars and an internal rate of return of 46%, with a capital recovery period of fewer than three years.
According to King Island, Dolphin hosts one of the world’s highest-grade tungsten deposits with low estimated operating costs and capital expenditure compared to its peers. It is the only state in Australia establishing in the form of an island. It is half the size of the Fujian Province in China. The island's solid tungsten carbide rods geographical ecology is unique and rich in minerals. The island owns many mineral deposits which is rich in zinc, lead, silver, copper, only, tin, tungsten, and other minerals. With the US and European end-users looking to reduce their reliance on Chinese tungsten resources, the Dolphin project of King Island Scheelite represents an attractive alternative.