Transition Metals Corp acquires Fostung tungsten property in Ontario
Transition Metals Corp has acquired a 100% stake in the Fostung tungsten property located near the town of Espanola about 70 kilometres southwest of Sudbury in Ontario, Canada, as per the latest mining acquisition news.
The Fostung Property hosts a historic tungsten trioxide (WO3) skarn resource. In 2007, the resource was stated to hold an Inferred Mineral Resource of 12.4 million tonnes (Mt) grading 0.213 wt. % WO31.
According to Transition Metals Corp, the resource estimate carried out on the Fostung Property was done at the request of Golden Predator Mine in 2007 by SRK Consulting. The report states 12.4 Mt of mineral material of a CIM classified Inferred Mineral Resource with 0.213 wt.% WO3 using a 0.125 wt.% cut-off based on information from 44 drillholes with a total of 9,185 metres completed between 1966 and 1986.
Transition Metals Corp acquires Fostung tungsten property in Ontario. Map courtesy of Transition Metals Corp.
Currently, the Fostung property comprises 50 mining claims spanning 1,114 hectares. The tungsten property is situated in Foster Township, District of Sudbury, about eight kilometres southeast of Espanola.
Scott McLean – CEO of Transition Metals Corp said: “Tungsten has been recognized as a critical metal by various countries including the USA. With limited to no tungsten production in North America and the vast majority of global production coming from China, the Fostung Asset is viewed as being a strategic acquisition.
“We are also encouraged by the polymetallic nature of mineralization and the numerous exploration targets that have been identified from our data review on a property that has seen essentially no exploration for more than 30 years.”