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Perpetua Resources received a new 36-month, $40 million award through the U.S. Army’s Defense Ordnance Technology Consortium (DOTC) to fund a program to evaluate the technical and economic feasibility of producing tungsten concentrate at the historic Stibnite Mining District in Idaho.
Structured as a cost-share program between the company and the U.S. Government, funding will support drilling to define a potential tungsten mineral resource, collecting material for laboratory and bench-scale metallurgical testing, and permitting and engineering an exploration decline to access areas of known tungsten mineralization.
“Resilient mineral solutions start here in America,” said Jon Cherry, president and CEO of Perpetua Resources. “The U.S. Army’s additional investment in a historically proven American tungsten source at Stibnite underscores the growing strategic value of Stibnite’s mineral endowment and continues to strengthen the partnerships supporting Perpetua’s future. Historical production and recent exploration results suggest Stibnite has the potential to be one of the world’s highest-grade tungsten sources.”
Recent Perpetua exploration drilling at Stibnite has identified high-grade zones of antimony and tungsten mineralization. Specifically, Perpetua’s drilling program at the Hangar Flats deposit returned significant tungsten-antimony mineralization, including 9.8 meters grading 4.6% tungsten, 8.3% antimony; 22.9 meters grading 1.2% tungsten, 3.2% antimony; and 3.4 meters grading 1.5% tungsten, 10.6% antimony.
These encouraging results underpin the new DOTC award, which will focus largely on the tungsten mineralization beneath the Hangar Flats pit, which contains approximately 1.37 million ounces of gold resources and over 95 million pounds of antimony resources not included in the current mine plan or in Perpetua’s reported mineral reserves.
This new funding brings the total U.S. government awards to Perpetua for critical minerals to $126 million since 2022.
Source: Perpetua Resources
The post Perpetua Resources receives $40M from the U.S. Army first appeared on North American Mining Magazine.