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Gordon Mining Group (CSE: GORD) closed on Monday its acquisition of the Tungsten Tail project, a 41-claim property covering approximately 847 acres in Sierra County, New Mexico.
The company first entered into a definitive agreement on October 19 to acquire 100% of TT Minerals LLC from Lamina Minerals LLC, an arm’s-length vendor. TT Minerals is now a wholly-owned subsidiary of the company.
At closing, the company paid C$125,000 ($89,000) in cash to the vendor and issued 1,500,000 common shares to Strata Mine Technologies, the sole member of the vendor. TT Minerals also granted Strata, as the Vendor’s designee, a 2.0% net smelter returns royalty on the project and the area of interest, of which the company may repurchase 1.0% at any time for $1 million.
The project area has a documented history of small-scale tungsten production, with historical scheelite shipments recorded in 1942 and 1955. Regional USGS geochemical data and a 2023 USGS airborne magnetic survey cover the property.
The historical information has not been verified by the company and does not represent a current mineral resource, it said.
Gordon said it will apply AI-assisted targeting to the historical records, the USGS geophysics and new mapping, UV scheelite surveys and sampling to define the project’s first-ever drill targets.
“We are pleased to have completed the acquisition of the Tungsten Tail Project and look forward to taking the next steps to advance it,” Gordon Mining CEO Ryan Connacher said in a news release.
Gordon Mining’s stock closed the day up 3% in Toronto. The company has a $4.1 million ($2.9 million) market capitalization.