Tungsten Mining (ASX:TGN) secures full ownership of Hatches Creek Tungsten Project

Tungsten Mining NL (ASX:TGN) has taken a significant step forward in its journey to becoming a leading player in the global tungsten market.

In a strategic move that underscores the company’s commitment to resource expansion and development, Tungsten Mining has acquired the remaining 80% interest in the Hatches Creek Tungsten Project from GWR Group Ltd.

This acquisition positions TGN with 100% ownership of a project that is rich in high-grade polymetallic tungsten prospects and holds immense potential for growth.

The Hatches Creek Tungsten Project, located in the Northern Territory, has been a focal point of TGN’s exploration efforts.

The site is notable for its high-grade polymetallic tungsten prospects, which have demonstrated significant potential for a substantial tungsten deposit.

With full ownership, TGN is now poised to accelerate exploration and development activities, aiming to unlock the full value of this largely unexplored resource.

The acquisition was finalised through the issuance of 107.5 million fully paid ordinary shares to GWR Group, increasing GWR’s voting power in TGN to approximately 19.86%.

This strategic exchange not only cements TGN’s control over the project but also strengthens its partnership with GWR, which remains a supportive shareholder.

TGN’s Chairman, Gary Lyons, expressed his enthusiasm for the acquisition, stating, “We are pleased to have agreed an arrangement with GWR Group to accelerate TGN’s path to full ownership of the Hatches Creek Tungsten Project as we kick off the first drilling campaign. We thank GWR Group for being a great partner to date and look forward to driving this exciting project forward from here with GWR Group as a supportive shareholder of TGN.”

This acquisition marks a pivotal moment for TGN as it continues to build a strong portfolio of tungsten resources.

With the full backing of its shareholders and a clear focus on advancing its projects, TGN is well-positioned to become a major force in the tungsten market, contributing to industries as diverse as aerospace, defence, electronics, and automotive.

As TGN moves forward with its exploration and development plans, the Hatches Creek Tungsten Project is set to play a crucial role in the company’s growth strategy.

Investors and industry watchers alike will be keen to see how TGN leverages this new acquisition to achieve its ambitious goals.

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