Victorio Project Highlights:
Brett Marsh, President & CEO of Spartan Metals, comments, “Adding Victorio into the Spartan portfolio gives the Company control of both the largest tungsten resource in the United States as well as the highest-grade historical tungsten mine at our past producing Eagle project. Together, these assets establish a domestic tungsten resource base and reinforces Spartan’s long-term strategy of developing scalable, strategically important critical mineral assets in the United States.”
Figure 1: Location map of the Victorio Tungsten-Molybdenum Project in Southwest New Mexico
The Project consists of 34 (558 acres) Bureau of Land Management (BLM) mining claims located approximately 45 kilometers (km) west of Deming (Figure 1), New Mexico and approximately 75 km south of the Freeport McMoRan Chino and Tyrone mines. Spartan Metals, through its US subsidiary, Spartan Exploration Nevada Corp, has located an additional 188 claims contiguous with and surrounding the optioned claims totaling 3,909 acres (Figure 2).
Figure 2: Land status map of the Victorio Project with SRK historic resource outline at $25 per ton cut-off
The Victorio Tungsten-Molybdenum deposit mineralization is in stockwork vein and skarn deposits located in the upper Cambrian/Ordovician Bliss Sandstone and Ordovician El Paso Limestone. The mineralization is primarily distributed in fracture controlled east-northeast striking quartz veins that form an inverted saucer and horseshoe shaped deposit. The current deposit has dimensions of approximately 3,700 feet (ft) (1,125 meters (m) by 3,250 ft (990 m) in plan and is between 25 ft (8 m) to 1000 ft (300 m) in thickness (Figures 3 and 4).
Molybdenite and Scheelite are the principal minerals of economic interest, but beryllium and fluorspar have secondary interest and require further definition. The mineral deposit has been drilled at approximately 400-foot (120 m) spacing and approximately 50% of the current resources are classified as Inferred so further infill drilling is required to upgrade the resource classification. There is also potential to incrementally expand the resource tonnage in the northeast, east, and west of the existing resource estimate (Figure 3).
Figure 3: Plan view of historic economic assessment model at US$25/short ton cut off. Note higher dollar value core in west-central portion of the deposit with expansion opportunities toward the north-northeast, east, and west.
Figure 4: Oblique 3D view of Victorio 2008 Historic Resource Model $25 per ton blocks illustrating deposit width, thickness, and relative position below surface. Note a secondary zone of mineralization above the primary deposit that could contribute additional value to the project.
Table 1: 2012 Mineral Resource Estimate at US$25/ton combined W and Mo value
Category | $Cut-off value/ton | Total tons (millions) | Average Grade (WO3%) | Contained WO3 (million lb) | Average Grade (Mo%) | Contained Mo (million lbs) | WO3%_Eq* |
Measured | $25 | 37.7 | 0.08 | 60.3 | 0.10 | 75.4 | 0.14 |
Indicated | $25 | 39.5 | 0.09 | 71.1 | 0.08 | 63.2 | 0.14 |
Total M&I | $25 | 77.2 | 0.09 | 131.4 | 0.09 | 138.6 | 0.14 |
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Inferred | $25 | 77.2 | 0.09 | 139.0 | 0.07 | 108.1 | 0.13 |
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* WO3% equivalent calculation using $750/metric ton unit (mtu) for WO3 and $21.6/lb Mo with 75% and 75% recoveries(1), respectively. WO3%_EQ = WO3%+(Mo% x (((Mo Price x lb/mtu) x Mo Recovery)/(W price x WO3% recovery))) 1 mtu = 1% or 10 kg (22.0462 lb).
2012 Victorio Mineral Resource Estimate (MRE)(2) – HERE
2012 MRE Represents significant tonnage and contained metal upgrade over 2008 Positive Preliminary Economic Analysis, suggesting significant upside potential once new mineral resources are included in an updated economic analysis.
The historical estimate is considered relevant as it provides an indication of the potential mineralization on the property and supports the Company’s decision to further explore the project. The Company considers the historical estimate to be reliable as it is based on internal due diligence and estimate verification from an independent contractor that, in management’s view, were carried out in a manner consistent with industry practice. However, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
The historical estimate uses the categories Measured, Indicated and Inferred which are consistent with current standards however, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
Spartan is not aware of any Mineral Resource Estimates subsequent to the historic 2012 estimate.
To verify the historical estimate as a current mineral resource, the Company’s planned work program includes: confirmatory twinning of select historical drill holes, additional infill and step‑out drilling, re‑sampling of available core, verification of historical assay data, application of modern QA/QC protocols, updated geological modeling, and estimation using current CIM Definition Standards and NI 43‑101‑compliant procedures. Until this work is completed and a qualified person has prepared a current mineral resource estimate, the historical estimate should not be relied upon as a current mineral resource or mineral reserve.
Notes:
1 – United States Geological Survey – Tungsten Resources in the United States (Ver. 2.0 August 2020) https://www.sciencebase.gov/catalog/item/5e3dce84e4b0edb47be3d6a6
2 – Knudsen, 2012, NI 43-101 Technical Report on Resources Victorio Molybdenum-Tungsten Exploration Project Luna County, NM
* WO3% equivalent calculation using $750/metric ton unit (mtu) for WO3 and $21.6/lb Mo with 75% and 75% recoveries(1), respectively. WO3%_EQ = WO3%+(Mo% x (((Mo Price x lb/mtu) x Mo Recovery)/(W price x WO3% recovery))) 1 mtu = 1% or 10 kg (22.0462 lb).
Metallurgical
Metallurgical test work has been conducted at Hazen Research in 1992 and 2007. Both sets of tests are considered historical but indicate positive recoveries of up to 85% for Mo with a 55-56% Mo in concentrates and flotation plus gravity separation of tungsten (scheelite) ranging between 74%-77%. It is believed that final recoveries could be improved with further testing and process optimization. Recoveries of 75% have been utilized for WO3 equivalent calculations.
Spartan will immediately begin updating the 2008 PEA study and Mineral Resource Estimate as well as develop exploration plans based on the recommendations of the SRK, Knudsen, Hazen Research reports, and Spartan’s consultants.
Download PDF of News Release September 3, 2026 – Spartan Metals Corp. (“Spartan” or the “Company”) (TSX-V: W | OTCQB: SPRMF | FSE: J03), an
