Victorio Project Highlights:
Notes:
1 – Knudsen, 2008, NI 43-101 Technical Report on Resources Victorio Advanced Exploration Molybdenum-Tungsten Project Luna County, NM
2 – SRK Consulting, 2008, NI 43-101 Preliminary Assessment Victorio Molybdenum-Tungsten Project Luna County, NM
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 3,000 feet (ft) (914 meters (m) by 2,500 ft (760 m) in plan and is between 25 ft (8 m) to 400 ft (120 m) in thickness (Figure 3).
Figure 3: Oblique 3D view of Victorio 2008 Historic Resource Model $25 per ton blocks shown.
SRK Consulting Ltd (SRK), in 2008 reported a mineral resource estimate for Victorio using a cut-off considering the quantity of both tungsten and molybdenum at differing values. A combined US dollar value of $15 per pound for molybdenum and $8 per pound for tungsten was used to develop the estimation. Table 1 shows the results of the estimation for cut-off values at $25 per short ton.
| Category | $Cut-off value/ton | Average Dollar value/ton | Total Tons (millions) | Average Grade Mo% | Average Grade WO3% |
| Indicated | $25 | $45.80 | 66.5 | 0.099 | 0.101 |
| Inferred | $25 | $40.92 | 41.9 | 0.088 | 0.091 |
Table 1 SRK Consulting 2008 Historic Mineral Resource Estimate
SRK further conducted a Preliminary Assessment which included Inferred Resources that have not been sufficiently drilled to have economic considerations applied to them. Additional definition drilling and in-fill drilling is required to complete a final resource estimate, therefore, there is no certainty that Inferred Resources will be converted to Measured or Indicated.
SRK considered two mining options simultaneously until further drilling and studies identified a preferred alternative. The two scenarios examined were a panel block cave that would extract the entire mineable deposit and a selective mining option that would mine the higher value portions of the deposit. It was estimated that the analysis had a +/- 40% accuracy range. Table 2 shows the indicative economic results for both mining scenarios.
| Description | Block Cave Model | Longhole Stope/Room and Pillar Model |
| Production | ||
| Ore mined (million tons) | 138.8 | 28.5 |
| Mo Produced (million lbs) | 158.9 | 61.7 |
| WO3 Produced (million lbs) | 154.0 | 49.9 |
| IRR | 15% | 26% |
| NPV (Million US$) (6% discount) | 270.5 | 94.4 |
Table 2 Selected Indicative Historic Economic Results
Knudsen, in 2008, reported a mineral resource estimate for Victorio the same cut-off values and metal prices as SRK but included new drilling from two drilling campaigns after the SRK estimate. Table 3 shows the estimation for cut-off values at $25 per short ton.
| Category | $Cut-off value/ton | Total tons (millions) | Average Grade (Mo%) | Average Grade WO3% |
| Measured | $25 | 37.7 | 0.10 | 0.08 |
| Indicated | $25 | 39.5 | 0.08 | 0.09 |
| Total M&I | $35 | 77.2 | 0.09 | 0.09 |
| Inferred | $25 | 77.2 | 0.07 | 0.09 |
Table 3 Knudsen, 2008 Historic Mineral Resource Estimate
Metallurgical test work has been conducted at Hazen Research, Golden, CO 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.
Spartan will immediately begin developing exploration plans based on the recommendations of the SRK, Knudsen and Hazen Research reports and with Spartan’s consultants.
Planned work includes:
Download PDF of News Release February 24, 2026 – Spartan Metals Corp. (“Spartan” or the “Company”) (TSX-V: W | OTCQB: SPRMF | FSE: J03) reports
