TGN acquires Hatches Creek from GWR

West Perth-based Tungsten Mining NL will acquire the remaining 80 per cent interest in the Hatches Creek tungsten project from joint venture partner GWR Group.

Located 325 kilometres north-east of Alice Springs in the Northern Territory, the project has confirmed multiple high-grade polymetallic tungsten prospects and has shown potential for a high-grade tungsten deposit.

The accelerated transfer of the remaining 80 per cent stake for considerations of 107.5 million fully paid ordinary shares in TGN at an issue price of 8 cents per share, bringing GWR’s voting power in TGN to 19.86 per cent.

Tungsten Mining chairman Gary Lyons said it was pleased with the accelerated path to full ownership of the Hatches Creek project as it kicks off its first drilling campaign.

The deal is subject to approval from the Northern Territory’s Minister for Mining.

It comes after, in May 2023, TGN was named one of thirteen companies awarded funding under the federal government’s critical minerals allocation.

The company received a $1 million grant from the program, used to support test work at its Mount Mulgine project in the Murchison region 350km north northeast of Perth.