Shares in Perth-based minerals explorer Wolf Minerals Ltd made a big return to trading today, soaring more than 90 per cent to $2.55 each after it revealed it had acquired an advanced Hemerdon tungsten and tin project in the United Kingdom.
Shares in Perth-based minerals explorer Wolf Minerals Ltd made a big return to trading today, soaring more than 90 per cent to $2.55 each after it revealed it had acquired an advanced Hemerdon tungsten and tin project in the United Kingdom.
The company said the project was one of the largest tungsten and tin deposits in the world.
Wolf shares had been voluntarily suspended from trade since June 12 but returned to the boards today after completing the deal.
The stock, which last traded at $1.33, more than doubled to $2.70 in early trade before closing at $2.55, an increase of $1.22 on its price prior to the trading halt.
Wolf said it had agreed to pay $1 million plus an annual rent payment of $145,000 to by the Hermerdon deposit, which is located near Plymouth in South West England.
Wolf will also pay a 2 per cent smelter royalty.
The company said it expected to be able to mine 3,000 tonnes of tungsten per year at the Hemerdon site over an period of between 15 to 19 years.
Copies of the company's news releases are pasted below:
WOLF ACQUIRES WORLD CLASS TUNGSTEN-TIN PROJECT
- Acquires 100% of Hemerdon Tungsten and Tin Project in the UK, one of the
largest tungsten and tin deposits in the world
- Will re-commence trading on the ASX on December 5.
- Mining scheduled to begin within three years.
- Anticipated to mine 3000 tonnes of tungsten per year over 15-19 year period.
- Mineable reserve estimate of ~ 40Mt at 0.183% tungsten trioxide, 0.029% tin.
- Consideration will be A$1million, plus annual rental payment of A$145,000.
Separately, a 2% net smelter royalty (NSR) will be payable.
- Planning Permission to develop the mine valid until 2021.
Australian specialist minerals exploration and development company Wolf Minerals
(ASX: WLF) is pleased to announce that is has completed the acquisition of the advanced Hemerdon Tungsten and Tin Project in the United Kingdom, one of the largest tungsten and tin deposits in the world.
Wolf has been in voluntary suspension from trading on the Australian Securities Exchange (ASX) since June 12 this year while it undertook negotiations to acquire the Hemerdon Project, and will now re-commence trading on the ASX on December 5.
The Project is located near Plymouth in the South West of England (see Figure 1), and the acquisition moves Wolf closer to its goal of becoming a world class tungsten and tin producer. Wolf Minerals will commence work at Hemerdon immediately, and preliminary assessment work is already underway. Actual mining work is scheduled to begin within three years.
It is anticipated that Wolf Minerals will mine 3000 tonnes of tungsten per year at the Hemerdon site over an approximate 15-19 year period.
A Feasibility Study conducted in 1981 by North American mining company AMAX estimated a mineable reserve estimate of ~ 40Mt at 0.183% tungsten trioxide and 0.029% tin.
The global Hemerdon resource hosts 73Mt at 0.143% tungsten trioxide and 0.026% tin. The resource is based on 25,400 metres of drilling conducted between November 1976 and October 1980.
Wolf will pay A$1million, plus an annual rental payment of A$145,000, to acquire 100% of the Hemerdon deposit. Separately, a 2% net smelter royalty (NSR) will be payable.
Wolf managing director Mr Humphrey Hale said that the Hemerdon Deposit offered an exceptional large scale, low risk, long life mining proposition as well as outstanding exploration upside, as the extent of mineralisation beneath the open pit at the project has yet to be fully determined.
"We consider that the advanced status of the project will allow a rapid re-assessment of the Feasibility Study and that the existing granted planning approvals will form an excellent platform for the Company to become a major tungsten and tin producer," Mr Hale said.
After the previous Feasibility Study at the Hemerdon deposit a pilot plant was constructed and large scale test work was undertaken, processing 6,670 tonnes of mineralised granite. Planning Permission to develop the mine was granted by Government in 1986 and remains valid until 2021.
SRK Consulting has been engaged to re-log the core on site and Wolf will have substantial amounts of the existing core re-assayed, prior to confirming a JORC compliant resource (Figure 3) within 3 months.
The size and shape of the Hemerdon ore body is particularly condusive for open pit mining and the development of the mine will result in the formation of an open pit approximately 850 metres long by 540 metres wide and 200 metres deep.
WOLF MAKES STAND-OUT RE-LISTING
Acquires Major World Class Tungsten Deposit, shares gain 91.7%
Australian specialist minerals exploration and development company Wolf Minerals (ASX: WLF) (Wolf, the Company) has today made a standout return to trading on the Australian Stock Exchange (ASX), opening at A$2.55 - a gain of 91.7% on the day - after completing the acquisition of the Hemerdon Tungsten and Tin Project in the United Kingdom, one of the largest tungsten and tin deposits in the world.
Wolf had been in voluntary suspension from trading since June 12 this year while it completed the acquisition of the Hemerdon Project.
Wolf's shares closed at $1.33 when the Company went into its voluntary trading halt, and traded as high as $2.70 today on its reintroduction to the ASX.
1.277 million shares were traded, and the stock closed at $2.55, and increase of $1.22 on its price prior to the trading halt.
The key points of the Hemerdon Project are;
The Project is located near Plymouth in the South West of England, and it is anticipated that Wolf will mine 3000 tonnes of tungsten per year at the project over an approximate 15-19 year period.
Work will commence immediately, with actual mining work scheduled to begin within three years.
A previous Feasibility Study conducted in 1981 by North American mining company AMAX estimated a mineable reserve estimate of ~ 40Mt at 0.183% tungsten trioxide and 0.029% tin.
Global Hemerdon resource hosts 73Mt at 0.143% tungsten trioxide and 0.026% tin, based on 25,400 metres of drilling conducted between November 1976 and October 1980.
Wolf will pay A$1million, plus an annual rental payment of A$145,000, to acquire 100% of the Hemerdon deposit. Separately, a 2% net smelter royalty (NSR) will be payable.
Planning Permission to develop the mine was granted by Government in 1986 and remains valid until 2021.
SRK Consulting has been engaged to re-log the core on site and Wolf will have substantial amounts of the existing core re-assayed, prior to confirming a JORC compliant resource within 3 months.
The acquisition moves Wolf closer to its goal of becoming a world class tungsten and tin producer.
