Spartan Metals Expands Victorio Tungsten-Molybdenum Resource with Measured and Indicated Grades of 0.25% MoEq or 0.15% WO3Eq
Spartan’s updated mineral resource estimate increases tonnage at a higher cutoff grade, paving the way for a fourth-quarter economic study.
Spartan Metals Corp. announced an updated Mineral Resource Estimate (MRE) for its Victorio Tungsten-Molybdenum Project in New Mexico, effective August 3, 2026. The updated MRE supersedes the 2012 historical estimate, reporting 84.54 million short tons of Measured and Indicated resources and 101.84 million short tons of Inferred resources at a US$50/short ton Gross Metal Value (GMV) cutoff. The resource increase is attributed to updated commodity price assumptions, the inclusion of 12 previously unreported drill holes, and improvements to the geological model.
Measured and Indicated Resources stand at 84.54M st at 0.10% WO₃ and 0.09% Mo (0.15% WO₃Eq or 0.25% MoEq), containing 165.54M lbs WO₃ and 147.85M lbs Mo. Inferred Resources total 101.84M st at 0.09% WO₃ and 0.06% Mo (0.13% WO₃Eq or 0.22% MoEq), containing 187.58M lbs WO₃ and 130.02M lbs Mo.
Comparison to the 2012 Estimate shows that at the $50 cutoff, M&I tonnage is up 9.5% and Inferred is up 31.9%. At a lower $25 cutoff, M&I increased by 73.2% and Inferred by 159.1%. Estimation parameters include a cutoff of $50/ton, metal prices of $30/lb WO₃ and $18/lb Mo, and recovery assumptions of 75% for both Mo and WO₃. Rita M. Teal, CPG, of Teal CPG, serves as the Qualified Person. An updated Preliminary Economic Assessment (PEA) is expected in early Q4 2026, incorporating 26 drill holes not used in previous economic analyses.
Spartan Metals Corp. (W) released an updated Mineral Resource Estimate (MRE) following the March 2026 acquisition of the Victorio option and the June 2026 historic drilling validation. The update aligns with the company’s stated roadmap to deliver a Preliminary Economic Assessment (PEA) in Q4 2026.
The tonnage increase is notable, but the shift to a $50/ton GMV cutoff from the historical $25/ton means a significant portion of the added tonnage is lower-grade material. At the $25 cutoff, the resource nearly doubles, indicating the $50 cutoff is a conservative, economic screening tool rather than a geological limit.
The inclusion of 12 new drill holes and updated price assumptions ($30/WO₃, $18/Mo) provides a more current economic baseline, but does not change the fundamental exploration-stage nature of the asset. The news is expected, incremental, and serves as a technical prerequisite for the upcoming PEA. It does not introduce new strategic partnerships, production timelines, or financing.
Spartan Metals Corp. is a U.S.-focused critical minerals company targeting tungsten, molybdenum, silver, and rubidium. The company’s flagship assets include the Victorio Tungsten-Molybdenum Project in New Mexico, a large-scale stockwork and skarn system currently in the mineral resource estimate update and pre-feasibility study preparation stage. Its second flagship asset is the Eagle Tungsten-Silver-Rubidium Project in Nevada, located in a past-producing district that includes the Tungstonia, Yellow Jacket, and Rees/Antelope mines. Exploration at Eagle focuses on high-grade vein, skarn, and carbonate replacement deposit systems, with active drilling underway.
The company is positioned to benefit from U.S. Executive Order 14415 and supply chain onshoring efforts for defense, AI, and advanced manufacturing. The United States has had no commercial tungsten production since 2015.