American Tungsten Advances Resource Expansion Drilling, Confirms Over 900 Feet of Strike Length on the No. 5 and No. 7 Veins, and Highlights Broader Development Potential at the Ima Mine
American Tungsten confirms a 900-foot strike of modest-grade tungsten veins at its project, though the grades lack the punch to re-rate the stock.
American Tungsten Corp (TUNG) released drilling results that extend the No. 5 and No. 7 vein systems to over 900 feet of strike length and more than 800 vertical feet down-dip at the past-producing Ima mine.
New intercepts include: - AT26-38: 16 ft grading 1.20% WO₃ and 2.99 oz/t Ag (including 4.1 ft @ 2.89% WO₃ and 3.29 oz/t Ag) - AT26-34 (Ima Vein): 36.8 ft grading 0.78% WO₃ and 1.37 oz/t Ag (including 7.7 ft @ 2.60% WO₃ and 5.06 oz/t Ag) - AT26-32: 20 ft grading 0.79% WO₃ and 2.41 oz/t Ag (including 5 ft @ 1.42% WO₃) - AT26-34 (West Vein): 17.1 ft grading 0.97% WO₃ and 1.29 oz/t Ag (including 2.1 ft @ 5.86% WO₃)
Multiple stacked veins were intersected in AT26-38, and AT26-30 hit a sheeted vein system with 60 ft of 0.17% MoS₂. The company also asserts extralateral mining rights over principal veins.
American Tungsten Corp (TUNG), a pre-resource explorer with a market capitalization of approximately $99 million and $51 million in cash, is conducting infill and step-out drilling on known veins at the past-producing Ima mine rather than pursuing a new discovery. The confirmation of strike length and the presence of multiple veins add geological confidence, though the current grades are insufficient to independently alter the project’s economics.
The market had already priced in a steady stream of drill results, as evidenced by the stock’s decline from $2.42 on June 1 to $1.56 on July 27 despite earlier positive-sounding releases. This recent release offers no surprise to reverse that trend. While the milestone of 900 feet of strike may help underpin a future resource, it does not materially alter the near-term outlook. With a comfortable financial runway, the news is considered incrementally positive but not transformative.
American Tungsten Corp. is a junior explorer focused on restarting the historic Ima tungsten-silver mine in Idaho, USA. The project consists of 22 patented claims and approximately 2,000 acres of federal claims. Historical production from 1945 to 1957 totaled approximately 199,449 MTU WO₃.
The company has completed over 26,000 ft of drilling from underground and surface, delineating multiple stacked veins including No. 5, No. 7, Ima Main, and West. These veins feature tungsten grades averaging 0.2–1.2% WO₃ and silver up to several oz/t.
American Tungsten Corp. holds $51M in cash as of March 31, 2026, following a $40M bought-deal financing. The Phase 1 strategy includes processing surface tailings for low-capex early cash flow and a full underground restart, with a Preliminary Economic Assessment (PEA) pending. The company also holds a minority investment in Viking Mines, which holds Nevada tungsten assets.