King Island Scheelite (ASX:KIS) has announced an updated JORC-compliant resource estimate at its Dolphin project in Tasmania, Australia. The indicated resources have increased to 8.76 million metric tonne units at an average grade of 0.81%WO3, which is excellent. If the company would have used a cutoff grade of 0.5%WO3, the indicated resource would decrease slightly to almost 7.5M mtu at a grade of in excess of 1%WO3. Both scenarios are better than the previous resource estimate which was looking at the Dolphin project as an underground project, and we hope these indicated resources can now easily be upgraded to reserves.
The Dolphin project is a past producer which closed in 1990 due to the low tungsten price. As Tasmania is very environment-minded, a brownfields project might have a better chance to get permitted as the mining lease was already granted last month.
> Click here to read the press release
Disclosure: The author holds no position in King Island Scheelite but is getting increasingly interested. Please see our disclaimer for current positions.
