2024-09-06 11:55 ET - News Release
Mr. Lewis Black reports
GLOBAL GEOLOGISTS VISIT SANGDONG MINE DURING SEPTEMBER, 2024 IGC CONFERENCE IN SOUTH KOREA
On Sept. 2, 2024, renowned geologists from around the world visited Almonty Industries Inc.'s Sangdong tungsten mine in Yeongwol, Gangwon province, South Korea. These geologists are visiting South Korea to attend the 2024 International Geological Congress (IGC), hosted by the International Union of Geological Sciences (IUGS) in Busan, South Korea. Amongst a multitude of endeavours, the IUGS works through topic specific commissions, task groups and initiatives, as well as joint programs with other organizations, that are concerned with a wide range of geologic research of direct interest to governments, industry and academic groups within the Earth sciences. During the visit to the mine site, the geologists showed great interest in the redevelopment status of the Sangdong mine, a key mineral resource site for tungsten and one of the largest tungsten resources in the world.
The visiting team, composed of geologists and geochemists, was led by Prof. Seo Jeong-hoon from the department of geology at Seoul National University. The team used UV lamps to examine the tungsten and molybdenum mineralization zones within the mine galleries, which are rare globally. Dr. Reiner Klemd from Friedrich-Alexander-Universitat Erlangen-Nurnberg in Germany commented: "It's remarkable that South Korea has such mineral deposits and regions. I look forward to seeing South Korea lead the mining industry through continuous exploration and the adoption of new technologies."
Lewis Black, chief executive officer of Almonty, expressed his gratitude, stating: "We deeply appreciate the international geological community's interest in the Sangdong mine. The redevelopment of the Sangdong mine plays a crucial role in stabilizing and diversifying the global mineral resource supply and we will continue to support academic research and the advancement of mining technology."
Kang Dong-hoon, director of planning and technology at Almonty Korea Tungsten Corp. (Almonty's wholly owned subsidiary in South Korea), explained, "The Sangdong mine is one of the world's largest tungsten deposits, verified under both the Australian (JORC code) and Canadian (NI 43-101) standards for resource estimation and minable reserve calculations." Mr. Kang also noted, "As the importance of critical minerals becomes increasingly prominent globally, global governments prioritize securing these resources and, as a result, interest from geologists is also rising."
Meanwhile, on Aug. 23, 2024, a delegation from the U.S. Geological Survey's (USGS) Global Mineral Analysis Research Center visited the Sangdong mine to review its redevelopment status. The delegation expressed great anticipation that the Sangdong mine could play a key role in diversifying the tungsten supply chain, which is currently heavily reliant on China. A critical factor that significantly influences the design and investment decisions in resource development projects is the assessment of mineral resources and minable reserves. Countries considered as advanced in mining, such as Australia and Canada, have established international standards to clearly and specifically present the evaluation of mineral resources and minable reserves and they use these standards systematically. Australia's Joint Ore Reserves Committee (JORC) has established the JORC code, which provides guidelines for the evaluation and reporting of mineral resources and this code is adopted as a standard for stock market listings and disclosures by publicly listed companies. Similarly, Canada follows the CIM (the Canadian Institute of Mining, Metallurgy and Petroleum) definition standards -- for mineral resources and mineral reserves, which serves as the basis for evaluating and reporting information for mining companies listed on Canadian stock markets.
The standards of both countries are recognized by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and the Council of Mining and Metallurgical Institutions (CMMI) and they serve as indicators that ensure the reliability and transparency of information in resource development projects.
About Almonty Industries Inc.
The principal business of Toronto-based Almonty Industries is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal, as well as the development of its Sangdong tungsten mine in Gangwon province, South Korea, and the development of the Valtreixal tin/tungsten project in northwestern Spain. The Los Santos mine was acquired by Almonty in September, 2011, and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January, 2016, and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September, 2015, through the acquisition of a 100-per-cent interest in Woulfe Mining Corp. Almonty owns 100 per cent of the Valtreixal tin-tungsten project in northwestern Spain.
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