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Ann: High-Grade Tungsten Assays Highlights Resource Potential-WQ, page-14

  1. tradedemon
    4,922 Posts.
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    14/12/24
    16:11
    Post #: 77050334

    The Department of Defense (DoD) announced today a $15.8 million award to Canadian company Fireweed Metals Corp. via the Office of the Assistant Secretary of Defense for Industrial Base Policy's Defense Production Act Purchases (DPAP) office. The objective of this award is to accelerate the development of a tungsten mine at the Mactung site in the Yukon, Canada, which is one of the world's largest undeveloped high-grade deposits of tungsten. The award will help Fireweed enhance Mactung's resource definition, perform metallurgical test work, conduct a feasibility study, and complete other activities necessary to support a construction decision.


    This effort utilizes funds from the Additional Ukraine Supplemental Appropriations Act of 2022 and supports the 2024 National Defense Industrial Strategy goal of expanding support for domestic production of critical minerals. Along with the funding provided by DPAP, Canada's Department of Natural Resources is also supporting the project with a conditional approval of up to CAD $12.9 million (approximately USD $9.2 million) to Fireweed.

    Announced in January 2020, the U.S.-Canadian Joint Action Plan on Critical Minerals advances both countries' common interest in strengthening North American critical mineral production needed for defense, aerospace, clean energy, communication, and other key industries.

    The plan outlines bilateral commitments to collaborate on industrial base investments, public-private partnerships, and other projects to onshore and expand these capabilities.

    https://www.miragenews.com/pentagon-boosts-tungsten-supply-chain-investment-1378459/
    RTR Price at posting: 4.6¢ Sentiment: None Disclosure: Held
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