Spartan Metals expands Victorio tungsten-molybdenum resource estimate

what happened

According to a press release distributed by Newsfile Corp., Spartan Metals Corp. has updated the mineral resource estimate for its Victorio tungsten-molybdenum project in Luna County, New Mexico. The estimate follows NI 43-101 standards, has an effective date of August 3, 2026, and replaces the historical estimate from 2012.

In the Measured and Indicated categories, the resource totals 84.54 million short tons, grading 0.10% WO3 and 0.09% Mo, equal to 0.15% WO3Eq or 0.25% MoEq. The Inferred category stands at 101.84 million short tons. At a US$50 per short ton cutoff, Measured and Indicated tonnage is up 9.5% from 2012, while Inferred tonnage is up 31.9%.

The company attributes the growth to updated metal prices, 12 previously unreported core holes and a refined geological model. The next milestone is an updated Preliminary Economic Assessment (PEA), expected in the fourth quarter of 2026.

why it matters

Resources are not reserves: the company states they do not demonstrate economic viability, so the PEA will be needed to show whether the project can work. For tungsten and molybdenum markets, the news points to a possible expansion of domestic supply in the US, but the project is at an early stage and there is no production yet.

market impact

Tungsten and molybdenum: early-stage US project may add to future supply, with limited near-term market effect

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