Perpetua Finds Tungsten, Gold at Idaho Project

Perpetua Resources announced a new gold-tungsten discovery at its Stibnite project in Idaho. The company (Nasdaq: PPTA) also identified new gold and antimony exploration targets. Perpetua believes these targets could extend its currently permitted mining pits.

Tungsten is a critical mineral. It boasts the highest melting point of any metal and extreme density, making it essential for heavy industry, aerospace, and defense systems. The U.S. stopped mining tungsten in 2015. China now dominates global production, accounting for over 80% of last year’s 81,000 tons, according to the USGS.

Perpetua CEO Jon Cherry stated the company focuses on drilling areas that add direct value. The priority is testing higher-grade gold and antimony targets within current pits. This aims to sustain or exceed an estimated annual average production of 463,000 gold ounces.

Recent drilling between the Yellow Pine and West End pits showed compelling new mineralization. This included multiple high-grade gold intervals and the new gold-tungsten discovery. Significant intercepts appeared in the Clark Tunnel Fault Zone, located along the proposed Yellow Pine pit edge. The company also observed scheelite, a tungsten-bearing mineral, in ongoing drilling there.

Drilling in the Huckleberry Fault Zone returned broad gold mineralization. This zone spans over 100 meters wide and has been traced across 0.5 kilometers. At the Hangar Flats deposit, drilling found additional high-grade gold, along with significant antimony-tungsten intercepts. These results show opportunities to grow the project’s 3.1 million ounces of gold and 99.8 million pounds of antimony resources.