Guardian Metal Resources plc has purchased the water rights directly adjacent to its Pilot Mountain tungsten project in Nevada, USA.
CONFIDENCE
The company paid US$350,000, with a further $200,000 on or before 31 January 2025, to Belmont Resources Inc. for water permit 87850 located in the Kibby Basin Valley.
On completion, 100% of the rights will be transferred to Pilot, which include annual production of 1,447.94 acre feet and consumptive use of 130.055 acre feet for mining, milling and domestic use.
Water access will be from Guardian’s 100% owned mill site claims, less than 3km from the projected site of Pilot Mountain’s mining infrastructure.
The permit also helps derisk the project by supporting mine development and operations.
The company said that the water rights added to nearby available power and road infrastructure, offering low capital expenditure for tungsten production at Pilot Mountain.
“Water rights are a crucial requirement for mine development and ongoing operations,” added chief executive Oliver Friesen.
“When the opportunity arose to purchase the water rights within the basin directly adjacent to Pilot Mountain we jumped at the opportunity as this represents a significant derisking step for our flagship asset.
“With these rights now in hand, we push forward with further confidence towards our goal of being the only domestic US miner of the critical defence metal, tungsten.”