Perpetual Resources secures Nevada tungsten project in $3.8 million deal

Perpetual Resources has officially signed a definitive agreement to acquire the historic Nevada Scheelite Mine, located in the US. The transaction is structured as staged payments totaling $3.8 million ($5.38 million) over a four-year period.

The brownfield project, which last operated between 1937 and 1957, is a proven tungsten producer. During its operational life, the mine yielded 328,747 short ton units of tungsten trioxide (WO3) at an average grade of approximately 1.1%.

Under the terms of the acquisition, Perpetual will secure four patented mining claims. This grants the company full private ownership of both mineral and surface rights within the project's high-grade core area, eliminating the need for federal land-use permitting for that zone.