American Tungsten Corp. Identified Multiple Exploration Targets at Ima Mine & Provides an Update on its Technical Report

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2 days ago

Vancouver, BC, June 10, 2025 (GLOBE NEWSWIRE) — American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9) ('American Tungsten' or the 'Company') is pleased to provide an update on its exploration plans and independent technical report (the 'Technical Report') prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101') for its tungsten project, the Ima Mine, located in Idaho, United States.
American Tungsten is currently working with qualified mining and drilling contractors to scope and cost its summer 2025 exploration program. The Technical Report on the Ima property has been published today and is available on SEDAR+. The exploration program, as described in the press release dated March 12, 2025, entails rehabilitation of the D level of the mine to support underground exploration drilling and collection of a bulk sample for metallurgical testwork.
Exploration Plan & Targets
American Tungsten's ongoing compilation of historical mining and drillhole information has identified multiple exploration targets on the Ima property. Polymetallic tungsten-silver bearing quartz vein exploration targets include the northeastern extension of the No.5 and No.7 veins, the southwest extension of the West Ima vein, the Eastern Vein system, and the main Ima vein below the historical mine (Figure 1). Additionally, the vein system is known to extend to the south across Patterson Creek based on historical exploration by the Defense Minerals Exploration Agency.
American Tungsten is actively planning a drill program to delineate the northeastern extension of the No 5. and No. 7 veins, and also assess continuity of vein systems in West and East Ima vein targets, discussed below.
'While our summer program is focused on delineation of the No. 5 and No. 7 veins, the additional exploration targets identified to date demonstrate significant up-side potential of the Ima property.' Said Ali Haji, CEO of American Tungsten. 'Significant tungsten drillhole intercepts from Gentor and Inspiration campaigns, outside of areas mined historically, provide compelling low-risk drill targets for expansion of known mineralization.'
Exploration data discussed below include historical information which has not been verified and results from widely spaced drill holes and sampling. The quantity and grade of potential exploration targets is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Drill hole results discussed below are based on historical information, which has not been verified by sampling or assaying and should only be used to assess the potential grade of mineralisation, which may be targeted in future exploration programs.
Figure 1: Ima Mine Exploration Target Location Map
please click to view image
No. 5 and No. 7 Veins
Only limited stoping was conducted above the D-level prior to cessation of mining in 1957. The No.5 and No.7 veins dip moderately to the southwest and extend up-dip (north east) from the D-level based on underground mapping and Inspiration Development drillhole intersects. Inspiration reported underground channel sampling results from the No.5 vein of 0.44% WO3 0.043% MoS2 and 2.63 opt Ag with an average true width of 5.3' over a strike length of 520 feet, and from the No. 7 vein of 0.43%WO3 0.041% MoS2 and 2.01 opt Ag with an average width of 6 feet over a strike length of 408 feet2.
Sampling of the No.7 vein in an oblique crosscut 500 feet to the south was reported as 0.535% WO3, 0.055% MoS2 and 0.49 opt Ag with an average width of 5.3 feet over a length of 80 feet. Inspiration drillhole ID-9 intersected the vein system approximately 700 feet up dip and reportedly returned 4.6 feet at 1.09% WO3, 0.05% MoS2 and 1.15 opt Ag. The No 5 and No. 7 veins are also intersected in drilling to the north and an additional vein, the No. 3 vein is intersected in the footwall on the D level in Bradley Mining company drilling.
Based on simplified volumetric estimates and historically reported grades, the historical drilling and sampling delineates a conceptual exploration target of 2-3 parallel stacked veins 4 to 6 feet wide extending approximately 1000 feet along strike and 500 feet up-dip containing 300-400k tons of mineralized materials with grades of 0.4-1.0% WO3 and 1-2 opt Ag.
Ima West Vein – Southwest Extension
Gentor drilling from the D-level portal intersected significant tungsten-silver mineralization in quartz veins between the zero level and the 200 level of the Ima mine, south of the water fault, approximately 300 to 575 deep. Gentor drillhole IMA-21 intersected 0.5% WO3, 0.028% MoS2 and 0.99 opt Ag over 20.5 feet, and 0.68% WO3, 0.084% MoS2 and 0.7 opt Ag over 6 feet. Drillhole IMA-26A intersected 1.29% WO3, 0.055% MoS2 and 1.49 opt Ag over 6.5 feet. These intercepts occur 200 and 500 feet along strike and beyond the southern extent of historical underground mining in a western splay of the Ima vein system. The interpreted along strike southeast continuation is untested and remains open to the south along strike.
Based on simplified volumetric estimates, historically reported grades, and estimates of true width, the drilling delineates a conceptual exploration target of one or two steeply dipping parallel veins or vein arrays 3 to 10 feet wide extending approximately 400 feet up dip and 500 feet along strike containing 50-150k tons of mineralized materials with grades of 0.5-1% WO3 and 1-2 opt Ag, with additional extension to the southeast possible.
Eastern Vein System
Presence of an additional vein system located northeast of the principal Ima vein system is supported by historical drilling and drift sampling. This zone was identified as a target area by Inspiration Development, and is further supported by deeper Gentor drillhole intercepts. Historical stope sections do not show significant mining in this area. Northeast directed Midwest Co. drillholes from the zero level are reported to have intersected significant mineralization including 0.47% WO3, 0.05% MoS2 and 2.3 opt Ag, over 3 feet in drillhole MW-02 and 0.58% WO3, .016% MoS2 and 1.6 opt Ag over 10 feet in MW-03. Drift sampling by AMAX on the 360 level in the No.9 crosscut is reported by Inspiration as 0.28% WO3, 0.1% MoS2 and 0.59 opt Ag over 90 feet. Gentor drillhole IMA-27 intersected 30 feet grading 0.2% WO3 including 5 feet grading 0.53% WO3, 0.129% MoS2 and 0.41 opt Ag and 4.9 feet grading 1.26%WO3, 0.07% MoS2 and 1.55 opt Ag, 200 feet below the 360 level and proximal to the molybdenum mineralized granitic cupola.
Based on simplified volumetric estimates, historically reported grades, and estimates of true width, the drilling delineates a conceptual exploration target consisting of one or two steeply dipping veins or vein arrays 3-7 feet wide, extending approximately 500 feet up dip and 800 feet along strike containing 100-200k tons grading 0.5-1% WO3 and 0.5-1.5 opt Ag. Significant additional mineralized materials are possible if broader zones of lower grade tungsten mineralization, such as that in the No. 9 crosscut and drillhole IMA-27 is delineated.
Main Ima vein system below the mine
Significant tungsten mineralization was intercepted in Gentor drillholes 200 to 800 feet below the lowermost levels of the Ima mine main vein system, interpreted as the extension of the Ima vein at depth. Intercepts include 16.5 feet grading 0.710% WO3 and 0.73 opt Ag and 5 feet grading 1.26% WO3 and 5.2 opt Ag in IMA-28A, 7.1 feet grading 0.6% WO3 and 0.93 opt Ag and 5 feet grading 1.06% WO3 and 0.26 opt Ag in IMA-24, and 7.2 feet grading 0.43% WO3 and 1.05 opt Ag in IMA-22. Intercepts may not represent true width of mineralization.
Based on simplified volumetric estimates, historically reported grades, and estimates of true width, the drilling delineates a conceptual exploration target consisting of two to three steeply dipping veins or vein arrays 3-6 feet wide, extending approximately 800 feet down dip and 500 feet along strike containing 200-400k tons grading 0.5-1% WO3 and 0.5-2 opt Ag.
Continuation of vein system south of Patterson Creek
An exploration program conducted by the Defense Minerals Exploration Agency (DMEA) identified a 4 foot wide tungsten bearing quartz vein on the south side of Patterson Creek, intersected in an exploration crosscut. The vein strikes parallel to the main Ima vein system but dips moderately to the northeast. The DMEA reports that 'The exploration has proven that the Ima vein zone continues southward across Patterson Canyon; thus the possible tungsten bearing area has been greatly extended.'3 There is insufficient information currently available to define a conceptual exploration target but additional exploration on the south side of the canyon may be warranted.
Molybdenum Mineralization
Drilling by Gentor was successful in extending the boundaries of known molybdenum mineralization to the east, and supported a historical 43-101 compliant Mineral Resource Estimate for molybdenum mineralization occurring below the Ima mine. Gentor drillholes IMA-27 and IMA-30 are the easternmost drillholes completed in the molybdenum target and intersected significant widths and higher grades than prior drilling, including 0.25% over 475 feet and 0.28% over 368 feet. This mineralization is open to the northeast and supports a conceptual exploration target within the granitic stock extending approximately 1000 feet along strike, 300 feet down dip and of unknown width to the north east.
Exploration data discussed above include historical information which has not been verified and results from widely spaced drill holes and sampling. The quantity and grade of potential exploration targets is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.
Update on Technical Report
Ima Mine Technical Report
The technical report on the Ima mine has been published today and is available on SEDAR+. The technical report was prepared by A to Z Mining Professionals and is authored by Mr. Brian LeBlanc, a Qualified Person as defined by NI43-101.
The Ima Mine is a past producing underground tungsten mine situated on 22 patented claims located in East Central Idaho. Between 1945 and 1957, the property produced approximately 199,449 MTUs of WO3 and was subsequently explored for molybdenum and tungsten by various operators between 1960-2008(1).
ABOUT AMERICAN TUNGSTEN CORP.
American Tungsten Corp. (previously Demesne Resources Inc.) is a Canadian-based company involved in the acquisition and exploration of magnetite mineral properties. The Company's Star Project consists of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project. American Tungsten has also entered into an option agreement, pursuant to which it can acquire a 100% interest (subject to a 2% royalty) in and to the Ima Mine Project, a past producing underground tungsten mine situated on 22 patented claims located in East Central, Idaho, United States. In addition, the Company has acquired surrounding mining rights at its Ima Mine Project through the staking of 113 WMO federal lode mining claims covering an area of 1,988.6 acres (804.75ha).
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ON BEHALF OF THE BOARD OF DIRECTORS:
Ali Haji
‎Chief Executive Officer
1055 West Georgia Street, Suite 1500Vancouver, BC V6E 0B6
Canada