United States Antimony (UAMY) Just Mapped Out One of North America’s Largest Untapped Tungsten Deposits

United States Antimony Corp. (NYSE:UAMY) is one of the must-buy small cap stocks to buy. On April 10, United States Antimony Corp. (NYSE:UAMY) released a Technical Report Summary, or TRS, for its Fostung Project, which is an intermediate-stage tungsten exploration asset located in Foster Township, Sudbury District, Ontario, Canada.

United States Antimony (UAMY) Just Mapped Out One of North America's Largest Untapped Tungsten Deposits

Photo by Dominik Vanyi on Unsplash

According to the report, the Fostung Project consists of 50 contiguous single-cell mining claims. This covers approximately 1,109 hectares and hosts a skarn-type tungsten deposit, or scheelite, with associated molybdenum, copper, and silver mineralization. The project is held by UAMY Cobalt Corporation, a wholly owned subsidiary of United States Antimony.

The updated resource model estimates 14.7 million tons of Inferred Mineral Resources at a grade of 0.17% tungsten trioxide, or WO₃, and contain nearly 54 million pounds of WO3. The company classified the resources as “Inferred” because the resources are not “Measured” or “Indicated” at this stage. Also, this means no mineral reserves were established and that the project has not yet demonstrated economic viability.

SRK Consulting (Canada) Inc. prepared the TRS. The firm recommended a roughly $4 million work program to advance the Fostung Project towards a Preliminary Economic Assessment, or PEA. The program should cover 8,000 meters of additional drilling, expanded metallurgical testwork, geotechnical and environmental baseline studies, and updated resource modeling.

The TRS positioned the Fostung Project as one of North America’s larger undeveloped tungsten resources. Also, United States Antimony noted potential eligibility for support under the U.S. Defense Production Act Title III.

United States Antimony Corp. (NYSE:UAMY) is a mining and minerals processing company. It produces and sells antimony, zeolite, and precious metals, and its operations span mining claims, smelting, and refining facilities in North America.

While we acknowledge the risk and potential of UAMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than UAMY and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: David Abrams’ Hedge Fund Is Betting On These 8 Stocks and 10 Best Energy Storage Stocks to Buy According to Hedge Funds.

Disclosure: None. Follow Insider Monkey on Google News.