LONDON: Guardian Metal Resources plc has announced a major update on its Pilot Mountain Project in Nevada, USA. The company has purchased water rights, a key step in supporting U.S. tungsten production, which is vital for national security.
A definitive agreement has been reached between Pilot Metals Inc., Guardian Metal’s subsidiary, and Belmont Resources Inc. for water Permit 87850 in Kibby Basin Valley, near Pilot Mountain. This permit allows for significant annual water production and usage, essential for mining operations.
This purchase marks a significant development and reduces risks for the project, which now benefits from nearby power infrastructure and well-maintained roads, making it a low-cost option for tungsten production.
The deal involves a payment of US$350,000 to Belmont and an additional US$200,000 due by January 31, 2025. Upon completion, the water rights will be transferred to Pilot.
CEO Oliver Friesen stated, “Acquiring water rights is crucial for mine development and ongoing operations, boosting our confidence in advancing our flagship asset towards becoming the only domestic U.S. tungsten miner.”
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