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TUNGSTEN MINING NL Capital/Financing Update 2020

Jan 30, 2020

65918_rns_2020-01-30_85af68f4-6d6d-4c2e-900f-75c5ae66f8e5.pdf

Capital/Financing Update

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31 January 2020

ASX ANNOUNCEMENT

Latest assay results from infill drilling continue to demonstrate major polymetallic mineralisation at the Mulgine Trench deposit

Highlights

  • Drilling continues to intersect substantial thicknesses of tungsten mineralisation within a 160 to 260 metre wide zone at Mulgine Trench. Drilling has defined mineralised envelopes of:

  • 252m at 0.11% WO3 and 290 ppm Mo from surface (0 metres) in MMC474

  • 234m at 0.10% WO3 and 230 ppm Mo from surface (0 metres) in MMC476

  • o 208m at 0.11% WO3 and 470 ppm Mo from 62 metres in MMC470

  • Drilling continued to intersect stronger molybdenum mineralisation associated within the 50m to 120m wide Lower Tungsten-Molybdenum Domain within the larger tungsten envelope. Better intersections include: o 64m at 0.11% WO3, 720 ppm Mo from 56 metres in MMC469

  • 50m at 0.13% WO3, 860 ppm Mo from 88 metres and 60m at 0.07% WO3, 620 ppm Mo from 150 metres in MMC470

  • Upon completion of drilling, an updated Mineral Resource estimate is planned to be completed in April 2020.

Commentary

Australian tungsten developer, Tungsten Mining NL (ASX: TGN) (“TGN” or “the Company”) is pleased to report on the latest results from drilling at the Mt Mulgine Project.

On 19 December 2019, the Company announced the updated Mulgine Trench Mineral Resource estimate resulting in a major increase in contained tungsten and molybdenum and highlighting the significance of accessory minerals gold (850,000 ounces) and silver (35 million ounces) (refer ASX announcement 19 December 2019, “Major Mineral Resource Estimate Upgrade for Mulgine Trench Deposit”).

Since completion of RC drillholes used for the 2019 Mineral Resource estimate, Tungsten Mining has drilled an additional 104 RC holes for 20,107 metres . This announcement reports the latest assay results received by the Company from 7th January to 22nd January 2020, representing 27 RC holes for 4,950 metres .

The Company is pleased to report that the latest assay results - subsequent to the Mineral Resource estimate released in December 2019, continue to be outstanding and demonstate intersections greater that 200 metres in true width.

Tungsten Mining’s CEO Craig Ferrier commented, “There is increasing confidence that the polymetallic mineralisation is remarkably consistent throughout the Trench deposit. In addition, the very substantial widths of mineralisation intersected in the initial phase of drilling are not only being confirmed but are now extending to a 260 metre wide zone. As this exciting phase of exploration comes to an end, we are looking forward to determining the scale of this significant tungsten poly-metallic resource compared to other world class tungsten deposits”.

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Mulgine Trench Deposit: Section A - B (Tungsten)
A B
Bobby McGee Pit
Orange drill intercept =
Tungsten results from current RC drilling program
192/0.13 = 192 metres @ 0.13% WO3
Red drill intercept =
Molybdenum results from current RC drilling program
Intercepts >0.02% (200ppm) Mo shown
0 50 100m
2019 Block Model 2019 Block Model
< 0.05% WO�
TGN RC hole - current drill program
Inferred 207Mt @ 0.05 - 0.10% WO�
Drilling from previous program 0.11% WO�, 0.10 - 0.15% WO�
Base of oxida�on (interpreted) Tungsten intersec�on > 0.05% WOLe�: 3 Molybdenum intersec�on > 0.02% Mo (200 ppm)Right: (at 0.05% WO� cutoff) 272 ppm Mo >0.20% WO�0.15 - 0.20% WO�
----- End of picture text -----

Figure 1. Cross section showing outlines and intersections >0.05% WO� defined by Tungsten Mining drilling against the 2019 Mulgine Trench Mineral Resource. Location of section is displayed on Figure 4.

Page 2

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----- Start of picture text -----

Mulgine Trench Deposit: Section A - B (Molybdenum)
A B
Bobby McGee Pit
Orange drill intercept =
Tungsten results from current RC drilling program
Intercepts >0.05% WO3 shown
Red drill intercept =
Molybdenum results from current RC drilling program
110/410 = 110 metres @410ppm Mo
0 50 100m
2019 Block Model 2019 Block Model - Mo
TGN RC hole - current drill program Inferred 207Mt @ 0.11% Wo�, < 200 ppm Mo
272 ppm Mo
Drilling from previous program (at 0.05% WO� cutoff) 200 - 500 ppm Mo
Base of oxida�on Le�: Right: 500 - 800 ppm Mo
(interpreted) Tungsten intersec�on Molybdenum intersec�on >0.05% WO�
> 0.05% WO3 > 0.02% Mo (200 ppm) interpreted outline 800 - 1000 ppm Mo
>= 1000 ppm Mo
----- End of picture text -----

Figure 2. Cross section displaying Lower Tungsten-Molybdenum domain defined by molybdenum block model and intersections greater than 200ppm Mo. Location of section is displayed on Figure 4.

Page 3

Discussion of latest assay results

In July 2019, the Company commenced a phased drilling program as part of the Mt Mulgine Project PFS with the objective of upgrading the dominantly Inferred Mulgine Trench Mineral Resource estimate to a dominantly Indicated status. The program has progressed onto infilling sections to a 40 metre spacing and by 22 January 2020, a total of 238 reverse circulation (RC) holes for 40,788 metres has been drilled.

Latest assay results from the 27 holes being reported here continue to intersect multiple tungsten-molybdenum intersections within a 160 to 260 metre envelope. Better holes that demonstrate the significance of mineralisation include MMC474, MMC476 and MMC470. These holes intersected multiple zones with minor internal waste forming overall mineralised envelopes of 252 metres at 0.11% WO3 and 290 ppm Mo from surface (0 metres), 234 metres at 0.10% WO3 and 230 ppm Mo from surface (0 metres) and 208 metres at 0.11% WO3 and 470 ppm Mo from 62 metres respectively. All three holes were drilled perpendicular to mineralisation and intervals represent true thicknesses (Figure 1).

Of the 4,950 metres from the 27 holes being reported, 3,870 metres fell within an intersection greater than 3 metres at 0.05% WO3 that, in aggregate terms, averaged 0.11% WO3, 280 ppm Mo, 0.18 ppm Au and 6 ppm Ag. This is consistent with the grade predicted by the 2019 Mineral Resource for blocks greater than 0.05% WO3.

Lower Tungsten-Molybdenum domain : in addition, the drilling continues to intersect significant polymetallic mineralisation associated with a lower Tungsten-Molybdenum domain that forms a 50 to 120 metre thick zone (Table 3 and Figure 2). Better holes from this zone include 64 metres at 0.11% WO3, 720 ppm Mo from 56 metres in MMC469 and 50 metres at 0.13% WO3, 860 ppm Mo from 88 metres and 60 metres at 0.07% WO3, 620 ppm Mo from 150 metres in MMC470. Again, holes were drilled perpendicular to mineralisation and intervals represent true thicknesses. Drilling down-dip from Bobby McGee intersected better molybdenum grades than predicted by the 2019 Mineral Resource estimate including 34 metres at 1060 ppm Mo and 0.15% WO3 from 132 metres in MMC480 (Figure 2).

A list of better holes from the latest assay results received with substantial zones of tungsten mineralisation at a 0.05% WO3 lower cut-off displaying the bulk tonnage nature of Mulgine Trench is presented in Table 2. Better holes from the lower Tungsten-Molybdenum domain at a 200 ppm Mo lower cut-off are presented in Table 3. Better gold intersections greater than 0.10 ppm Au are reported in Table 4. A complete list of intersections greater than 3 metres at 0.05% WO3, 3 metres at 200 ppm Mo and 10 metres at 0.10 ppm Au are listed in Appendix 1, 2 and 3 respectively.

Mulgine Trench Mineral Resource

Resource consultants, Optiro Pty Ltd (Optiro) were engaged to update the Mulgine Trench Mineral Resource with results from the resource definition drilling commenced in July 2019. The update incorporated the drilling results from first 123 reverse circulation (RC) holes received to 22 November 2019. The revised Mineral Resource estimate for Mulgine Trench as of 19 December 2019 above a 0.05% WO3 reporting cut-off grade is as follows:

Table 1: JORC-2012 Mineral Resource estimates for Mulgine Trench at 0.05% WO3 reporting cut-off grade

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Mulgine Trench Inferred Mineral Resource – December 2019
Oxidation Mt WO3 % WO3 (t) Mo ppm Mo (t) Au ppm Au (Oz) Ag ppm Ag (MOz)
Oxide 35 0.11 37,000 280 9,700 0.15 160,000 3 3
Fresh 172 0.11 190,000 271 47,000 0.12 690,000 6 32
Total 207 0.11 230,000 272 56,000 0.13 850,000 5 35
----- End of picture text -----

Refer ASX Announcement 19 December 2019, “Major Mineral Resource Estimate Update for Mulgine Trench Deposit”. Note: Totals may differ from sum of individual numbers as numbers have been rounded in accordance with the Australian JORC code 2012 guidance on Mineral Resource reporting.

At a 0.05% WO3 cut-off grade and compared against the previous Mineral Resource estimate, drilling completed by the Company to 22 November 2019 resulted in a 189% increase in tonnes and an increase in contained metal of 97% in tungsten and 211% for molybdenum. In addition, gold and silver (accessory minerals) grades were estimated into the block model and this defined 850,000 ounces of gold and 35 million ounces of silver .

Page 4

The extent of recovery of these accessory minerals is presently uncertain. Metallurgical test work to confirm recoveries for all minerals is in progress as part of the PFS programme and will be reported as the relevant information becomes available.

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Figure 3. Location of Mulgine Hill and Mulgine Trench Mineral Resources.

The Mt Mulgine Project is located in the Murchison Region of Western Australia, approximately 350km north northeast of Perth. The Company owns 100% of the tungsten and molybdenum rights on a group of tenements that have been the subject of significant previous evaluation for tungsten and molybdenum. The Company also has the rights to all by-products from the mining of tungsten and molybdenum. Near surface Mineral Resources have been delineated at the Mulgine Trench and Mulgine Hill deposits, which have been the subject of ongoing evaluation by the Company (Figure 3).

Tungsten-molybdenum mineralisation at Mt Mulgine is associated with the Mulgine Granite - a high-level leucogranite forming a 2km stock that intrudes the Mulgine anticline (Figure 3). The granite intrudes a greenstone sequence composed of micaceous schists, amphibolite and talc-chlorite schist which were formerly metasediments, mafic and ultramafic rocks respectively. Tungsten-molybdenum mineralisation at Mulgine Trench is associated with altered and quartz veined mafic and ultramafic units that form a 160 metre to 260 metre thick zone over 1.4 kilometres of strike and dips shallowly towards the northwest.

Completion of resource definition RC drilling is anticipated to finished in February. A diamond drill rig has been mobilised to site to complete tails and deepen a number of RC holes that did not reach target depth due to ground conditions. An updated Mineral Resource estimate using all new drilling data is planned to be prepared in April 2020. This updated block model will be used for pit optimisation and engineering studies as part of the PFS.

Page 5

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496,500 496,750 497,000 497,250
MMC434 Mulgine Trench - North Sheet North Sheet
32m at 0.13% WO 3, 80 ppm Mo
36m at 0.08% WO28m at 0.09% WO 3 3, 130 ppm Mo, 260 ppm Mo 2019 Mineral Resource RC Drilling - January 2020
Outline
MMC435
60m at 0.11% WO 3, 120 ppm Mo
72m at 0.10% WO 3, 140 ppm Mo
MMC436
162m at 0.12% WO 3, 146 ppm Mo South Sheet
MMC438
84m at 0.11% WO 3, 220 ppm Mo
14m at 0.07% WO 3, 380 ppm Mo
MMC478
MMC437 78m at 0.12% WO 3, 250 ppm Mo
152m at 0.13% WO 3, 150 ppm Mo 46m at 0.10% WO 3, 410 ppm Mo
8m at 0.10% WO 3, 430 ppm Mo
MMC479
154m at 0.12% WO 3, 510 ppm Mo MMC477
10m at 0.16% WO 3, 340 ppm Mo 36m at 0.11% WO 3, 800 ppm Mo
20m at 0.09% WO 3, 460 ppm Mo
MMC480 16m at 0.09% WO 3, 700 ppm Mo
16m at 0.12% WO 3, 40 ppm Mo 12m at 0.14% WO 3, 240 ppm Mo
140m at 0.12% WO 3, 360 ppm Mo
16m at 0.09% WO 3, 340 ppm Mo MMC431
48m at 0.11% WO 3, 350 ppm Mo
34m at 0.09% WO 3, 200 ppm Mo
MMC476 * A Bobby McGee B
234m at 0.10% WO 3, 230 ppm Mo Pit MMC430
64m at 0.11% WO 3, 220 ppm Mo
16m at 0.09% WO 3, 240 ppm Mo
MMC474 * 48m at 0.10% WO 3, 350 ppm Mo
252m at 0.11% WO 3, 290 ppm Mo
MMC429
40m at 0.14% WO 3, 150 ppm Mo
MMC47380m at 0.12% WO72m at 0.11% WO 6m at 0.33% WO 3, 280 ppm Mo 3 3, 130 ppm Mo, 120 ppm Mo 52m at 0.11% WO 8m at 0.14% WO14m at 0.16% WO 3, 870 ppm Mo 3 3 , 700 ppm Mo , 90 ppm Mo
24m at 0.10% WO 3, 200 ppm Mo
MMC466
24m at 0.13% WO 3, 140 ppm Mo
MMC472 56m at 0.09% WO 3, 490 ppm Mo
36m at 0.12% WO 3, 210 ppm Mo 16m at 0.10% WO 3, 190 ppm Mo
76m at 0.14% WO 3, 230 ppm Mo
MMC465
MMC469 16m at 0.14% WO 3, 450 ppm Mo
8m at 0.07% WO 3, 50 ppm Mo 46m at 0.11% WO 3, 310 ppm Mo
36m at 0.09% WO 3, 220 ppm Mo 12m at 0.14% WO 3, 310 ppm Mo
36m at 0.14% WO 3, 600 ppm Mo 16m at 0.09% WO 3, 770 ppm Mo
28m at 0.08% WO 3, 510 ppm Mo
16m at 0.25% WO 3, 180 ppm Mo
24m at 0.10% WO 3, 480 ppm Mo
40m at 0.10% WO 3, 290 ppm Mo TGN PFS DRILLING RESOURCE AREA
MMC471 !( Currently Reporting Outline
10m at 0.10% WO 3, 60 ppm Mo !( Previously Reported GOLD DRILLING
92m at 0.14% WO 3, 530 ppm Mo !( Assays Pending !( RC Holes
28m at 0.21% WO 3, 230 ppm Mo
28m at 0.10% WO 3, 460 ppm Mo HISTORIC HOLES GOLD PITS
12m at 0.09% WO12m at 0.14% WO 3 3, 310 ppm Mo,120 ppm Mo !( Tungsten Drilling Outline
TGN 2016 DRILLING
MMC470 * 0 100 200 ") Diamond Hole
208m at 0.11% WO 3, 470 ppm Mo m !( RC Hole
496,000 6,773,250 496,250 6,773,000 496,500 6,772,750
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6,774,000
497,250
6,773,000
496,250
6,773,750
497,000
6,772,750
496,000
6,773,500
496,750
----- End of picture text -----

Figure 4. Plan showing location of holes and better intersections at Mulgine Trench - North Sheet. Assay results currently being reported are red circles and assaysd pending are black circles. * Denotes intersection related to overall mineralised envelope with minor internal waste.

Page 7Page 66

Table 2 – Better holes with tungsten mineralisation in infill drilling at Mulgine Trench

Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 WO3
(%)		 Mo
(ppm)
MMC436 6,773,501 496,642 177 -60/135 0 162 162 0.12 150
MMC437 6,773,476 496,610 180 -60/135 0 152 152 0.13 150
MMC469 6,773,159 496,360 264 -60/135 12 20 8 0.07 50
MMC469 26 62 36 0.09 220
MMC469 66 102 36 0.14 600
MMC469 108 136 28 0.08 510
MMC469 142 158 16 0.25 180
MMC469 166 190 24 0.10 480
MMC469 194 234 40 0.10 290
MMC469 252 258 6 0.21 170
MMC470 6,773,188 496,332 270 -60/135 16 24 8 0.06 100
MMC470 62 132 70 0.13 530
MMC470 138 150 12 0.09 120
MMC470 156 170 14 0.07 680
MMC470 180 270 90 0.11 380
MMC471 6,773,216 496,303 288 -60/135 2 12 10 0.10 60
MMC471 88 180 92 0.14 530
MMC471 184 212 28 0.21 230
MMC471 220 248 28 0.10 460
MMC471 256 268 12 0.09 310
MMC471 276 288 12 0.14 120
MMC473 6,773,415 496,500 192 -60/135 0 80 80 0.12 120
MMC473 82 154 72 0.11 130
MMC473 158 164 6 0.33 280
MMC473 168 192 24 0.10 200
MMC474 6,773,444 496,472 252 -60/135 0 46 46 0.11 40
MMC474 50 104 54 0.12 520
MMC474 114 136 22 0.22 410
MMC474 140 186 46 0.13 210
MMC474 192 198 6 0.10 250
MMC474 200 208 8 0.15 140
MMC474 216 252 36 0.11 440
MMC476 6,773,455 496,518 234 -60/135 0 26 26 0.14 40
MMC476 32 98 66 0.10 70
MMC476 102 180 78 0.12 420
MMC476 190 234 44 0.08 240
MMC479 6,773,444 496,585 170 -60/135 0 154 154 0.12 510
MMC479 158 168 10 0.16 340
MMC480 6,773,473 496,557 198 -60/135 0 16 16 0.12 40
MMC480 22 162 140 0.12 360
MMC480 166 182 16 0.09 340
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by Laser Ablation
ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length
for inclined holes. Grid coordinates are MGA Zone 50.

Page 7

Table 3 – Better holes with molybdenum mineralisation in infill drilling at Mulgine Trench

Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 WO3
(%)		 Mo
(ppm)
MMC429 6,773,359 496,554 162 -60/135 14 18 4 0.16 390
MMC429 34 46 12 0.08 230
MMC429 104 148 44 0.10 680
MMC429 150 158 8 0.04 3410
MMC469 6,773,159 496,360 264 -60/135 2 6 4 0.04 290
MMC469 46 50 4 0.07 240
MMC469 56 120 64 0.11 720
MMC469 146 152 6 0.49 280
MMC469 156 204 48 0.08 440
MMC469 214 222 8 0.14 640
MMC469 228 236 8 0.10 330
MMC470 6,773,187 496,331 270 -60/135 88 138 50 0.13 860
MMC470 150 210 60 0.07 620
MMC470 222 236 14 0.12 480
MMC470 252 256 4 0.08 610
MMC471 6,773,215 496,303 288 -60/135 108 126 18 0.15 410
MMC471 130 152 22 0.17 1280
MMC471 156 186 30 0.12 520
MMC471 200 236 36 0.14 500
MMC471 244 254 10 0.05 300
MMC471 260 278 18 0.07 320
MMC477 6,773,388 496,642 132 -60/135 12 38 26 0.09 1040
MMC477 42 72 30 0.09 440
MMC477 74 94 20 0.06 1320
MMC477 98 108 10 0.04 400
MMC477 110 120 10 0.11 430
MMC478 6,773,416 496,614 144 -60/135 22 38 16 0.16 400
MMC478 42 68 26 0.12 370
MMC478 74 86 12 0.09 440
MMC478 94 118 24 0.09 630
MMC478 128 144 16 0.06 660
MMC479 6,773,444 496,585 170 -60/135 60 66 6 0.16 1100
MMC479 72 82 10 0.09 320
MMC479 94 102 8 0.16 1890
MMC479 106 168 62 0.10 840
MMC480 6,773,473 496,557 198 -60/135 96 112 16 0.09 250
MMC480 118 124 6 0.08 570
MMC480 132 166 34 0.15 1060
MMC480 178 198 20 0.06 430
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by Laser Ablation
ICP-MS. Lower cut-off grade 200 ppm Mo with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length
for inclined holes. Grid coordinates are MGA Zone 50.

Page 8

Table 4 – Better gold mineralisation in infill drilling at Mulgine Trench

Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 Au
(ppm)		 **WO3 ** Mo Ag
(ppm)
(%) (ppm)
MMC428 6,773,297 496,557 150 -50/135 130 150 20 0.88 0.04 900 8.0
MMC431 6,773,360 496,671 138 -60/135 0 38 38 0.34 0.12 400 4.3
MMC431 70 108 38 0.34 0.07 200 6.6
MMC438 6,773,420 496,667 132 -60/135 70 102 32 0.47 0.08 610 9.6
MMC441 6,772,903 496,107 275 -60/135 162 196 34 0.76 0.09 350 10.8
MMC451 6,773,260 496,544 138 -60/135 2 44 42 0.29 0.09 160 7.0
MMC456 6,773,175 496,630 135 -60/135 46 106 60 0.36 0.06 310 21.1
MMC457 6,773,203 496,601 162 -60/135 0 32 32 0.33 0.11 650 7.4
MMC460 6,773,188 496,445 210 -60/135 0 34 34 0.65 0.14 260 3.5
MMC465 6,773,047 496,474 186 -60/135 0 36 36 0.33 0.08 260 4.9
MMC473 6,773,415 496,500 192 -60/135 20 46 26 0.60 0.09 50 3.0
MMC474 6,773,444 496,472 252 -60/135 22 62 40 0.53 0.12 60 4.7
MMC474 66 82 16 0.65 0.10 50 4.5
MMC477 6,773,388 496,642 132 -60/135 0 48 48 0.43 0.09 690 5.9
MMC477 66 98 32 0.38 0.07 910 4.8
MMC478 6,773,416 496,614 144 -60/135 72 102 30 0.39 0.09 350 7.1
MMC478 106 144 38 0.98 0.08 570 10.8
MMC479 6,773,444 496,585 170 -60/135 108 150 42 0.68 0.10 1030 10.8
MMC480 6,773,473 496,557 198 -60/135 146 182 36 0.33 0.10 750 6.7
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF, Mo by XRF or Laser Ablation
ICP-MS finish, Au by 40g Fire Assay – AAS or ICP-AES finish and Ag by Laser Ablation ICP-MS finish. Lower cut-off grade 0.10 ppm Au with
up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length for inclined holes. Grid coordinates are MGA
Zone 50.

2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF, Mo by XRF or Laser Ablation ICP-MS finish, Au by 40g Fire Assay – AAS or ICP-AES finish and Ag by Laser Ablation ICP-MS finish. Lower cut-off grade 0.10 ppm Au with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length for inclined holes. Grid coordinates are MGA Zone 50.

Page 9

-ENDS-

For further information: Craig Ferrier Mark Pitts Chief Executive Officer Company Secretary Ph: +61 8 9486 8492 Ph: +61 8 9316 9100 E: [email protected] E: [email protected]

This ASX announcement was authorised for release by Craig Ferrier, Chief Executive Officer of Tungsten Mining NL.

Competent Person’s Statement

The information in this report that relates to Exploration Results and Data Quality is based on, and fairly represents, information and supporting documentation prepared by Peter Bleakley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bleakley is not a full-time employee of the company. Mr Bleakley is a consultant to the mining industry. Mr Bleakley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bleakley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mulgine Trench Mineral Resource is extracted from the report titled ‘Major Mineral Resource Estimate Update for Mulgine Trench Deposit’ released to the ASX on 19 December 2019, available to view at www.tungstenmining.com. Tungsten Mining have drilled an additional 104 RC holes into the Mulgine Trench Mineral Resource. Interpretation of all new data is proceeding and a revised estimate is planned for release in April 2020. Other than the aforementioned review, the Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement and that all material assumptions and technical parameters underpinning the estimates in original ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcements.

About Tungsten Mining

Australian tungsten developer, Tungsten Mining NL is an Australian based resources company listed on the Australian Securities Exchange. The Company’s prime focus is the exploration and development of tungsten projects in Australia.

Tungsten (chemical symbol W), occurs naturally on Earth, not in its pure form but as a constituent of other minerals, only two of which support commercial extraction and processing - wolframite ((Fe, Mn) WO4) and scheelite (CaWO4).

Tungsten has the highest melting point of all elements except carbon – around 3400°C giving it excellent high temperature mechanical properties and the lowest expansion coefficient of all metals. Tungsten is a metal of considerable strategic importance, essential to modern industrial development (across aerospace and defence, electronics, automotive, extractive and construction sectors) with uses in cemented carbides, high-speed steels and super alloys, tungsten mill products and chemicals.

Through exploration and acquisition, the Company has established a globally significant tungsten resource inventory in its portfolio of advanced mineral projects across Australia. This provides the platform for the Company to become a major player within the global primary tungsten market through the development of lowcost tungsten concentrate production.

Page 10

Appendix 1

Intersections greater than 3 metres at 0.05% WO3 in Mulgine Trench Drilling

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC427 6,773,352 496,508 400.4 180 -60/135 4 22 18 0.08 80
MMC427 26 36 10 0.12 50
MMC427 44 48 4 0.06 70
MMC427 64 94 30 0.09 440
MMC427 98 102 4 0.07 50
MMC427 104 110 6 0.08 580
MMC427 116 122 6 0.14 560
MMC427 130 152 22 0.11 100
MMC427 174 178 4 0.16 400
MMC428 6,773,297 496,557 403.8 150 -50/135 0 48 48 0.11 110
MMC428 52 60 8 0.08 280
MMC428 70 84 14 0.09 300
MMC428 116 130 14 0.10 290
MMC428 144 150 6 0.08 830
MMC429 6,773,359 496,554 401.7 162 -60/135 2 42 40 0.14 150
MMC429 46 98 52 0.11 90
MMC429 110 118 8 0.14 870
MMC429 122 126 4 0.09 460
MMC429 136 150 14 0.16 700
MMC429 156 162 6 0.06 480
MMC430 6,773,331 496,586 403.8 162 -60/135 2 66 64 0.11 220
MMC430 74 90 16 0.09 240
MMC430 102 150 48 0.10 350
MMC430 156 160 4 0.08 50
MMC431 6,773,360 496,671 406.9 138 -60/135 0 48 48 0.11 350
MMC431 52 86 34 0.09 200
MMC431 96 100 4 0.07 350
MMC431 106 114 8 0.12 160
MMC431 122 126 4 0.10 70
MMC432 6,773,389 496,756 407.2 114 -60/135 6 28 22 0.08 180
MMC432 38 42 4 0.06 260
MMC432 46 72 26 0.08 130
MMC432 98 102 4 0.11 180
MMC433 6,773,417 496,727 404.5 68 -60/135 2 6 4 0.10 200
MMC433 14 38 24 0.11 230
MMC433 44 48 4 0.08 80
MMC433 52 68 16 0.10 150
MMC434 6,773,445 496,699 402.6 156 -60/135 0 32 32 0.13 80
MMC434 34 48 14 0.08 90
MMC434 56 92 36 0.08 130

Page 11

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC434 98 126 28 0.09 260
MMC434 142 152 10 0.09 140
MMC435 6,773,473 496,670 404.2 168 -60/135 2 62 60 0.11 120
MMC435 66 138 72 0.10 140
MMC435 156 160 4 0.06 110
MMC436 6,773,501 496,642 405.4 177 -60/135 0 162 162 0.12 150
MMC437 6,773,476 496,610 404.1 180 -60/135 0 152 152 0.13 150
MMC438 6,773,420 496,667 402.7 132 -60/135 0 84 84 0.11 220
MMC438 88 102 14 0.07 380
MMC438 112 116 4 0.15 310
MMC441 6,772,903 496,107 394.9 275 -60/135 8 12 4 0.06 70
MMC441 34 50 16 0.09 40
MMC441 64 72 8 0.07 40
MMC441 78 86 8 0.16 80
MMC441 90 120 30 0.12 180
MMC441 128 170 42 0.14 100
MMC441 178 224 46 0.11 580
MMC441 238 242 4 0.08 140
MMC441 246 250 4 0.06 110
MMC441 262 266 4 0.07 50
MMC464 6,772,990 496,532 408.1 150 -60/135 2 6 4 0.08 1010
MMC464 18 46 28 0.08 480
MMC464 50 90 40 0.08 280
MMC464 98 110 12 0.11 220
MMC464 116 132 16 0.09 160
MMC464 134 140 6 0.06 70
MMC465 6,773,047 496,474 401.7 186 -60/135 2 18 16 0.14 450
MMC465 26 30 4 0.06 30
MMC465 44 90 46 0.11 310
MMC465 102 114 12 0.14 310
MMC465 124 140 16 0.09 770
MMC465 142 146 4 0.05 360
MMC465 154 158 4 0.09 150
MMC465 174 178 4 0.15 120
MMC466 6,773,075 496,446 399.3 216 -60/135 14 38 24 0.13 140
MMC466 46 48 2 0.06 200
MMC466 64 120 56 0.09 490
MMC466 126 142 16 0.10 190
MMC466 146 148 2 0.06 130
MMC466 150 156 6 0.35 130
MMC466 164 170 6 0.11 140
MMC466 188 216 28 0.09 130
MMC469 6,773,159 496,360 398.1 264 -60/135 12 20 8 0.07 50

Page 12

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC469 26 62 36 0.09 220
MMC469 66 102 36 0.14 600
MMC469 108 136 28 0.08 510
MMC469 142 158 16 0.25 180
MMC469 162 164 2 0.05 360
MMC469 166 190 24 0.10 480
MMC469 194 234 40 0.10 290
MMC469 240 242 2 0.12 180
MMC469 252 258 6 0.21 170
MMC470 6,773,188 496,332 397.5 270 -60/135 16 24 8 0.06 100
MMC470 62 132 70 0.13 530
MMC470 138 150 12 0.09 120
MMC470 156 170 14 0.07 680
MMC470 180 270 90 0.11 380
MMC471 6,773,216 496,303 396.8 288 -60/135 2 12 10 0.10 60
MMC471 88 180 92 0.14 530
MMC471 184 212 28 0.21 230
MMC471 216 218 2 0.06 340
MMC471 220 248 28 0.10 460
MMC471 256 268 12 0.09 310
MMC471 276 288 12 0.14 120
MMC472 6,773,387 496,529 400.8 150 -60/135 2 38 36 0.12 210
MMC472 42 46 4 0.11 170
MMC472 50 126 76 0.14 230
MMC472 130 136 6 0.12 1280
MMC472 146 150 4 0.10 540
MMC473 6,773,415 496,500 401.9 192 -60/135 0 80 80 0.12 120
MMC473 82 154 72 0.11 130
MMC473 158 164 6 0.33 280
MMC473 168 192 24 0.10 200
MMC474 6,773,444 496,472 402.4 252 -60/135 0 46 46 0.11 40
MMC474 50 104 54 0.12 520
MMC474 114 136 22 0.22 410
MMC474 140 186 46 0.13 210
MMC474 192 198 6 0.10 250
MMC474 200 208 8 0.15 140
MMC474 216 252 36 0.11 440
MMC475 6,773,398 496,575 401 192 -60/135 0 58 58 0.09 160
MMC475 62 124 62 0.12 170
MMC475 136 142 6 0.08 210
MMC475 160 178 18 0.12 160
MMC476 6,773,455 496,518 402.9 234 -60/135 0 26 26 0.14 40
MMC476 32 98 66 0.10 70

Page 13

Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off)

Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC476 102 180 78 0.12 420
MMC476 190 234 44 0.08 240
MMC477 6,773,388 496,642 404.1 132 -60/135 0 36 36 0.11 800
MMC477 42 62 20 0.09 460
MMC477 66 82 16 0.09 700
MMC477 92 100 8 0.06 310
MMC477 114 126 12 0.14 240
MMC478 6,773,416 496,614 401.4 144 -60/135 0 78 78 0.12 250
MMC478 82 128 46 0.10 410
MMC478 134 142 8 0.10 430
MMC479 6,773,444 496,585 402.8 170 -60/135 0 154 154 0.12 510
MMC479 158 168 10 0.16 340
MMC480 6,773,473 496,557 403.5 198 -60/135 0 16 16 0.12 40
MMC480 22 162 140 0.12 360
MMC480 166 182 16 0.09 340
MMC480 190 198 8 0.07 390
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or by Laser
Ablation ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection
length for inclined holes. Grid coordinates are MGA Zone 50.

Page 14

Appendix 2

Intersections greater than 2 metres at 200 ppm Mo in Mulgine Trench Drilling

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC427 6,773,352 496,508 400 180 -60/135 58 62 4 0.04 460
MMC427 80 96 16 0.05 730
MMC427 102 128 26 0.07 420
MMC427 136 140 4 0.08 250
MMC427 170 178 8 0.09 520
MMC428 6,773,297 496,557 404 150 -50/135 42 46 4 0.07 250
MMC428 52 66 14 0.06 290
MMC428 72 106 34 0.05 450
MMC428 116 124 8 0.12 440
MMC428 132 148 16 0.04 1090
MMC429 6,773,359 496,554 402 162 -60/135 14 18 4 0.16 390
MMC429 34 46 12 0.08 230
MMC429 104 148 44 0.10 680
MMC429 150 158 8 0.04 3410
MMC430 6,773,331 496,586 404 162 -60/135 26 32 6 0.11 360
MMC430 50 80 30 0.06 630
MMC430 86 102 16 0.04 310
MMC430 108 116 8 0.13 400
MMC430 126 144 18 0.08 650
MMC430 152 156 4 0.03 730
MMC431 6,773,360 496,671 407 138 -60/135 0 26 26 0.11 540
MMC431 38 42 4 0.11 240
MMC431 74 82 8 0.09 340
MMC431 96 100 4 0.07 350
MMC432 6,773,389 496,756 407 114 -60/135 0 4 4 0.03 210
MMC432 6 14 8 0.08 260
MMC433 6,773,417 496,727 405 68 -60/135 16 26 10 0.13 300
MMC433 30 34 4 0.09 330
MMC434 6,773,445 496,699 403 156 -60/135 28 34 6 0.07 290
MMC434 52 56 4 0.03 250
MMC434 108 114 6 0.08 320
MMC435 6,773,473 496,670 404 168 -60/135 54 58 4 0.14 560
MMC435 102 108 6 0.11 250
MMC436 6,773,501 496,642 405 177 -60/135 8 12 4 0.11 230
MMC436 72 76 4 0.14 380
MMC436 110 114 4 0.11 1080
MMC437 6,773,476 496,610 404 180 -60/135 86 90 4 0.10 300
MMC437 100 104 4 0.08 300
MMC437 108 112 4 0.11 240
MMC437 122 144 22 0.17 350

Page 15

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC438 6,773,420 496,667 403 132 -60/135 12 18 6 0.21 220
MMC438 32 40 8 0.12 280
MMC438 48 62 14 0.08 520
MMC438 72 76 4 0.09 360
MMC438 82 106 24 0.05 810
MMC438 114 120 6 0.10 480
MMC438 128 132 4 0.04 280
MMC441 6,772,903 496,107 395 275 -60/135 0 6 6 0.01 420
MMC441 106 112 6 0.20 580
MMC441 182 194 12 0.11 680
MMC441 200 228 28 0.10 680
MMC441 242 246 4 0.04 600
MMC441 254 258 4 0.05 740
MMC464 6,772,990 496,532 408 150 -60/135 0 44 44 0.06 660
MMC464 62 70 8 0.09 390
MMC464 78 82 4 0.08 790
MMC464 88 102 14 0.07 640
MMC464 110 114 4 0.04 250
MMC464 120 124 4 0.07 330
MMC465 6,773,047 496,474 402 186 -60/135 4 18 14 0.14 500
MMC465 20 24 4 0.01 210
MMC465 44 50 6 0.06 600
MMC465 62 66 4 0.07 1050
MMC465 72 82 10 0.09 240
MMC465 84 96 12 0.14 260
MMC465 102 110 8 0.16 430
MMC465 118 152 34 0.06 620
MMC465 160 170 10 0.04 230
MMC466 6,773,075 496,446 399 216 -60/135 60 68 8 0.05 390
MMC466 72 78 6 0.06 810
MMC466 86 96 10 0.12 590
MMC466 104 124 20 0.09 730
MMC466 134 146 12 0.07 270
MMC466 184 190 6 0.04 270
MMC466 212 216 4 0.08 210
MMC469 6,773,159 496,360 398 264 -60/135 2 6 4 0.04 290
MMC469 46 50 4 0.07 240
MMC469 56 120 64 0.11 720
MMC469 146 152 6 0.49 280
MMC469 156 204 48 0.08 440
MMC469 214 222 8 0.14 640
MMC469 228 236 8 0.10 330
MMC470 6,773,188 496,332 398 270 -60/135 88 138 50 0.13 860

Page 16

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC470 150 210 60 0.07 620
MMC470 222 236 14 0.12 480
MMC470 252 256 4 0.08 610
MMC471 6,773,216 496,303 397 288 -60/135 108 126 18 0.15 410
MMC471 130 152 22 0.17 1280
MMC471 156 186 30 0.12 520
MMC471 200 236 36 0.14 500
MMC471 244 254 10 0.05 300
MMC471 260 278 18 0.07 320
MMC472 6,773,387 496,529 401 150 -60/135 24 34 10 0.17 530
MMC472 62 66 4 0.11 240
MMC472 104 110 6 0.14 300
MMC472 116 150 34 0.08 710
MMC473 6,773,415 496,500 402 192 -60/135 54 66 12 0.28 420
MMC473 144 156 12 0.11 330
MMC473 160 174 14 0.15 300
MMC473 188 192 4 0.08 270
MMC474 6,773,444 496,472 402 252 -60/135 88 100 12 0.14 2100
MMC474 118 124 6 0.18 1330
MMC474 162 168 6 0.10 220
MMC474 174 194 20 0.10 350
MMC474 198 204 6 0.17 240
MMC474 214 250 36 0.11 450
MMC475 6,773,398 496,575 401 192 -60/135 30 36 6 0.13 490
MMC475 54 58 4 0.12 710
MMC475 102 114 12 0.15 410
MMC475 122 140 18 0.06 350
MMC475 146 160 14 0.03 490
MMC475 172 176 4 0.12 230
MMC475 182 192 10 0.05 230
MMC476 6,773,455 496,518 403 234 -60/135 94 98 4 0.12 240
MMC476 104 136 32 0.14 600
MMC476 140 150 10 0.14 660
MMC476 154 162 8 0.07 310
MMC476 176 192 16 0.03 350
MMC476 222 230 8 0.12 640
MMC477 6,773,388 496,642 404 132 -60/135 12 38 26 0.09 1040
MMC477 42 72 30 0.09 440
MMC477 74 94 20 0.06 1320
MMC477 98 108 10 0.04 400
MMC477 110 120 10 0.11 430
MMC478 6,773,416 496,614 401 144 -60/135 22 38 16 0.16 400
MMC478 42 68 26 0.12 370

Page 17

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC478 74 86 12 0.09 440
MMC478 94 118 24 0.09 630
MMC478 128 144 16 0.06 660
MMC479 6,773,444 496,585 403 170 -60/135 60 66 6 0.16 1100
MMC479 72 82 10 0.09 320
MMC479 94 102 8 0.16 1890
MMC479 106 168 62 0.10 840
MMC480 6,773,473 496,557 404 198 -60/135 96 112 16 0.09 250
MMC480 118 124 6 0.08 570
MMC480 132 166 34 0.15 1060
MMC480 178 198 20 0.06 430
2m cone split RC samples submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or by Laser
Ablation ICP-MS. Lower cut-off grade 200 ppm Mo with up to 3m of interval waste, no top cut grade. True thickness is 90 - 100% of
intersection length for inclined holes. Grid coordinates are MGA Zone 50.

Page 18

Appendix 3

Intersections greater than 10 metres at 0.10 ppm Au in Mulgine Trench Drilling

Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 Au
(ppm)		 **WO3 ** Mo Ag
(ppm)
(%) (ppm)
MMC427 6,773,352 496,508 180 -60/135 54 68 14 0.53 0.05 210 8.1
MMC427 96 124 28 0.20 0.07 380 6.6
MMC428 6,773,297 496,557 150 -50/135 12 32 20 0.34 0.09 110 4.8
MMC428 130 150 20 0.88 0.04 900 8.0
MMC429 6,773,359 496,554 162 -60/135 132 162 30 0.18 0.10 1360 9.6
MMC430 6,773,331 496,586 162 -60/135 22 32 10 0.28 0.11 250 2.5
MMC430 58 86 28 0.27 0.07 470 7.5
MMC431 6,773,360 496,671 138 -60/135 0 38 38 0.34 0.12 400 4.3
MMC431 54 64 10 0.36 0.07 220 5.2
MMC431 70 108 38 0.34 0.07 200 6.6
MMC432 6,773,389 496,756 114 -60/135 26 50 24 0.24 0.05 140 5.5
MMC432 92 102 10 0.16 0.07 160 8.6
MMC433 6,773,417 496,727 68 -60/135 0 14 14 0.30 0.05 180 5.6
MMC435 6,773,473 496,670 168 -60/135 66 76 10 0.23 0.09 120 5.3
MMC435 98 112 14 0.28 0.11 190 7.2
MMC436 6,773,501 496,642 177 -60/135 22 36 14 0.26 0.08 70 4.2
MMC436 120 140 20 0.25 0.12 80 7.8
MMC437 6,773,476 496,610 180 -60/135 38 52 14 0.21 0.11 170 6.5
MMC437 74 94 20 0.16 0.07 140 8.4
MMC437 130 148 18 0.21 0.17 330 6.4
MMC438 6,773,420 496,667 132 -60/135 14 26 12 0.25 0.11 120 4.5
MMC438 70 102 32 0.47 0.08 610 9.6
MMC441 6,772,903 496,107 275 -60/135 162 196 34 0.76 0.09 350 10.8
MMC441 206 218 12 0.32 0.09 1000 7.4
MMC464 6,772,990 496,532 150 -60/135 14 30 16 0.29 0.07 710 2.5
MMC464 76 90 14 0.15 0.07 360 6.3
MMC464 106 128 22 0.27 0.08 170 8.1
MMC465 6,773,047 496,474 186 -60/135 0 36 36 0.33 0.08 260 4.9
MMC465 50 64 14 0.22 0.12 180 8.4
MMC465 126 138 12 0.19 0.09 970 10.3
MMC466 6,773,075 496,446 216 -60/135 6 16 10 0.18 0.05 60 1.4
MMC466 28 38 10 0.40 0.13 160 28.9
MMC466 42 62 20 0.21 0.03 150 26.0
MMC466 86 96 10 0.13 0.12 590 11.0
MMC466 132 142 10 0.13 0.11 230 7.5
MMC466 146 156 10 0.23 0.23 120 13.4
MMC466 198 210 12 0.14 0.11 100 5.4
MMC469 6,773,159 496,360 264 -60/135 82 92 10 0.23 0.14 420 9.1
MMC469 114 128 14 0.26 0.06 450 8.8
MMC470 6,773,188 496,332 270 -60/135 150 190 40 0.20 0.06 670 9.8
MMC470 232 258 26 0.22 0.14 270 6.9
MMC471 6,773,216 496,303 288 -60/135 106 120 14 0.19 0.13 390 10.5

Page 19

Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 Au
(ppm)		 **WO3 ** Mo Ag
(ppm)
(%) (ppm)
MMC471 176 198 22 0.45 0.12 330 9.7
MMC471 270 280 10 0.17 0.06 250 4.7
MMC472 6,773,387 496,529 150 -60/135 6 16 10 0.49 0.10 100 5.7
MMC472 50 66 16 0.42 0.10 220 10.1
MMC472 128 146 18 0.22 0.06 860 8.6
MMC473 6,773,415 496,500 192 -60/135 0 14 14 0.29 0.15 70 2.5
MMC473 20 46 26 0.60 0.09 50 3.0
MMC474 6,773,444 496,472 252 -60/135 22 62 40 0.53 0.12 60 4.7
MMC474 66 82 16 0.65 0.10 50 4.5
MMC474 88 100 12 0.33 0.14 2100 7.5
MMC474 118 136 18 0.18 0.24 490 8.2
MMC474 226 238 12 0.19 0.11 480 6.7
MMC475 6,773,398 496,575 192 -60/135 28 42 14 0.43 0.09 250 5.4
MMC475 84 100 16 0.22 0.13 80 7.6
MMC475 104 116 12 0.29 0.13 330 6.9
MMC476 6,773,455 496,518 234 -60/135 8 26 18 0.58 0.14 40 3.9
MMC476 94 138 44 0.56 0.13 480 8.3
MMC476 198 214 16 0.49 0.08 160 6.1
MMC476 218 230 12 0.17 0.11 460 5.9
MMC477 6,773,388 496,642 132 -60/135 0 48 48 0.43 0.09 690 5.9
MMC477 66 98 32 0.38 0.07 910 4.8
MMC477 122 132 10 0.40 0.06 110 4.2
MMC478 6,773,416 496,614 144 -60/135 0 16 16 0.38 0.10 30 3.9
MMC478 72 102 30 0.39 0.09 350 7.1
MMC478 106 144 38 0.98 0.08 570 10.8
MMC479 6,773,444 496,585 170 -60/135 46 56 10 0.16 0.23 130 9.9
MMC479 68 84 16 0.24 0.08 250 9.2
MMC479 90 104 14 0.18 0.17 1140 11.9
MMC479 108 150 42 0.68 0.10 1030 10.8
MMC479 154 168 14 0.70 0.12 440 8.9
MMC480 6,773,473 496,557 198 -60/135 2 18 16 0.39 0.12 30 2.7
MMC480 84 94 10 0.43 0.10 260 11.3
MMC480 104 116 12 0.15 0.09 220 15.5
MMC480 146 182 36 0.33 0.10 750 6.7
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or Laser
Ablation ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection
length for inclined holes. Grid coordinates are MGA Zone 50.

2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or Laser Ablation ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length for inclined holes. Grid coordinates are MGA Zone 50.

Page 20

Appendix 4 - JORC Code Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria JORC Code explanation
Commentary
Sampling techniques Nature and quality of sampling (e.g. cut channels,
random chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
During August 2016, TGN drilled 9 RC holes for 476 metres
and one large diameter (PQ) diamond hole for 31.6 metres at
Mulgine Trench to test tungsten mineralisation adjacent to
and beneath the Bobby McGee pit
In September 2018, TGN drilled 4 PQ diamond holes (528.2
m) into the Trench deposit to collect metallurgical samples
and twin RC and diamond holes.
From 12 July 2019 to present, the Company has drilled 238 RC
holes for 40,788 metres. At the time of writing, Tungsten
Mining had received results from 207 of the 238 RC holes and
results reported in this announcement relate to 27 of these
holes.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used
TGN drillhole collar locations for the first 121 holes were
picked up by a licenced surveyor using a Topcon GNSS with
manufacturer’s specifications of +/- 10mm N,E and +/15mm
Z. Remaining holes (including holes being reported in this
announcement) were marked out with a Hemisphere R120
DGPS with sub-metre accuracy.
Downhole surveying was measured by the drill contractors
using a Champ North Seeking solid state gyroscopic system in
the drill rods. Accuracy is ±0.75° for azimuth and ±0.15° for
inclination.
Certified standards were inserted into the sample sequences
in according to TGN QAQC procedures. Duplicate samples
were collected to check repeatability of sampling and
variability or nugget effect for tungsten mineralisation.
Blanks were inserted into the sample stream behind high-
grade samples to test contamination. Results from this QAQC
sampling were considered good.
Aspects of the determination of mineralisation that are
Material to the Public Report. In cases where ‘industry
standard’ work has been done this would be relatively
simple (e.g. ‘reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases
more explanation may be required, such as where there
is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed
information
Given the style of mineralisation present at Mulgine Trench,
Tungsten Mining ran an orientation survey to determine the
acceptability of 2m sampling intervals. From this orientation
work, it was concluded there was no discernible evidence that
increasing the downhole sample interval from one to two
metres materially impacts either accuracy or precision of the
assay results.
RC holes MMC265 – MMC291 and MMC301 – MMC309 were
sampled at 1 m intervals from the cyclone and split using a
cone splitter immediately beneath the cyclone to produce two
representative 3 - 5 kg 1m-samples in calico bags.
For all remaining holes, samples were split using a cone
splitter to produce two representative 3 - 5 kg 2m-samples in
calico bags. The bulk reject material was collected at 1 m
intervals from the cyclone and placed on the ground for
geological logging.
The cone splitter was cleaned by hosing with pressurised air
to eliminate sample contamination. Two samples were
collected; one is used for analysis and the other is retained as
a reference or for possible re-analysing / QAQC activities.
Samples from the current drilling programme were submitted
to Bureau Veritas Minerals Pty Ltd of Canningvale, WA, for a
standard XRF Tungsten Suite and 40 gram fire assay for gold
analysis. A second suite of elements including silver and
molybdenum were analysed by Laser Ablation ICP-MS.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (e.g. core diameter, triple or standard tube,
depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
TGN completed 238 RC drillholes with depths ranging from 6
to 300 m, averaging 171 m. RC drilling used a face-sampling
hammer that produced a nominal 140 mm diameter hole.
TGN diamond and RC holes were surveyed in-rods at 20 -
30 m intervals using a North Seeking gyroscopic probe.

Page 21

Criteria JORC Code explanation
Commentary
Drill sample
recovery		 Method of recording and assessing core and chip sample
recoveries and results assessed
RC and diamond recovery was visually assessed, recorded on
drill logs and considered to be acceptable.
Measures taken to maximise sample recovery and
ensure representative nature of the samples
RC samples collected by TGN were visually checked for
recovery, moisture and contamination. A cyclone and cone
splitter was used to provide a uniform sample and these were
routinely cleaned. The drill contractor blew out the hole at the
beginning of each drill rod to remove excess water and
maintain dry samples.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
Ground conditions for RC drilling were good and drilling
returned consistent size samples. All RC samples were dry
and contamination would be minimal. No significant bias is
expected, and any potential bias is not considered material at
this stage.
Logging Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining
studies and metallurgical studies.
TGN uses specially designed drill logs for tungsten
mineralisation to capture the geological data. During logging,
part of the RC sample is washed, logged and placed into chip
trays.
During the 2019/2020 drilling programme, a second set of
partially sieved material is stored in chip trays for mineral
identification by a near-IR spectral scanner (PANalytical
TerraSpec Halo).
The washed chip trays are stored in sea containers on site and
Halo chip trays stored at TGN’s Gnangara warehouse.
All drill data is digitally captured and stored in a central
database.
Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
RC chip logging included records of lithology, mineralogy,
textures, oxidation state and colour. Key minerals associated
with tungsten mineralisation and veining are recorded.
The total length and percentage of the relevant
intersections logged
All TGN drill holes were logged in full.
Sub-sampling
techniques and
sample preparation		 If core, whether cut or sawn and whether quarter, half
or all core taken.
PQ metallurgical core was cut in half and then quartered. 1
metre samples of quarter core for PQ holes were submitted to
Nagrom for XRF analysis.
If non-core, whether riffled, tube sampled, rotary split,
etc and whether sampled wet or dry.
TGN RC samples were collected on the rig by a cyclone.
Material was split by a cone splitter immediately beneath the
cyclone to produce two 3 - 5 kg samples.
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Samples from the current drilling programme were submitted
to Bureau Veritas Minerals Pty Ltd of Canningvale, WA and
dried, split if over 2.5 kg and pulverised in robotic vibrating
disc pulveriser.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
TGN’s QAQC procedures included the insertion of field
duplicates, blanks and commercial standards. Duplicates,
blanks and standards were inserted at intervals of one in 25.
Geological logging and UV lamping was used to ensure
duplicate and blank samples were from mineralised intervals.
Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field duplicate/second-
half sampling.
TGN inserted 1 in 25 RC field duplicates taken from 1 m or 2 m
cone split samples at the rig. Repeatability in RC duplicate
samples was found to be excellent.
Four PQ diamond holes and six RC hole have twined other RC
and diamond drilling at Mulgine Trench. These holes
intersected similar grade and thickness of WO3, Mo, Au and Ag
mineralisation at target depths. Individual high grade zones
did demonstrate the particulate or nuggetty nature of
mineralisation present.

Page 22

Criteria JORC Code explanation
Commentary
Whether sample sizes are appropriate to the grain size
of the material being sampled.
Assays from duplicate samples showed a low - moderate
scatter (R20.82) for tungsten with no systematic bias. This is
consistent with the style of mineralisation present, coarse
grained scheelite associated with quartz veining.
Molybdenum and silver results from duplicate samples
showed good correlation with an R2of 0.94 and 0.92
respectively.
Gold results from duplicate samples showed a higher degree
of scatter with an R2of 0.63. This is interpreted to be related
to the nugget effect or particulate nature of gold
mineralisation at Mulgine Trench.
The larger sample size of approximately 40 kg per metre
collected by RC drilling is considered more appropriate than
small diameter diamond holes and therefore sample sizes are
considered to be acceptable to accurately represent the
tungsten, molybdenum, silver and gold mineralisation present
at Mulgine Trench
Quality of assay data
and laboratory tests		 The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
Tungsten Mining assays samples for a tungsten suite by XRF.
XRF has proven to be a very accurate analytical technique for
a wide range of base metals, trace elements and major
constituents found in rocks and mineral materials. Glass
fusion XRF is utilised for assaying, since it provides good
accuracy and precision; it is suitable for analysis from very
low levels up to very high levels.
Gold was assayed by 40g charge lead collection fire assay with
silver used as secondary collector. Fire assay is regarded as the
preferred method for quantitative gold analysis.
For Phase 1 drilling, a suite of 40 elements including tungsten,
molybdenum and silver were assayed by Fused Bead Laser
Ablation ICP-MS. The XRF disk is laser ablated and the gas
formed is introduced to the Mass Spectrometer, providing an
ideal platform for analysis. The Fused Bead Laser Ablation
ICP-MS technique is total digestion of the sample achieved
through the fusion process, so quantifiable elemental data is
produced at detection limits that are equal if not better than
acid digest techniques.
Phase 2 holes (including results currently being reported )
were assayed for the tungsten suite by XRF, gold by fire assay
and a reduced suite of elements including molybdenum and
silver by Fused Bead Laser Ablation ICP-MS.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
A handheld magnetic susceptibility meter (KT-10) was used to
measure magnetic susceptibility for every sample. Data is
stored in the database.
A near-IR spectral scanner (PANalytical TerraSpec Halo) was
utilised for mineral identification to assist in defining
geometallurgical domains in the Phase 1 2019 drilling
programme. Partially sieved material was collected, stored in
chiptrays and scanned.
Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (i.e.
lack of bias) and precision have been established.
Field QAQC procedures for TGN sampling included the
insertion of blanks, commercial standards and duplicates at
the rate of one in 25 samples. Assay results have
demonstrated acceptable levels of accuracy and precision.
Verification of
sampling and
assaying		 The verification of significant intersections by either
independent or alternative company personnel.
No independent personnel have verified intersections in
drilling. TGN personnel have conducted a review of all
assaying by visual inspection of UV core photography and UV
estimates for RC drilling against the drill database.
The use of twinned holes.
TGN drilled four PQ diamond holes and 7 RC holes that
twinned existing RC and diamond drilling at Mulgine Trench.
Twin holes intersected similar widths and grades for
mineralisation. High grade zones were however found to be
variable or nuggety.

Page 23

Criteria JORC Code explanation
Commentary
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Logging conducted by TGN takes place at the drilling site.
Ruggedised computers are used to record the logging for RC
samples. Diamond logging is onto paper drill logs and data
entered in Perth.
A set of standard Excel templates are used to capture the data.
Data was validated on-site by the supervising geologist before
being sent to Perth office. It was then loaded into Micromine
and validated for logging codes, missing intervals, overlapping
intervals, hole location and downhole surveying. Validated
data is then loaded into a relational database for storage.
Discuss any adjustment to assay data.
No adjustments were made, other than for values below the
assay detection limit which have been entered as half of the
detection limit.
Location of data
points		 Accuracy and quality of surveys used to locate drillholes
(collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation.
The first 121 2019 holes and previous programmes drilled by
TGN were picked up by a licenced surveyor using a Topcon
GNSS with manufacturer’s specifications of +/- 10mm N,E and
+/15mm Z. Subsequent holes (including holes with results
being reported in this announcement) were marked out with a
DGPS and have preliminary coordinates (+/- 2m N,E and
+/1mm Z).
Downhole surveying of TGN holes was measured by the drill
contractors using a North Seeking solid state gyroscopic
system in the drill rods. Accuracy is ±0.75° for azimuth and
±0.15° for inclination.
Specification of the grid system used.
Geocentric Datum of Australia 1994 (GDA94) - Zone 50.
Quality and adequacy of topographic control.
High resolution aerial photography and digital elevation
survey was flown by Geoimage Pty Ltd on 18 February 2018
with expected height accuracy of +/- 0.5 m.
Data spacing and
distribution		 Data spacing for reporting of Exploration Results.
Drill spacing is generally 40 metre spaced holes on 80 – 120
metre sections. Drilling is currently infilling sections to a 40
metre spacing
Whether the data spacing and distribution is sufficient
to establish the degree of geological and grade
continuity appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and classifications
applied.
The drill spacing at Mulgine Trench was sufficient to define an
Inferred Mineral Resource reported in December 2019. TGN
have drilled an additional 104 holes into Mulgine Trench since
this estimate.
Whether sample compositing has been applied.
For non-mineralised intervals 1 m samples collected from the
cyclone were composited into 5 m and later 6 m composite
samples for RC drilling. Where composite samples have
anomalous tungsten and/or molybdenum, the 1 m or 2 m cone
split samples have been submitted for analysis.
Orientation of data in
relation to geological
structure		 Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
The orientation of drilling was designed to intersect
mineralisation perpendicular to the dominant vein geometry
and mineralised stratigraphy. Holes drilled at -60 degree
towards the southeast intersect dominant vein sets and
stratigraphy at 90 degrees.
If the relationship between the drilling orientation and
the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
Structural logging of diamond core has confirmed that drill
orientation did not introduce any bias regarding the
orientation of mineralised veining.
Sample security The measures taken to ensure sample security.
Samples collected by TGN were securely sealed and stored on
site and delivered by courier to the laboratory in Perth.
Sample submissions forms used to track samples were
emailed directly to the laboratory.

Page 24

Criteria JORC Code explanation Commentary
Internal Company audits for both historical and current
Company drilling are carried out to ensure drilling and
sampling techniques are consistent with industry standards,
consistency of data is validated by Tungsten Mining while
loading into the database. Any data which fails the database
constraints and cannot be loaded is returned for validation.
Global consistency is audited by plotting sections using the
database and reconciling assays.
Audits or reviews The results of any audits or reviews of sampling
techniques and data.		 During drilling the Company inserts standards, duplicates and
blanks into the sample stream. These QAQC samples are
periodically reviewed and any issues addressed. Tungsten
Mining also conducted a thorough review of historical data that
included checking of assay results, twinning of holes and
checking drilling against historical reports. Any errors
identified were corrected in the database.
For TGN drilling, assay results are visually compared against
UV estimates for tungsten and visual estimates.

Section 2: Reporting of Exploration Results

Criteria JORC Code explanation
Commentary
Mineral tenement
and land tenure
status		 Type, reference name/number, location and
ownership including agreements or material issues
with third parties such as joint ventures, partnerships,
overriding royalties, native title interests, historical
sites, wilderness or national park and environmental
settings.
The Mulgine Trench prospect is located on Mining Lease
M59/425-I covering an area of approximately 9.4 km2. TGN
has 100% of the mineral rights for tungsten and molybdenum
and to all by-products from the mining of tungsten and
molybdenum. The current registered holder of the tenement
is Minjar Gold Pty Ltd.
The normal Western Australian state royalties apply.
The Federal Court has determined that Native Title does not
exist over the area of M59/425-I in relation to Badamia claim
(Federal Court # WAD6123/1998).
M59/425-I is located on former pastoral lease ‘Warriedar
Station’ which has been purchased by the State Government
and now forms part of the Karara Rangeland Park. Other
operating mines are also located within the Park boundary.
The security of the tenure held at the time of reporting
along with any known impediments to obtaining a
licence to operate in the area.
The tenements are in good standing at the time of reporting.
Mid-West Tungsten Pty Ltd, a wholly owned subsidiary of
Tungsten Mining NL, holds a consent caveat over tenement
M59/425-I.
Exploration done by
other parties		 Acknowledgment and appraisal of exploration by
other parties.
Tungsten Drilling
Drilling initially focused on tungsten mineralisation with
Minefields and ANZECO drilling 77 NQ/BQ diamond drillholes
(8,703 m DD, 1,871 m pre-collars) in the 1970s and 1980s.
In 2014, Minjar Ltd drilled 27 RC exploration hole (1,680 m)
northwest of the Bobby McGee and 160 RC holes (5,712 m) for
grade control in the Bobby McGee pit. Hazelwood Resources
Ltd assayed these holes for their standard XRF tungsten suite.
Gold Drilling
In 1993, focus then turned onto gold exploration and multiple
phases of dominantly RC drilling and minor diamond drilling
was completed by numerous companies to present. A total of
342 RC holes (19,429 m) and 3 diamond holes (828 m) have
been drilled to evaluate gold at Mulgine Trench. During
mining, an additional 279 RC grade control holes (8,982 m)
were drilled at the Camp and Highland Chief pits.
Exploration drilling consisting of 422 RAB (11,374 m) holes
was drilled across the Trench Deposit and strike extensions.
TGN have conducted a thorough review of all drilling and
sampling procedures.

Page 25

Criteria JORC Code explanation
Commentary
Geology Deposit type, geological setting and style of
mineralisation.
Mulgine Trench
Stratigraphy for the Mulgine Trench deposit consists of a
hangingwall amphibolites, the main mineralised horizon and
footwall greisen of the Mulgine Granite. The mineralised
horizon is a 160 to 260 metre thick zone that is delineated
over 1.4 kilometres of strike and dips shallowly (25 – 40
degrees) towards the northwest.
Tungsten and molybdenum mineralisation dominantly occurs
as scheelite and molybdenite in foliation parallel veins or
adjacent to vein margins or as coatings on fractures or
disseminated in greisen units/veins.
Drill hole
Information		 A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all Material
drill holes:
•
easting and northing of the drill hole collar
•
elevation or RL (Reduced Level – elevation
above sea level in metres) of the drill hole
collar
•
dip and azimuth of the hole
•
down hole length and interception depth
•
hole length.
Collar data for drilling is included in Appendix A.
Data aggregation
methods		 In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade
truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
Intersections were reported using a lower cut-off grade of
0.05% WO3. WO3and Mo grades are reported separately for
intersections. No top cut and up to 2m of internal waste were
included.
A second set of intersections were reported using a lower cut-
off grade of 200 ppm Mo. Again WO3and Mo grades are
reported separately for intersections. No top cut and up to 2m
of internal waste were included.
A third set of intersections were reported using a lower cut-off
grade of 0.10 ppm Au. WO3, Mo and Ag grades are reported
separately for these intersections. Only intersections greater
than 10m at 0.10 ppm Au were reported. No top cut and up to
2m of internal waste were included.
Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
For reporting of tungsten intersections, all assays >1.0% WO3
are reported beneath the relevant intersection. Interval zones
of waste up to 2m wide are included in intersections provided
the adjacent zone and waste are >0.05% WO3.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Not applicable, no metal equivalents were quoted.
Relationship
between
mineralisation
widths and intercept
lengths		 These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. ‘down hole length, true width not known’).
Inclined holes will intersect mineralisation at between 80° -
90°. True thickness will be between 90 to 100% of the
intersection thickness for inclined holes.
Diagrams Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.
Refer to diagrams in the body of text.
Balanced reporting Where comprehensive reporting of all Exploration
results is not practicable, representative reporting of
both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration
Results.
All Intersections greater than 3m at 0.05 WO3at Mt Mulgine
are reported and holes with no significant mineralisation are
documented in Appendix 1.
A second list of all Intersections greater than 3m at 200 ppm
Mo at Mt Mulgine is reported in Appendix 2.
A third list of all Intersections greater than 10m at 0.10 ppm
Au at Mt Mulgine is reported in Appendix 3.

Page 26

Criteria Other substantive exploration data

Criteria JORC Code explanation Commentary

Mineralogical and metallurgical studies on the Mulgine Trench deposit show scheelite well liberated at coarse sized fractions resulting in good recoveries via a simple gravity circuit. Molybdenum was liberated at finer sized fractions and showed high recovery and upgrades through a flotation circuit. Comminution work showed all ore types were of moderate to high hardness.

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

An extensive geo-metallurgical program has commenced to understand the range of ore types in the Trench deposit and their volumes. This will provide the basis to produce a representative master composite to complete the metallurgical testwork program.

Metallurgical test work has shown that the ore as represented by the samples tested, should be readily concentrated to exceed the target of +60% WO3 concentrate. Levels of potential deleterious contaminants reporting to the final concentrate are expected to be below the minimum threshold for specific APT conversion processes.

Evidence gathered to date show that no major metallurgical problems are expected to affect the overall viability of the project.

Further work The nature and scale of planned further work (e.g. TGN are currently undertaking a Pre-Feasibility Study on the
tests for lateral extensions or depth extensions or greater Mt Mulgine Project incorporating the Mulgine Trench
large-scale step-out drilling). and Mulgine Hill deposits. Planned activities include:
Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided this		 • Resource definition and infill drilling of the Trench
deposit;
information is not commercially sensitive • Mine design and optimisation of the mining
schedule, geotechnical studies and definition of
maiden ore reserves;
• Metallurgical test work on the material from
Trench;
• Process design and engineering for the tungsten
processing plant and associated non-process
infrastructure;
• Assessment of existing and exploration for
additional ground water resources; and
• Completion of native flora, fauna, aboriginal
heritage surveys and regulatory approval
processes.

Page 27

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