Tungsten Mining (ASX:TGN) started an economic evaluation of the Watershed project in Queensland to advance its development, according to a Thursday filing with the Australian bourse.
Engineering is underway to assess infrastructure, water, power requirements and optimize flowsheet design, with drilling planned for the second quarter of the year, the filing said.
The evaluation is expected to inform a potential transition into early front-end engineering design phase, per the filing.
Shares fell nearly 14% in morning trade Thursday.
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