Victorio finally has a current resource again. Spartan Metals announced on October 22 an updated mineral resource estimate for the Victorio tungsten-molybdenum project in Luna County, New Mexico — prepared by an independent qualified person under NI 43-101, effective August 3, 2026, and superseding the November 2012 historical estimate in its entirety.
- Measured and indicated: 84.54 million short tons at 0.10% WO3 and 0.09% molybdenum — expressed by the company as 0.15% WO3 equivalent or 0.25% Mo equivalent.
- Inferred, reported separately: 101.84 million short tons at 0.09% WO3 and 0.06% molybdenum (0.13% WO3Eq or 0.22% MoEq).
- Contained metal, measured and indicated: 165.54 million pounds of WO3 and 147.85 million pounds of molybdenum, in situ. Inferred resources contain a further 187.58 million pounds of WO3 and 130.02 million pounds of molybdenum, at lower geological confidence.
- Bigger at a tougher cutoff: measured and indicated tonnage is up 9.5% and inferred up 31.9% versus the 2012 estimate, even though the new cutoff is US$50 per short ton gross metal value against US$25 in 2012.
- Next step: an updated preliminary economic assessment, expected in early Q4 2026, using SRK Consulting for engineering and economics; the supporting technical report is to be filed within 45 days of the release.
How the number grew
Spartan attributes the increase to three things: updated metal-price assumptions (US$30 per pound WO3 and US$18 per pound molybdenum for the cutoff), the inclusion of 12 previously unreported core holes, and a rebuilt three-dimensional geological model across four rock units. The estimate uses 85 drill holes in the resource area. Price assumptions matter here in a mechanical way — at a dollar-value cutoff, higher assumed prices let more blocks qualify — which is why the company also shows the same-cutoff comparison: at US$25 per ton, the 2026 measured and indicated tonnage would be 133.79 million short tons against 77.24 million in 2012.
After the PEA, Spartan plans drilling to upgrade resource categories, collect metallurgical samples, validate historic holes drilled between 1977 and 1983 — whose older analytical methods may have under-reported grades, the company notes — and define near-surface tungsten, fluorspar and beryllium mineralization. No fluorspar or beryllium is included in the current resource.
The honesty box
Mineral resources are not mineral reserves and do not have demonstrated economic viability — that is the company's own note, and it is the right frame. Tonnages are U.S. short tons, not metric tonnes (84.54 million short tons is about 76.69 million metric tonnes). Equivalent grades are two ways of expressing the same two-metal content, not additional metal, and the gross-metal-value cutoff takes no account of recoveries, processing or extraction costs. Inferred resources carry lower confidence and are never added to measured and indicated. The 2012 figures are a superseded historical estimate, shown only for comparison. Whether Victorio can be mined at a profit is the question the upcoming PEA is meant to test — it has not been answered yet.
What to watch
The filed NI 43-101 technical report, the updated PEA in early Q4 2026, and the design of the follow-up drill program — in particular the historic-hole validation, which could move grades in either direction.