Viscount Mining Initiates Comprehensive Tungsten Assessment at Cherry Creek Project in Nevada Amid Rising Market Demand

Over a Century of Tungsten Production at Cherry Creek District

The Cherry Creek district in White Pine County, Nevada, boasts a well-documented tungsten production history exceeding 100 years. Scheelite was initially discovered at the Chance Mine in 1918, marking the onset of one of Nevada’s key strategic mineral operations. During World War I, the district yielded over 100 short tons of tungsten ore, establishing its role as a critical wartime supplier.

The primary production phase spanned from 1940 to 1950, with the Ticup Mine—now 100% owned by Viscount Mining—serving as the district’s leading producer. Ore from Ticup was processed at the Cherry Creek Tungsten Mill (Kleghorn-Boundy Mill), a dedicated 50-ton gravity-flotation facility located approximately one mile west of Egan. Overall, more than 30,000 short tons of tungsten, including scheelite and wolframite ores, were extracted through 1958. Annual small to moderate silver and tungsten production occurred from 1902 to 1958. These historical details are corroborated by multiple authoritative sources such as the Mackay School of Mines Nevada State Bureau of Mines Bulletin 7, U.S. Bureau of Mines Report of Investigations 4631, USGS Bulletin 648, and NBMG Bulletin 85.

Extensive Geochemical Dataset Reveals District-Scale Tungsten Anomalies

Viscount’s 2025–26 data compilation and 3D targeting initiative processed over 5,000 rock and soil samples across the Cherry Creek district, producing a comprehensive tungsten-in-rock and tungsten-in-soil dataset. This dataset, previously unanalyzed with a tungsten focus, reveals compelling district-scale tungsten anomalism critical for target prioritization and advancing exploration efforts.

Rock sample analysis included 1,995 samples with tungsten values ranging from background to 10,000 ppm W. Among these, 68 samples contained 150–10,000 ppm W, and 97 samples ranged from 50 to 149.9 ppm W. High-grade rock tungsten anomalies cluster near the Ticup, Lead Mine Canyon–Cherry Creek Pass, Maryanne, and Silver Canyon target areas, all associated with historic tungsten workings or favorable geology. Soil sample analysis covered 4,593 samples, with tungsten values up to 400 ppm W; 63 samples ranged from 10 to 400 ppm W, and 92 samples fell between 5 and 10 ppm W. The spatial distribution of elevated tungsten in soil aligns with rock anomalies and historic mining sites, confirming continuity of mineralization across the district.

Multiple High-Grade Tungsten Zones Across Cherry Creek Property

Elevated tungsten values are distributed across several discrete zones within the Cherry Creek property, consistent with an intrusive-related tungsten system potentially spanning district-scale dimensions. This geological setting aligns with Viscount’s ongoing exploration identifying porphyry, carbonate-replacement deposit (CRD), and skarn mineralization styles.

The company plans to release a detailed interpretation of the tungsten geochemical data in an upcoming technical update. The presence of multiple tungsten occurrences—including the Calcite Tungsten Mine, Big Giant Tungsten Site, and White Horse Mine—documented within or near Viscount’s property by the USGS Mineral Resources Data System (MRDS), further supports the extensive nature of the tungsten system.

Geological Context: Skarn and Carbonate-Replacement Tungsten Mineralization

Tungsten mineralization at Cherry Creek occurs within a recognized geological framework typical of world-class tungsten districts. The district features intrusive-related silver, gold, and tungsten deposits hosted in Precambrian to Triassic quartzites, shales, limestones, and dolomites—carbonate-rich host rocks conducive to skarn and CRD tungsten mineralization. Tungsten occurs as scheelite (CaWO4) and wolframite [(Fe,Mn)WO4] in irregular lens-shaped bodies associated with calcite and quartz veins and contact zones adjacent to quartz monzonite intrusions.

This deposit style parallels economically significant tungsten skarn and CRD systems across the Great Basin, where the USGS estimates approximately 570,000 tonnes WO3 of recoverable tungsten in undiscovered skarn deposits. Viscount’s exploration has identified evidence of a buried acidic intrusive pluton likely serving as the heat and fluid source driving the district’s multi-commodity mineralization. This intrusive system underpins a unifying geological model linking historic tungsten, silver-gold, and copper-molybdenum porphyry targets into a coherent, potentially large-scale mineralizing system.

Four-Stage Systematic Tungsten Evaluation Program

Viscount has initiated a phased tungsten evaluation program at Cherry Creek to efficiently advance high-priority targets toward drill readiness. Phase 1 involves Tungsten Geochemical Synthesis and Target Ranking, compiling and reanalyzing all tungsten-in-rock and tungsten-in-soil data integrated with geological mapping, alteration studies, and structural interpretation to prioritize targets.

Phase 2 consists of Infill Soil and Rock Sampling to enhance spatial resolution and define anomaly boundaries. Phase 3 includes Geophysical Characterization using ground surveys such as induced polarization (IP) and potentially magnetics to identify subsurface structures and intrusive contacts consistent with scheelite-bearing skarn or CRD zones, complementing existing Quantec MT data. Phase 4 involves Trenching and Channel Sampling to provide detailed grade control, validate geological models, and establish parameters for initial drilling. The company will provide ongoing technical updates as each phase progresses.

Global Tungsten Market Disruptions and U.S. Strategic Initiatives

The tungsten market in 2026 faces significant structural disruptions. China controls roughly 80% of global tungsten mine production and dominates downstream processing. In early 2025, amid escalating U.S.-China trade tensions, China imposed stringent export licensing controls on tungsten intermediates such as ammonium paratungstate (APT), tungsten oxide, and tungsten carbide, causing a global supply shock.

Prices have surged dramatically, with Rotterdam APT benchmark prices rising from about $900 per MTU WO3 in January 2026 to over $1,900 per MTU WO3 by mid-February 2026—more than doubling within two months. The Asia-Pacific price for 99.9% tungsten increased approximately 273% year-over-year through April 2026. Canaccord Genuity forecasts global tungsten demand growing from approximately 143,000 tonnes in 2025 to 210,000 tonnes by 2035—a 47% increase—driven by defense, aerospace, semiconductor, and industrial carbide sectors. This demand surge occurs amid zero domestic U.S. tungsten mine production.

U.S. Critical Mineral Designation and Defense Procurement Deadline

In response to supply vulnerabilities, the U.S. government designated tungsten as a top 10 critical mineral with high supply disruption risk in the USGS 2025 Mineral Commodity Summaries. Crucially, the U.S. set a firm January 1, 2027 deadline to halt procurement of tungsten sourced from China, Russia, Iran, and North Korea for defense applications, creating a strategic imperative to develop domestic or allied tungsten supply chains.

Federal efforts to address this gap include leveraging the Defense Production Act, Pentagon stockpiling programs, and direct support for new domestic and allied tungsten producers. The Pentagon’s $12 billion Project Vault initiative is underway to establish strategic mineral stockpiles. Viscount’s Cherry Creek tungsten district—with documented production history, proven geology, established infrastructure, and a fully owned, permitted claim package in a favorable Nevada jurisdiction—is well positioned to attract strategic partners and investment amid this environment.

Strategic Location and Infrastructure Benefits in Nevada

Situated in White Pine County, Nevada, the Cherry Creek Project benefits from a top-tier mining jurisdiction known for its pro-mining regulatory framework, robust infrastructure, year-round road access, and proximity to major processing facilities. The property is accessible via paved highway approximately 87 km northeast of Ely, Nevada, offering operational advantages for exploration and development.

With the U.S. government’s January 1, 2027 deadline excluding tungsten from adversarial countries in defense supply chains and the Pentagon’s Project Vault advancing strategic stockpiling, Viscount’s domestic tungsten asset with proven production, favorable geology, and strong funding is uniquely positioned to attract institutional and strategic investment near term.

Warrant Exercises Bolster Company Treasury

Coinciding with the tungsten program announcement, Viscount reported that shareholders exercised a total of 15,576,666 common share purchase warrants, generating gross proceeds of $4,673,000. These warrant exercises follow an oversubscribed $5.6 million financing closed on March 10, 2026, enhancing Viscount’s financial flexibility to advance exploration and corporate initiatives.

Jim MacKenzie, President and CEO, stated: "The exercise of these warrants by our committed shareholders strengthens Viscount’s financial position and supports our growth initiatives. We are grateful for their confidence in our strategic vision and operational momentum. This capital enables us to accelerate our Silver Cliff and Cherry Creek programs, unlocking long-term shareholder value." The additional funds position the company to pursue multiple exploration projects concurrently.

Diversified Asset Portfolio: Silver Cliff and Multi-Commodity Exploration

Beyond Cherry Creek, Viscount’s portfolio includes the Silver Cliff silver project in Colorado’s historic Hardscrabble Silver District, comprising 96 lode claims with year-round paved access and established infrastructure. The project covers a large volcanic caldera system with silver, gold, and base-metal potential, focusing on the Kate Deposit—which hosts a National Instrument 43-101 compliant near-surface silver resource—and the Passiflora Porphyry Target, where drilling indicates extensive hydrothermal alteration consistent with a large porphyry system.

Recent drilling at Passiflora (hole PF-23-03A) intersected 843.9 metres of continuous gold-copper mineralization, interpreted as peripheral to a potentially larger intrusive center, with mineralization open in multiple directions. The Cherry Creek Project encompasses 219 unpatented and 19 patented claims in a historic mining district with over 20 past-producing mines, hosting diverse mineralization styles including silver-gold veins, carbonate-replacement zones, jasperoids, and porphyry-related alteration. Viscount holds 100% ownership, positioning the district as highly prospective for multi-metal discoveries within a broader mineralizing system.