Largest Tungsten Project in the US, But Can it Actually be Developed? | Spartan Metals CEO Interview

**SPEAKER_1** (0:00)
This video is sponsored by Terrahutton, who makes the invisible, investible. Today on our CEO BBQ Tungsten exploration in Nevada, together with Spartan Metals. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, resourcetalks.com for a free weekly newsletter. Now, although this company has not paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general, and in-personal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on SitterPlus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases, and do not consume this content if you don't agree with everything said therein. Moving on, Spartan Metals' flagship Eagle Project is located 120 kilometers northeast of Eli in the current mountains of White Pine County in Nevada. The acid knows tungsten, scarn, vein and carbonate replacement systems that also carry silver, rubidium and base metals. And hopefully we can touch on all of those in the conversation. They recently completed rock chip sampling inside the past producing mine that they've got on their claims and that returned grades of up to 8.5% tungsten. And also expanded the land package to capture additional historic workings such as Yellow Jacket, which I also hope we can touch upon later on. Geophysics are now underway across the priority areas while they're also preparing for a drill program that's expected to be about 3,000 meters of diamond drilling scheduled to begin in early to mid-August, so very close to now. Nevada is not the only thing they're involved in, though. They also hold the option or an option on the Victorio project in New Mexico and is advancing that asset through data validation and an updated or an update on, hopefully, an updated PEA by the fourth quarter of this year. So they're working on updating the historic PEA that they've got there.
But again, activities there remain limited to historic.
PEA projects, and they're also doing a lot of work on the I'm gonna go ahead and start with the W, because Spartans always take the W and they win. Maybe both, maybe we'll figure out later on. They're listed on the TSXB in Canada, where the average daily volume over the last three months has been about 90,000 units. 52 week high, 87 cents, 52 week low, 19 cents.
54 million shares are outstanding, and the market cap is $27 million today, making this a 50 cent stock, with a 50 and a 200 day moving average at 66 and 54 cents, respectively, so the stock is now trading right below those two. There are some, so 8.9 million warrants that are outstanding. It is 1.9 million options, collectively representing about 17% of the fully diluted 65 million shares. The last time Spartan raised money was in late April of this year, so not too long ago, they raised 5.5 million bucks to do a non-broker private placement at 55 cents.
That was the unit, and then there's also a half a warrant on it at 85 cents for 12 months. How far is that money going to get them? What kind of work is it going to buy them? And will they be back to the market before we see an updated PEA? Hopefully, all questions that I can be asking later on in the conversation. But for this to actually become a conversation though, I will have to shut up already. And Brett, I'll give you the word here. But first of all, thank you for sitting down with me today.

**Brett** (3:53)
Yeah, thanks for having me. It's great to be here.

**SPEAKER_1** (3:56)
I'm looking forward to the conversation because you have those two different projects, two different jurisdictions, essentially.
So let's maybe set the stage before we get through the smell test here and talk a little bit about the strategy or the business plan, if you will. What do you want to do? Do you want to move them both forward at the same time? Or do you want to try and sell one or maybe JV one, maybe sell both? What's the plan here?

**Brett** (4:19)
Yeah, so they're at different stages. So I think we can work them both in tandem. And then as opportunities present, we can leverage them. But our initial focus right now is really on Victorio because it does have that historic PEA and large resource associated to it. We believe it's slightly more advanced than everything that we have in our Eagle project today. So that's something that we're looking to, as you mentioned, we're going to update the PEA here, hopefully have that ready, or we will have that ready here in the fourth quarter. So we can start moving that forward and getting that through the pipeline. And one of the things that I like most about Victorio is it's got about 100 drill holes in it already, right? So it's not a situation where we need to do a lot of definition drilling to tell what the resource is and what we need to do with it. So slight validation and some infill is really all we're going to need going forward there, I think. And so we think that's something that we can move forward, potentially partner that with a producer or depending on how the market treats everything, we could bring that into production on our own.