American Tungsten Corp. (TUNG:TSXV; TUNGF:OTCQB; RK9:FSE) announced additional drilling results from its Ima Mine in Idaho, where the company said exploration activities continue to focus on expanding and further defining the historic tungsten system.
The company reported that results from six additional drill holes confirmed tungsten-silver mineralization in the No. 5 and No. 7 veins across more than 900 feet of strike length. It also said drilling intersected multiple stacked footwall veins and extended the main Ima vein system more than 800 vertical feet down dip.
Among the reported results, hole AT26-38 returned 16 feet grading 1.20% WO₃ and 2.99 ounces per ton silver in the No. 5 vein, including 4.1 feet grading 2.89% WO₃ and 3.29 ounces per ton silver. Hole AT26-34 intersected 36.8 feet grading 0.78% WO₃ and 1.37 ounces per ton silver in the Ima Vein, including 7.7 feet grading 2.60% WO₃ and 5.06 ounces per ton silver. The company also highlighted 20 feet grading 0.79% WO₃ and 2.41 ounces per ton silver in the No. 5 vein in hole AT26-32, including 5 feet grading 1.42% WO₃, and 17.1 feet grading 0.97% WO₃ and 1.29 ounces per ton silver in the West Vein in hole AT26-34, including 2.1 feet grading 5.86% WO₃.
American Tungsten said hole AT26-38 intersected nine stacked tungsten-bearing veins, numbered 2 through 10, while more than 26,000 feet of drilling has now been completed.
The company said holes AT26-31, AT26-32, AT26-33, and AT26-38 were drilled from drill station No. 3 on the D-Level, with all four holes intersecting multiple stacked tungsten-bearing polymetallic veins. On the 0-Level, holes AT26-30 and AT26-34 expanded recently identified structures beneath the historic mine workings. The company said follow-up drilling is planned from surface as part of its ongoing Phase 2 drill program, while assay results for holes AT26-35, AT26-36, and AT26-37 remain pending.
American Tungsten also reported that it completed due diligence work, including a surface mineralization assessment and a legal review evaluating the relationship between mineralized structures and patented claim boundaries. The company said the assessment indicated several principal tungsten-bearing structures originate on the Ima property and continue across patented claim boundaries. It added that certain drill holes reported in the release were completed on adjacent unpatented claims while targeting mineralized structures interpreted to originate within the patented Ima property.
"Our objective remains clear: systematically advance the project through exploration, resource development, engineering studies, and permitting activities," Ali Haji, President and CEO, said in the company news release. "American Tungsten remains focused on advancing the Ima Project toward an updated Mineral Resource Estimate in the near term, providing the foundation for a Preliminary Economic Assessment to follow shortly thereafter."
Tungsten Prices and Industrial Demand Drew Greater Attention
Barry Fitzgerald reported on July 30 that tungsten prices had risen tenfold over the previous 12 months to more than US$3,000 per metric tonne unit in western markets, drawing increased investor attention to the critical metal. The publication wrote that tungsten had long been regarded as one of the most critical minerals because of China's 85% control of the market and its expanding range of industrial applications. It also noted that the metal had spent years trading between US$300 and US$350 per metric tonne unit before the recent increase in prices.
The publication also cited Andrew Forrest, who said, "The world has woken up to how fragile critical mineral supply chains have become." He added, "Tungsten is essential to the machines that build our homes, hospitals, cities, and modern-day energy systems, as well as the semiconductors in every phone and computer. Yet global supply is remarkably concentrated."
According to a July 27 report from Investing News Network, tungsten has become an increasingly important material for artificial intelligence infrastructure because of its role in semiconductor manufacturing. The report stated that tungsten served as a "key material" in transistors and chip interconnects and noted that its high melting point of 3,422 degrees Celsius allowed it to withstand the temperatures required for advanced semiconductor fabrication. The report also stated that tungsten carbide was used to manufacture precision drill tips for increasingly complex printed circuit boards, while tungsten hexafluoride was used in chemical vapor deposition to create ultra-thin metallic films on semiconductor wafers.
The Investing News Network also discussed supply conditions, stating that China controlled roughly 79% of global tungsten production. It reported that only 15 companies had been authorized to export tungsten during 2026 and 2027 and quoted analysts as saying western efforts to establish alternative supply chains were "still years away from meaningful capacity."
Mike Richardson wrote in CIM on July 27 that tungsten markets had experienced significant volatility because of constrained global supply, sustained industrial demand, export restrictions, and geopolitical tensions. He wrote that "the larger challenge for aerospace manufacturers lies in the unpredictability itself," noting that the sector depended on long-term production planning and tightly controlled cost models.
Richardson also observed that aerospace manufacturers had increasingly focused on improving process efficiency and extending tool life to reduce carbide consumption rather than relying solely on lower tooling costs. He concluded that manufacturers were placing greater emphasis on supplier collaboration, recycling initiatives, and strategic planning to strengthen supply chain resilience in response to continued tungsten market volatility.
Project Advancement Activities
According to company materials, American Tungsten is advancing work toward an updated Mineral Resource Estimate that incorporates new underground drilling while validating continuity, scale, and growth potential.
The company also outlined continued step-out drilling intended to delineate mineralization by confirming lateral and vertical extensions of the tungsten-silver system.
Streetwise Ownership Overview*
American Tungsten Corp. (TUNG:TSXV; TUNGF:OTCQB; RK9:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 01/23/25 | DEME:TSXV | 1 | TUNG:TSXV | 1 |
In addition, the company said production-readiness work includes underground access, rehabilitation, metallurgy, and mine planning. Separate work associated with the Phase 1 tailings opportunity includes resource definition, metallurgy and bench testing, permitting, construction, first concentrate sale, and commercial production activities as outlined in the company's project timeline.
Ownership & Share Information2
American Tungsten Corp. has a market cap of CA$93.29 million, with 63.46 million shares outstanding. The company's 52-week range is CA$0.68-CA$4.90. Institutions own 11.26% of shares, while Management & Insiders own 0.71% of shares. The remaining 88.03% of shares are Retail.
Frequently Asked Questions (FAQ)
What did American Tungsten announce at the Ima Mine?
American Tungsten announced additional drill results from its exploration program at the Ima Mine in Idaho. The company reported that six new drill holes confirmed tungsten-silver mineralization across more than 900 feet of strike length on the No. 5 and No. 7 veins, while also extending the main Ima vein system more than 800 vertical feet down dip.
Where is the American Tungsten Ima Mine located?
The Ima Mine is located in Idaho, USA. It is a past-producing underground tungsten mine where American Tungsten is conducting an exploration drill program focused on expanding and defining the historic tungsten system.
What were the highest-grade tungsten drill results?
Among the reported highlights, hole AT26-38 returned 16 feet grading 1.20% WO₃ and 2.99 ounces per ton silver, including 4.1 feet grading 2.89% WO₃. Hole AT26-34 intersected 36.8 feet grading 0.78% WO₃ and 1.37 ounces per ton silver, including 7.7 feet grading 2.60% WO₃.
How much drilling has American Tungsten completed at the Ima Mine?
The company reported that it has completed more than 26,000 feet of drilling at the Ima Mine as part of its ongoing exploration program.
What is the significance of the No. 5 and No. 7 veins at the Ima Mine?
According to the company, drilling confirmed that the No. 5 and No. 7 veins host continuous tungsten-silver mineralization over more than 900 feet of strike length. The company also said these vein systems remain open for expansion in multiple directions.
What is tungsten used for?
Tungsten is widely used in aerospace, defense, industrial manufacturing, semiconductors, electronics, machine tools, and high-performance cutting equipment because of its hardness, heat resistance, and high melting point. It is also used in advanced semiconductor manufacturing and artificial intelligence hardware.
Why is tungsten considered a critical mineral?
Tungsten is considered a critical mineral because it is used in defense systems, industrial manufacturing, electronics, and advanced technologies. Industry reports have also highlighted concerns about concentrated global supply and the importance of secure supply chains.
Why is tungsten important for artificial intelligence (AI)?
Tungsten plays a key role in semiconductor manufacturing. It is used in transistors, chip interconnects, printed circuit board drilling, and chemical vapor deposition processes that help manufacture advanced AI processors and high-performance computing hardware.
What did American Tungsten say about mineralization beyond the historic mine?
The company said its surface mineralization assessment and legal review indicated that several principal tungsten-bearing structures originate on the Ima property and continue across patented claim boundaries. It also said recent drilling supports its interpretation that the broader Ima mineralized system remains underexplored.
Are more drill results expected from the Ima Mine?
Yes. The company said assay results for drill holes AT26-35, AT26-36, and AT26-37 are pending. It also stated that follow-up drilling is planned as part of its ongoing Phase 2 drill program.
What is the Ima Mine's production history?
According to the company, the Ima Mine produced approximately 199,449 MTUs of WO₃ between 1945 and 1957 before later exploration programs focused on tungsten and molybdenum.
What stock symbols does American Tungsten trade under?
American Tungsten trades on the TSX Venture Exchange under TUNG, on the OTCQB under TUNGF, and on the Frankfurt Stock Exchange under RK90.
Why are investors closely watching tungsten exploration companies?
Growing demand from defense, semiconductor manufacturing, aerospace, and artificial intelligence has increased attention on tungsten. Industry reports have also pointed to tighter global supply and continued interest in expanding non-Chinese sources of tungsten production.
| Want to be the first to know about interesting Critical Metals investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of American Tungsten Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
1. Disclosure for the quote from the John Newell article published on March 17, 2026
- For the quoted article (published on March 17, 2026), American Tungsten Corp. has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
