The Mt Carbine Deposit in north Queensland is becoming a stronger tungsten production opportunity for Icon Resources with the maiden JORC inferred resource of 113.6 MT at 0.06% WO3 containing 68,800 tonnes of tungsten trioxide.

With the price of tungsten having risen to over USD 250 per tonne compared to the USD 160 per tonne at the end of 2009 this is well timed by Icon to take advantage of the improved price. With ongoing test work on the tailings and mineralized waste stockpiles, Icon will use these materials to fast track production to meet a resurgent global demand for tungsten concentrates.

Based on visually estimated grades from the previous drillhole intercepts an exploration target of 55 million tonne o 60 million tonne at an uncut grade of 0.07% to 0.09% WO3 was estimated.

Mt Carbine is the flagship project for Icon with the company progressing the re development since 2008 and in mid 2009 completed geological modeling of the available historical drilling data.

Icon has planned a three stage operation with tailings re treatment to start by early 2011, followed by waste dump re treatment and then hard rock mining scheduled to commence by early 2013. While Icon also has projects prospective for tin, gold, iron ore, copper and zinc the vast majority of the company's focus is developing the Mt Carbine tungsten mine.

Mr John Bishop MD of Icon Resources said that "This maiden JORC inferred resource is a 40% increase on our previous model and confirms the potential for significant long term tungsten production at Mt Carbine. The drilling that led to this increase was mostly confined to the near pit region and exploration of the extensive areas of adjacent historic tungsten workings has yet to be undertaken."

He said that in the coming weeks the results of ongoing test work on the tailings and mineralized waste stockpiles including on site ore sorter trials will be used to fast track production to meet a resurgent global demand for tungsten concentrates.

(Sourced from Proactive Investors)