Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) (“Resolution” or “the Company”) has reported a strong early result from metallurgical test work on tungsten-bearing material from stockpiles at the Johnson Creek mill site in Idaho, USA. Heavy liquid separation (HLS) scoping tests have returned a concentrate grading 52.3 wt% tungsten trioxide (WO₃), with recovery of 75.5%, achieved at the finest particle size tested.
The material is sourced from historical mining at the Golden Gate Tungsten mine, which sits within the Company’s broader Horse Heaven Antimony-Tungsten-Gold-Silver Project. The result follows the Company’s FAST-41 Transparency Coverage selection for Antimony Ridge, announced on 8th April 2026, and forms part of a wider strategy to advance near-term processing options across the project area.
What the Test Work Found
The HLS scoping tests were conducted on a 93.6kg composite sample, drawn from six grab samples taken across two adjacent stockpile sections at the Johnson Creek mill site, by Independent Metallurgical Operations Pty Ltd (IMO) in Perth, Australia.
The composite sample returned a head grade of 1.85 wt% WO₃, with scheelite identified as the primary tungsten-bearing mineral. Quartz accounted for more than 90% of the gangue. Impurity levels were low, with arsenic measured at 97 ppm and molybdenum and phosphorus both recorded below detection limits.
HLS exploits the density difference between minerals. Scheelite is denser than the quartz and clay it is associated with, allowing it to sink in a liquid medium calibrated at a specific gravity of 2.9. The denser “sinks” fraction carries the tungsten; the lighter “floats” are discarded.
Across all fractions tested, a clear pattern emerged: decreasing particle size produces higher grade and better recovery. At the finest grind size, the -0.053mm +0.02mm fraction, the concentrate reached 52.3 wt% WO₃ with 75.5% recovery, representing a 19-fold upgrade on the feed grade.
Table 1: HLS Test Results – Golden Gate Tungsten Stockpiles
Size Fraction WO₃ Grade (%) Recovery (%) Upgrade Ratio Sinks Mass (g) % of Feed
-3.35 +2 mm 25.02 41.7 13.8 20.8 1.05%
-2 +1 mm 22.11 47.7 12.1 22.3 1.13%
-1 +0.5 mm 19.45 61.5 10.8 15.1 0.77%
-0.5 +0.25 mm 34.44 62.2 17.7 5.4 0.27%
-0.25 +0.125 mm 34.74 64.6 20.7 2.8 0.14%
-0.125 +0.053 mm 37.72 73.7 22.4 2.2 0.11%
-0.053 +0.02 mm * 52.30 75.5 19.0 2.0 0.10%
Totals — — — 70.63 3.58%
* Best result: 52.3% WO3 at 75.5% recovery. Source: Resolution Minerals
Figure 1: Tungsten Stockpile HLS results — WO₃ grade and recovery by size fraction, with both measures improving as particle size decreases. [Resolution Minerals Ltd]
Size-by-Assay Results Inform Processing Direction
Before the HLS tests, IMO crushed the composite to P100 3.35mm and screened it at seven different sizes. Each fraction was assayed independently to determine how tungsten distributes across particle sizes, a process known as size-by-assay.
WO₃ grades were broadly consistent across the middle fractions, ranging from 1.68% to 1.95%. The finest fraction (-0.02mm) returned the highest individual grade at 4.24% WO₃. Consistency across fractions supports the representativeness of the composite sample and helps define the optimal grinding target.
Based on these findings, a larger 50kg sample has been prepared for concentration via shaker table, ground to less than 0.25mm. Final product results are expected in the coming weeks.
Table 2: Size-by-Assay Results — Composite Sample
| Size Fraction (mm) | Mass (g) | Mass (%) | WO₃ (%) |
|---|---|---|---|
| -3.35 +2 | 686.3 | 34.77 | 1.82 |
| -2 +1 | 565.8 | 28.67 | 1.83 |
| -1 +0.5 | 266.5 | 13.50 | 1.80 |
| -0.5 +0.25 | 152.1 | 7.70 | 1.95 |
| -0.25 +0.125 | 90.9 | 4.61 | 1.68 |
| -0.125 +0.053 | 66.4 | 3.36 | 1.68 |
| -0.053 +0.02 | 50.9 | 2.58 | 2.75 |
| -0.02 | 95.0 | 4.81 | 4.24 |
| Totals | 1,973.93 | 100.00 | — |
| Calc Head | — | — | 1.96 |
| Assayed Head | — | — | 1.85 |
Metallurgist’s Take
Dr. Adam Roper, Resolution’s In-house Senior Metallurgist, commented on the preliminary results:
Dr. Adam Roper, In-house Senior Metallurgist, Resolution Minerals Ltd:
“The initial results are encouraging for the short-term processing of the historical tungsten stockpiles via simple gravity methods. This is a great start and I’m looking forward to discussing the final results in the coming weeks, while discussions are underway with smelters and refiners.”
The Company has confirmed that discussions with tungsten smelting and refining companies are already underway. Parallel concentrate test work on antimony ore and gold-bearing samples is also advancing at IMO’s Perth facility, with results expected shortly.
A Stockpile with Historical Roots
The Johnson Creek mill site holds material originally extracted from the Golden Gate Tungsten mine, where mining occurred in the 1950s and 1970s until 1980. During World War II, the broader Valley County district, including the adjoining Stibnite mine operated by Perpetua Resources, is estimated to have supplied more than 90% of U.S. antimony and 50% of U.S. tungsten production, per Perpetua Resources’ Stibnite Feasibility Study (January 2021).
The Company acquired the Johnson Creek Tungsten and Antimony Mill in October 2025, recognising the processing infrastructure and stockpile material as a potential fast-track production asset. A detailed sampling program and quantity survey is now being arranged to support a future JORC-compliant resource estimate.
Figure 2: Spatial relationship between Golden Gate (Gold and Tungsten), Antimony Ridge and Johnson Creek Mill within Resolution’s Horse Heaven Project, Idaho, USA. [Resolution Minerals Ltd]
Phase 2 Drilling Begins in May 2026
The Company is initiating a major Phase 2 drilling program in May 2026 at the Golden Gate Project, with up to 45,000 feet (approximately 13,700 metres) of diamond core drilling planned. The program targets the Golden Gate and Golden Gate South areas, aiming to define the scale of gold and tungsten mineralisation and support progression toward a maiden Mineral Resource Estimate.
This follows Resolution’s maiden discovery hole at Golden Gate in October 2025, which returned 189.2 metres at 1.30 g/t gold from 34.1 metres in the Company’s first-ever drill hole at the project. The result confirmed a large intrusive-related gold system. Visible scheelite, the same tungsten mineral found in the current stockpile, was also logged in subsequent holes, reinforcing the multi-commodity potential of the Golden Gate system.
Figure 3: Location of the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, USA, showing proximity to Perpetua Resources’ Stibnite Gold Project. [Resolution Minerals Ltd]
Tungsten: The Market Backdrop
The United States has not commercially mined tungsten since 2015 and currently relies entirely on imports and scrap recycling to meet domestic demand. That structural gap is under sharp focus in 2026.
The USGS Mineral Commodity Summaries 2026 confirms that China remains the dominant global producer. Following U.S. tariff increases of 50% on Chinese tungsten products in late 2024 and new Chinese export controls introduced in February 2025, Rotterdam prices for 65% WO₃ concentrate rose from USD 266 to USD 551 per metric ton unit across 2025.
Fastmarkets data shows APT prices surged from USD 900-940 per metric ton unit in January 2026 to USD 1,650-1,900 by mid-February, as restricted Chinese exports and depleted inventories drove a sharp price rally. Analysts at BMO have described this as a structural supply crunch, with new mining projects outside China years away from entering supply chains.
New domestic projects in Idaho, including Resolution’s Horse Heaven, are gaining attention from both institutional investors and U.S. government bodies. Antimony Ridge’s recent FAST-41 selection reflects exactly that strategic recognition.
Investor Outlook
Resolution Minerals Limited (ASX: RML) has been among the stronger performers on the ASX over the past 12 months, driven by a consistent pipeline of exploration results, strategic appointments, FAST-41 selection, and now early-stage processing results at Golden Gate.
Share price data below is sourced from ASX markets. Investors should verify current figures directly at the ASX website before making any investment decision.
| Metric | Data |
| Last Price | $0.073 |
| 52-Week Range | $0.007 – $0.150 |
| 1-Year Return | ~+900% |
| Market Capitalisation | ~$146.81 million * |
Key Catalysts Ahead
- Final shaker table concentrate results expected in coming weeks
- Antimony and gold metallurgical results from IMO labs, Perth
- Phase 2 diamond drilling commencement at Golden Gate, May 2026
- Progression toward a maiden Mineral Resource Estimate at Golden Gate and Golden Gate South
- NASDAQ listing progress (previously flagged for approximately 45 days from 10 April 2026)
DISCLAIMER
This article is based on publicly available information, including the ASX announcement released by Resolution Minerals Ltd on 28th April 2026. The information contained herein is general in nature and does not constitute financial product advice. Colitco does not accept responsibility for the accuracy or completeness of the information provided. Readers should verify all data, including share price figures, directly with the ASX and seek independent financial advice before making any investment decision. Past performance is not indicative of future results.
Last modified: April 30, 2026
