Announcement • Jul 10
IDEX Metals Confirms Significant Tungsten Enrichment At Freeze Including 180.5 Metres Of 0.11% WO3 72.2 Metres Of 0.13% WO3 And 1.2 Metres Of 1.55% WO3 In 2025 Drilling At Kismet
IDEX Metals Corp. announced initial tungsten re-assay results from drill holes KSMT25002 and KSMT25005 at the Company’s Freeze Property in Idaho, USA. The re-assay program was completed following the identification of significant scheelite mineralization in drill core from the 2025 Phase I campaign at Kismet. Holes KSMT25002 and KSMT25005 were selected as representative holes and intended as a test case for the use of sodium peroxide fusion, a more complete digestion method for tungsten-bearing minerals versus the four-acid digestion method previously used for 2025 assays. These initial re-assay results confirm significant tungsten enrichment within the Kismet mineralized system, including high-grade zones contained within broader intervals of WO3 mineralization. Tungsten is reported as WO3 using WO3 = W × 1.2611. Table 1: Re-assayed Tungsten and multi-element anomalies from holes KSMT25002 & KSMT25005 Hole ID From (m) To (m) Interval (m) WO3 (%) W (ppm) Cu (ppm) Mo (ppm) Ag (g/t) KSMT25002 52.00 232.50 180.50 0.11 839 6,069 228 3.5 Including 95.00 112.05 17.05 0.22 1,747 7,346 459 12.8 And including 168.00 179.29 11.29 0.32 2,539 1,564 280 0.8 Including 175.00 177.00 2.00 0.81 6,440 1,855 178 0.3 KSMT25005 61.97 68.28 6.31 0.36 2,844 3,201 540 14.5 Including 65.00 66.26 1.26 1.24 9,830 3,740 2,460 61.6 KSMT25005 130.92 178.61 47.69 0.12 921 2,175 30 1.1 Including 137.53 151.38 13.85 0.23 1,815 2,927 56 1.5 KSMT25005 182.60 254.81 72.21 0.13 1,007 918 59 0.5 Including 213.52 216.85 3.33 0.71 5,608 899 200 1.3 Including 213.52 214.73 1.21 1.55 12,300 1,110 265 2.7 Hole KSMT25002 was drilled at an azimuth of 353 and an angle of –50, Hole KSMT25005 was drilled at an azimuth of 045 and an angle of –45 (October 7, 2025 & February 25, 2026). Assays for the Company’s 2025 drill program used a standard four-acid digestion with an ICP finish, a reliable multi-element method for base and precious metals, but one that only partially dissolves tungsten minerals such as scheelite (CaWO4). As a result, a variable and often significant portion of the contained tungsten is not captured in the measurement leading to understated tungsten grades. By contrast, sodium peroxide fusion fully breaks down the tungsten minerals and is the optimal method for obtaining accurate tungsten readings. To quantify this effect at Freeze, the Company re-assayed pulp samples from drill holes KSMT25002 and KSMT25005 by sodium peroxide fusion and compared them against the original four-acid results across 579 matched samples. The difference between the two methods increases with grade: four-acid results were broadly comparable at low-to-moderate grades, but materially understated tungsten in the highest-grade intervals. It appeared that where there was more tungsten mineralization available to be dissolved, the higher the near total dissolution value that was obtained. In the strongest sample, four-acid digestion returned 1,070 ppm W while sodium peroxide fusion returned 12,300 ppm W (1.55% WO3), the former method failing to capture and measure 91% of actual tungsten content. Peak sodium peroxide fusion values of 12,300 ppm W and 7,990 ppm W (1.55% and 1.01% WO3) compared to maximum four-acid values of only 3,490 ppm W and 1,520 ppm W across the two holes. The Company believes the initial sodium peroxide fusion re-assay results are significant for several reasons: Broad tungsten enrichment has been confirmed: The 180.5-metre interval grading 0.11% WO3 in KSMT25002 and the 72.2-metre interval grading 0.13% WO3 in KSMT25005 demonstrate that tungsten mineralization is present over meaningful widths within the Kismet system. High-grade internal zones are present: Higher-grade internal zones including 13.85 metres grading 0.23% WO3, 3.33 metres grading 0.71% WO3, and 1.21 metres grading 1.55% WO3, suggest a potential for higher-grade tungsten domains within the broader mineralized system. Visible scheelite supports the assay results: The scheelite mineralization appears to be primarily associated with the matrix-supported and clast supported breccia zones, and locally coarse white scheelite aggregates up to approximately 4 centimetres in diameter have been observed in core, providing strong visual support for the presence of tungsten-bearing mineralization. The results upgrade the polymetallic character of Kismet: Kismet was previously defined by broad copper-molybdenum mineralization. The new tungsten results strengthen the interpretation of a larger copper-molybdenum-tungsten magmatic-hydrothermal system. The results provide a new exploration vector: Tungsten assays will be integrated with the Company’s newly-acquired induced polarization geophysical data to evaluate the relationship between tungsten mineralization, chargeability, resistivity, intrusive phases, brecciation and alteration zoning. Tungsten deposits currently being advanced in the United States are predominantly of two established types: i) bulk-tonnage reduced tungsten skarns (in which scheelite hosted in calc-silicate skarn is the sole economic driver), and ii) narrow, high-grade tungsten vein, greisen, and replacement systems subject to more costly selective mining methods. The Kismet occurrence is distinct from both. At Freeze, tungsten occurs as an additional critical-metals component within a genuinely polymetallic porphyry-related system that carries strong copper, molybdenum, silver and porphyry-associated gold. Rather than tungsten alone underpinning the project, its presence adds a new dimension to a system with multiple co-product value drivers and potential porphyry-style scale. The Company cautions, however, that these are early-stage results from two drill holes. Based on the results from KSMT25002 and KSMT25005, IDEX will now submit the remaining four 2025 Kismet drill holes for tungsten re-assaying using sodium peroxide fusion. The objective of the expanded re-assay program is to determine whether tungsten enrichment is present more broadly across the Kismet mineralized system and to assess whether previously-reported tungsten grades were similarly understated by the original analytical method. The expanded re-assay program will include: sodium peroxide fusion re-assaying of the remaining four 2025 Kismet drill holes; comparison of original four-acid tungsten results against sodium peroxide fusion results; integration of upgraded tungsten assays with copper and molybdenum mineralization; and comparison of tungsten distribution against alteration, lithology, breccia textures and visible scheelite observations. The Company expects that this work will help refine the geological model at Kismet and support drill targeting across the broader Kismet Corridor, including the Kismet, North Breccia and Frostfall target areas.
