Almonty Industries Inc. (TSXV:AII) announced the restatement of its tungsten recovery rate for the year ended September 30, 2013 and for the three month interim periods ended June 30, 2013 and March 31, 2013. A faulty calibration of the Company’s on-site lab in March 2013 affected the Company’s assay work carried out on the feed grade to the plant, as well as the tailings grade exiting the plant. This error led to a miscalculation of the Company’s tungsten recovery rate for the period, but no other assay results were affected. Almonty Industries has rectified the problem and has recalibrated its internal laboratory.
As quoted in the press release:
Almonty had calibrated its lab equipment according to the results it received from assay work carried out by two large, global independent third party laboratories. The faulty calibration was discovered by Almonty after an extensive review of all assay work carried out by the Company and the external assay laboratories from March 2013 up to the end of December 2013. The Company and the third party assay laboratories determined that the error occurred as a result of faulty assay work produced by the external laboratories that was used to calibrate Almonty’s internal laboratory in March 2013. This error affected the Company’s assay work carried out on the feed grade to the plant as well as the tailings grade exiting the plant, leading to a miscalculation of the Company’s tungsten recovery rate for the period. No other assay results were affected (blast assays, exploration assays etc. were unaffected). The Company has rectified the problem and has recalibrated its internal laboratory after consultation with five additional third party assay laboratories that were involved in its extensive review of its assay work.
Almonty Industries Inc. CEO, Lewis Black, said:
I would like to commend the efforts of our team in identifying the source of the problem with our internal laboratory. After eliminating every other potential source of the error it lead our team to suspect an error had occurred with the initial assay results and calibration we received from an independent third party laboratory. Now that the problem has been corrected we are confident that the re-tuning process that is currently underway will enable Almonty to get back to a tungsten recovery rate of 65.0% in short order and enhance the cash generating capabilities of the Company’s Los Santos mine.