Blue Moon Metals (TSXV: MOON, NASDAQ: BMM) says new re-assay results from its Springer Tungsten project in Nevada validate the quality and scale of the wider mineralized system. The stock rose in early trading.

The company has now reported about 64% of its 18,000 metre relogging campaign. Highlights include Surface drillhole NM-13, confirming a 7 metre interval grading 1.28% WO₃ and 0.01% Mo from 160 metres. Meanwhile, surface drillhole NM-44 returned 24.25 metres grading 0.53% WO₃ and 0.12% Mo. 

"We view these results as mild positive, with multiple higher-grade intervals supporting continuity within the Springer skarn system while the broader sampling approach could identify mineralization that was not included in selective historical assaying," said Scotiabank analyst Eric Winmill in a note on Tuesday.

Blue Moon’s shares lifted 3% to $7.72 apiece Tuesday afternoon in Toronto. 

Blue Moon is currently targeting a restart of the Springer mine and mill in the fourth quarter of 2027. Because historical sampling covered only 5% of the available core and was limited to tungsten assays, the company says its relogging efforts are necessary to expanding exploration.

“The results from the historical core re-assay program are very encouraging and continue to validate the quality and scale of the mineralized system at Springer. In particular, the higher-grade intervals demonstrate the potential for meaningful grade continuity within the broader tungsten system,” said Theodore Veligrakis, Blue Moon’s vice-president of exploration.

Located in Pershing County, the Springer project is a 4560-hectare site with historical Tungsten targeting. General Electric invested in the site in the 1970s, constructing an underground mine, a vertical shaft and a mill capable of processing about 1,200 long tons of ore per day. Production began in March 1982 but was closed by October the same year. The historical estimate of indicated resources is 355,000 tons at 0.537% WO₃.

The company has also been approved by the US Bureau of Land Management (BLM) to conduct new exploration drilling on 13 pads on public land.

The approval is essential for the Springer project to initiate its 67,000-metre diamond drilling campaign.