Ticker: FOXT | Exchange: TSX Venture
Fox Tungsten Ltd. (TSXV: FOXT) has launched its largest exploration campaign to date, beginning a fully funded 20,000-metre diamond drill program at its flagship Fox Project in south-central British Columbia. The program marks a significant milestone for the critical minerals explorer as it seeks to expand its existing tungsten resource while advancing the project toward an updated mineral resource estimate and a Preliminary Economic Assessment (PEA) targeted for the first half of 2027.
The first of two diamond drill rigs has been mobilized to the property, located approximately 75 kilometres northeast of 100 Mile House, with drilling now underway. A second rig is expected to arrive in early July, allowing the exploration program to ramp up through the summer.
Largest Exploration Program in Company History
The 2026 drill campaign is designed around three strategic objectives that balance near-term resource expansion with longer-term exploration potential.
Approximately 60% of the planned drilling will focus on growing the existing Fox mineral resource. The company intends to test the continuity of mineralization between the BN, RC and BK zones while also evaluating down-dip extensions of the BN and RC zones. The results are expected to support an updated mineral resource estimate and the planned PEA in 2027.
Roughly 30% of the drilling program will target exploration opportunities across the broader Fox property. These holes will test deeper extensions of known mineralized zones while also evaluating new targets at Fox North and the August Showing in an effort to identify additional tungsten-bearing mineralization.
The remaining 10% of drilling will be directed toward the nearby Silverboss property, where Fox Tungsten plans to evaluate prospective copper and molybdenum targets. Exploration will include testing potential molybdenum mineralization near Glencore’s former Boss Mountain mine and drilling the Gus Zone copper soil anomaly.
The company expects drilling to continue through October 2026, with assay results to be released periodically as they become available.
Supporting Infrastructure and Exploration Activities
Beyond drilling, Fox Tungsten will conduct prospecting, geological mapping, geochemical sampling and metallurgical testing throughout the field season to support future project development.
To accommodate the expanded exploration campaign, the company has completed construction of a larger exploration camp capable of supporting the increased workforce and operational demands associated with its largest drilling initiative to date.
The exploration program is being managed by Coast Mountain Geological Ltd., while Paycore Drilling Ltd. has returned as drilling contractor following its work on the company’s successful 2025 exploration campaign.
Management Highlights Long-Term Development Strategy
President and Chief Executive Officer Steve Gray said the expanded program reflects the company’s focus on growing the Fox Project while positioning it for future economic evaluation.
“With two drill rigs operating throughout the summer, a new camp in place, and a clear focus on resource growth and new discoveries, this program represents a major step toward unlocking the full potential of the Fox district,” Gray said. He added that the results are expected to provide the foundation for an updated resource estimate and the planned PEA in 2027.
Tungsten’s Strategic Importance
The exploration program comes as governments and industry continue to prioritize secure domestic supplies of critical minerals used in industrial manufacturing, aerospace, electronics and defence applications.
According to the company, China currently accounts for approximately 80% of global tungsten production, underscoring the strategic importance of developing additional sources of supply in North America and other allied jurisdictions.
As countries seek to diversify critical mineral supply chains, projects capable of advancing domestic tungsten production have attracted increased attention. However, Fox Tungsten’s future development remains dependent on successful exploration results, future technical studies, permitting and market conditions.
Company Overview
Fox Tungsten Ltd. is a British Columbia-focused critical minerals exploration company advancing a portfolio of 100%-owned projects. Its flagship Fox Tungsten deposit is complemented by the Silverboss molybdenum-copper-gold-silver project, located adjacent to Glencore’s former Boss Mountain molybdenum mine.
The company says it remains committed to responsible mineral development and building long-term relationships with Indigenous communities in the regions where it operates.
Risks and Considerations
While the fully funded drill program provides a clear exploration roadmap for 2026, investors should recognize that exploration success is inherently uncertain. Resource expansion, future economic studies and potential mine development depend on drilling results, technical evaluations, permitting, commodity prices, financing availability and broader market conditions. The company’s planned resource update and Preliminary Economic Assessment remain subject to the successful completion of its exploration objectives.
Disclaimer:
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This article is for informational and educational purposes only and does not constitute investment advice, an offer, or a recommendation to buy or sell any securities. All opinions expressed are those of the speaker or company cited. Investors should conduct their own due diligence or consult a qualified financial advisor before making investment decisions.
