Mt Carbine was discovered at the end of the 19th Century, and was a major tungsten producer in the past. The deposit is still relatively unexplored and there is considerable exploration potential for new tungsten mineralisation in the Mining Leases and Icon's surrounding exploration tenements. The present Mining Leases contain tailings dams (~ 2million tonnes at 0.1% WO3), a low grade mineralisation stockpile (historical records indicate ~12 million tonnes, which from Carbine Tungsten Limited's recent bulk sampling has a grade of 0.075% WO3), and ~ 6 million tonnes of mineralised ore sorting rejects.
Icon completed its first drilling program and resampling of historic drill core Mt Carbine in 2010, resulting in the announcement of a maiden JORC compliant inferred resource estimate of 39 million tonnes of hard-rock mineralisation at a grade of 0.14% WO3 at a cut-off of 0.05% WO3, adjacent to the existing open pit.