Perpetual Resources Confirms High-Grade Tungsten Across Three Zones at Paraíba

Perpetual Resources Strikes High-Grade Tungsten Across Three Separate Zones at Brazil's Paraíba Project

Perpetual Resources Limited (ASX: PEC) has reported maiden reconnaissance results from its Paraíba Tungsten Project in northeastern Brazil, with selective rock chip sampling returning assays of up to 1.53% WO₃ and confirming tungsten mineralisation across three separate target areas. According to the ASX announcement, six of 18 samples returned above 0.50% WO₃, a result that supports the company's first-pass geological targeting and widens the scope for follow-up exploration.

For investors tracking early-stage critical minerals exploration, the key point is not only the top grade. The more material outcome from the announcement is that mineralised samples were returned from the Northern, Central and Southern target areas, with some mineralisation identified outside previously recognised historical workings. That distribution suggests the project may host several skarn-related tungsten targets rather than a single isolated occurrence.

"These are highly encouraging results from our first-pass reconnaissance program, with six of the 18 selective rock chip samples returning above 0.50% WO₃, including grades of up to 1.53% WO₃ across three separate target areas," said Julian Babarczy, Executive Chairman of Perpetual Resources.

"Importantly, mineralisation was identified beyond the historical workings, reinforcing the broader exploration potential of the Project."

Why Three Separate Zones Matters

In early-stage exploration, a strong assay from one location can indicate local mineralisation. However, results from multiple geographically separate zones can carry more weight because they suggest the broader project area may be prospective.

According to the announcement, the highest-grade results came from three separate target areas, supporting the presence of several skarn-hosted tungsten targets across the Paraíba tenure. That matters because project potential is less reliant on one sampling point or one historical working.

Furthermore, the company stated that several mineralised samples were collected beyond previously recognised artisanal mining areas. For investors, this expands the footprint requiring systematic follow-up and may improve the chances of identifying additional mineralised horizons through further mapping and sampling.

The Maiden Assay Results

The reconnaissance program included geological mapping, validation of historical workings and targeted rock chip sampling. In total, 18 selective rock chip samples were collected from skarn outcrops, historical workings and mineralised float across the project area.

Perpetual noted in the announcement that these are selective rock chip samples, meaning the results are point observations and should not be interpreted as representative of average grade, width or continuity. That distinction is important at this stage, as the program was designed to confirm mineralisation rather than define a resource.

High-Grade Tungsten Results Above 0.50% WO₃

Additional Material Tungsten Results

The Northern Target produced two of the top three assays, with 1.53% WO₃ and 0.94% WO₃ from separate sample points. The Central Target returned three samples above 0.50% WO₃, while the Southern Target delivered 1.09% WO₃ and two additional 0.45% WO₃ results.

Taken together, the assay spread supports Perpetual's view that Paraíba contains multiple mineralised zones requiring systematic follow-up. It does not establish scale or continuity, but it does improve confidence that the initial targeting model has identified the right geological setting.

Geological Interpretation and What It Means

According to the ASX update, mineralised samples are associated with calc-silicate skarn horizons, granite-marble contacts and structurally controlled corridors. In simpler terms, the company is targeting zones where intrusive rocks and carbonate rocks interacted under heat and pressure, creating conditions favourable for tungsten-bearing minerals to form.

The company said field observations identified:

• Scheelite-bearing zones linked to calc-silicate skarn horizons
• Prospective granite-marble contacts and shear-controlled structures
• Historical artisanal workings, waste dumps and inactive underground galleries
• Recurring structural trends associated with skarn development and historical mining

This is relevant because the geological setting is described as being consistent with known scheelite mineralisation elsewhere in the Seridó Mineral Province, an established tungsten district in northeastern Brazil.

The company also highlighted a positive correlation between initial geological observations, UV screening and laboratory assays. UV screening is commonly used in tungsten exploration because scheelite, the main tungsten ore mineral at Paraíba, fluoresces under ultraviolet light. When field observations and laboratory results align, it can improve confidence in the targeting approach for the next exploration phase.

Understanding Skarn-Hosted Tungsten

For non-specialist investors, skarn-hosted tungsten can sound highly technical, but the concept is relatively straightforward.

What Is a Skarn?

A skarn is a rock that forms when hot magma comes into contact with carbonate-rich rocks such as limestone or marble. The heat and fluids change the original rocks and create new minerals. In some cases, these reactions concentrate metals such as tungsten, copper, zinc and gold.

What Is Scheelite?

Scheelite is the main tungsten-bearing mineral at Paraíba. Its chemical name is calcium tungstate, and it is commonly reported in tungsten exploration using WO₃, or tungsten trioxide, which is the standard industry unit for tungsten grade.

Why Is This Important at Paraíba?

According to Perpetual, the project is targeting scheelite mineralisation in skarn-like calc-silicate rocks associated with intrusive-carbonate contacts and structural corridors. This style of mineralisation is well recognised in tungsten districts, including the Seridó region.

Key Terms Investors Should Know

This educational context matters because the market often reacts strongly to high-grade numbers without considering sampling type. In this case, the results indicate the presence of tungsten mineralisation, but further work is needed to assess whether these zones have the size and continuity required for drilling success and eventual resource definition.

What the August 2026 Field Program Is Designed to Test

The announcement outlined a second field program planned for August 2026. Its goal is to move beyond point samples and assess the extent, orientation and continuity of the newly confirmed mineralised skarn horizons.

According to the company, the program is expected to include:

1. Detailed geological and structural mapping of the three mineralised target areas
2. Systematic follow-up rock chip and channel sampling where suitable outcrop is available
3. Mapping and sampling along strike from the higher-grade results
4. Investigation of additional historical workings and prospective skarn horizons
5. Assessment of geophysical and geochemical methods
6. Ranking of targets for trenching and/or drilling
7. Preliminary planning for an initial drilling program, subject to results and necessary approvals

For investors, this gives a clear sequence of near-term work. The maiden program confirmed mineralisation is present. The next step is to determine geometry and continuity, which are essential before any drill testing can be properly prioritised.

Paraíba's Location Adds Useful District Context

The Paraíba Tungsten Project comprises five exploration licence applications covering approximately 8,714 hectares within the Seridó Mineral Province. Perpetual described the region as an established South American tungsten-producing district with numerous documented scheelite occurrences and historical mining operations.

According to the company's broader project description, the tenure sits 6km southwest and along trend from the Quixaba Mine and 22km northwest of the Ilha Grande Mine. The company also referenced published material indicating the Seridó region has historically produced more than 60,000 tonnes of WO₃.

District context does not guarantee project success, but it can be relevant in exploration. Established tungsten production nearby may support the geological case that the same regional conditions capable of forming economic mineralisation are present in the surrounding belt.

How Paraíba Fits Within Perpetual's Broader Tungsten Portfolio

Perpetual is not presenting Paraíba as a standalone asset. The announcement said the results support its strategy to build a portfolio of tungsten projects in Tier-1, Western-aligned mining jurisdictions.

Perpetual's Reported Tungsten Project Portfolio

The company stated that together, Paraíba and Nevada Scheelite provide exposure to two prospective tungsten districts. For investors, that broadens the tungsten thesis from a single early-stage exploration play to a developing portfolio approach.

Perpetual also holds approximately 12,000 hectares of lithium exploration permits in Minas Gerais, Brazil, and separately operates the Beharra Silica Sand Project in Western Australia. However, the current ASX announcement was focused on tungsten and the next stage of work at Paraíba.

Why Tungsten Is Getting More Market Attention

The company's announcement also framed tungsten as an increasingly important critical mineral. Tungsten is used where hardness, density and high heat resistance are required. Key demand areas highlighted in the update include:

• Defence and aerospace, where tungsten is used in high-performance alloys and specialised applications
• Energy and advanced manufacturing, including electronics, industrial tools and infrastructure
• Concentrated global supply, which has increased interest in alternative supply sources
• Recent pricing strength, supported by supply constraints and demand growth

This broader commodity backdrop helps explain why early-stage tungsten projects are attracting renewed investor attention. The relevance for Perpetual is that successful exploration at Paraíba could add to a portfolio already being positioned around that supply theme.

Why Investors May Be Watching the Next Data Closely

The maiden results at Paraíba matter because they check several early-stage exploration boxes at once. The company has reported high-grade surface samples, confirmed mineralisation in three separate zones, and identified mineralisation beyond known historical workings.

Just as important, the next work program is already defined. If the August 2026 field campaign can show better continuity, clearer structural control and expanded mineralised skarn horizons, it could improve the basis for trenching or future drilling decisions.

At this stage, the results remain early and selective by nature. Even so, according to the ASX announcement, they provide a stronger technical foundation for follow-up exploration and place Paraíba more firmly on the watchlist for investors focused on ASX tungsten exposure and critical minerals discovery activity.

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