# Spark Starts Tungsten Exploration at Serid&\#xF3; as Global Demand Surges Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/spark-starts-tungsten-exploration-at-serid-xf3-as-global-demand-surges--d12a12f8-4f52-4e0a-8dfc-2305047f1082 Original source: https://orestocks.com/company/SPRK.CN/press-releases/6564331465271574 Publisher: orestocks Original announcement: 2026-09-16T12:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-16T13:03:40.944Z Atlas analysis updated: 2026-09-16T13:03:40.944Z - Company: Spark Energy Minerals Inc. - Ticker: SPRK.CN - Exchange: Unavailable - Region: Rio Grande do Norte, Brazil - Primary commodity: Tungsten - Secondary commodities: Gold, Bismuth - Document categories: Resource update, Other - Extracted: 2026-09-16 13:03:41 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Spark Energy Minerals Inc. has initiated reconnaissance exploration for tungsten at its Seridó Project in Rio Grande do Norte, Brazil, covering 21,493 hectares in a historic tungsten district. This new program expands the company's critical minerals portfolio, adding tungsten alongside its existing gallium and rare earth projects, in response to surging global demand and prices for the metal. Initial fieldwork includes mapping, stream-sediment, and rock-chip sampling, with first results expected before year-end. Reasoning: Spark Energy Minerals has commenced a new reconnaissance exploration program for tungsten in a historic Brazilian district, expanding its critical minerals portfolio. The project is strategically located near past-producing mines and strong geochemical anomalies, indicating high prospectivity, although it is still at an early stage with no new assay results yet. - Positive factor: New exploration program for strategic metal - Positive factor: Located in historic, past-producing district - Positive factor: Systematic exploration approach with modern methods - Positive factor: Strong public geochemical anomalies identified near permits - Positive factor: Expansion of critical minerals portfolio - Negative factor: Early stage exploration, no mineralization identified on permits yet - Negative factor: No assay results available from current program - Negative factor: Reliance on historical data and nearology for prospectivity Facts used in scoring: 10 ## Classification and evidence **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The document heavily emphasizes the Seridó Project's location 'beside producing and past-producing tungsten, gold and bismuth mines' and its coverage of 'the same rocks that host them', leveraging proximity to known deposits to highlight prospectivity. Evidence · text > Spark's five regional target areas, granted in 2023 and 2024, sit beside the district's mines and cover the same rocks that host them \(Figure 1\). ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/spark-starts-tungsten-exploration-at-serid-xf3-as-global-demand-surges--d12a12f8-4f52-4e0a-8dfc-2305047f1082#fact-resource-facts-4) Brejuí · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Brejuí - Commodity: tungsten - Region: brazil - Reported Region: Rio Grande do Norte, Brazil - Ticker: SPRK.CN #### Resource scope - Estimate type: reserve - Resource group id: resource:44438b9d96df19aded4e #### Resource Data - Contained Metal: 1738 - Contained Unit: t #### Prior Estimate - Resource Date: 2009-01-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2009-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Historical reserve estimate for the Brejuí mine, providing context for the district's tungsten potential, but not directly applicable to Spark's current project. - Positive factor: Significant historical contained metal - Negative factor: Historical estimate - Negative factor: Not verified by Spark - Negative factor: Not indicative of Spark's property - Negative factor: Grade not explicitly stated for reserve Evidence · table > 1,738 t contained Context: Brejuí tungsten #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 17.7 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spark-starts-tungsten-exploration-at-serid-xf3-as-global-demand-surges--d12a12f8-4f52-4e0a-8dfc-2305047f1082#fact-resource-facts-5) Barra Verde · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barra Verde - Commodity: tungsten - Region: brazil - Reported Region: Rio Grande do Norte, Brazil - Ticker: SPRK.CN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:f0f3edad086c16c96444 #### Resource Data - Category: indicated - Tonnes: 3460000 - Grade: 0.12 - Grade Unit: % WO₃ - Cutoff Grade: 0.06 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2010-01-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2010-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Historical indicated resource for the Barra Verde mine, compliant with NI 43-101, demonstrating significant tungsten potential in the district, but not verified by Spark. - Positive factor: Significant indicated resource tonnage and grade - Positive factor: NI 43-101 compliant - Negative factor: Historical estimate - Negative factor: Not verified by Spark - Negative factor: Not indicative of Spark's property Evidence · table > 3.46 Mt indicated at 0.120% WO₃ Context: Barra Verde \(Currais Novos\) tungsten #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 16.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spark-starts-tungsten-exploration-at-serid-xf3-as-global-demand-surges--d12a12f8-4f52-4e0a-8dfc-2305047f1082#fact-resource-facts-6) Barra Verde · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barra Verde - Commodity: tungsten - Region: brazil - Reported Region: Rio Grande do Norte, Brazil - Ticker: SPRK.CN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:cfaecc10bd753776bc11 #### Resource Data - Category: inferred - Tonnes: 810000 - Grade: 0.093 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2010-01-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2010-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Historical inferred resource for the Barra Verde mine, compliant with NI 43-101, adding to the district's tungsten potential, but not verified by Spark. - Positive factor: Additional inferred resource tonnage - Positive factor: NI 43-101 compliant - Negative factor: Historical estimate - Negative factor: Not verified by Spark - Negative factor: Not indicative of Spark's property - Negative factor: Lower confidence inferred category Evidence · table > 0.81 Mt inferred at 0.093% Context: Barra Verde \(Currais Novos\) tungsten #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 16.7 years before this release ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/spark-starts-tungsten-exploration-at-serid-xf3-as-global-demand-surges--d12a12f8-4f52-4e0a-8dfc-2305047f1082#fact-resource-facts-7) Bodó · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Bodó - Commodity: tungsten - Region: brazil - Reported Region: Rio Grande do Norte, Brazil - Ticker: SPRK.CN #### Resource scope - Estimate type: reserve - Resource group id: resource:5c62920097c9e65a3abd #### Resource Data - Contained Metal: 2718 - Contained Unit: t #### Prior Estimate - Resource Date: 2009-01-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2009-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Historical reserve estimate for the Bodó mine, providing context for the district's tungsten potential, but not directly applicable to Spark's current project. - Positive factor: Significant historical contained metal - Negative factor: Historical estimate - Negative factor: Not verified by Spark - Negative factor: Not indicative of Spark's property - Negative factor: Grade not explicitly stated for reserve Evidence · table > 2,718 t contained Context: Bodó \(Bodó\) tungsten #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 17.7 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/spark-starts-tungsten-exploration-at-serid-xf3-as-global-demand-surges--d12a12f8-4f52-4e0a-8dfc-2305047f1082#fact-resource-facts-8) Borborema · gold Historical result Needs review: historical\_restatement #### Identity - Project: Borborema - Commodity: gold - Region: brazil - Reported Region: Rio Grande do Norte, Brazil - Ticker: SPRK.CN #### Resource scope - Estimate type: reserve - Reporting standards: sec\_sk1300 - Resource group id: resource:4991c0292db6c0390422 #### Resource Data - Category: probable - Tonnes: 40700000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 1.48 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Significant probable gold reserve for the nearby Borborema mine, compliant with SEC S-K 1300, highlighting the district's gold potential, but not directly related to Spark's project. - Positive factor: Large probable reserve for gold - Positive factor: High contained gold ounces - Positive factor: SEC S-K 1300 compliant - Negative factor: Historical estimate for Spark - Negative factor: Not verified by Spark - Negative factor: Not indicative of Spark's property Evidence · table > Probable reserves 40.7 Mt at 1.13 g/t Au for about 1.48 Moz \(S-K 1300, February 2026\) Context: Borborema \(Currais Novos\) gold #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/spark-starts-tungsten-exploration-at-serid-xf3-as-global-demand-surges--d12a12f8-4f52-4e0a-8dfc-2305047f1082#fact-resource-facts-9) All scheelite mines, Rio Grande do Norte · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: All scheelite mines, Rio Grande do Norte - Commodity: tungsten - Region: brazil - Reported Region: Rio Grande do Norte, Brazil - Ticker: SPRK.CN #### Resource scope - Estimate type: reserve - Resource group id: resource:dc9e8982a58ebc63c425 #### Resource Data - Contained Metal: 25400 - Contained Unit: t #### Prior Estimate - Resource Date: 2013-01-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Historical reserve estimate for all scheelite mines in the region, providing broad context for tungsten potential, but not specific to Spark's permits and not verified. - Positive factor: Significant historical contained metal for the region - Negative factor: Historical estimate - Negative factor: Not verified by Spark - Negative factor: Not indicative of Spark's property - Negative factor: Grade given as a range, not a single value Evidence · table > Reserves of 25,400 t of contained tungsten at 0.04-2.4% WO₃ \(2013\) Context: All scheelite mines, Rio Grande do Norte. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.