Vault Strategic Samples 1,100 ppm Tungsten at War Bond in Nevada

Vault Strategic has put fresh work and fresh funding behind an old tungsten mining area in Nevada. Its first round of surface sampling found tungsten in the rocks, and the company has followed up with a magnetic survey programme and C$1.5 million in financing to support the next stage.

That gives War Bond a practical starting point. The encouraging part is the sequence: collect samples, map the ground, bring the information together and work towards drill targets. The size and continuity of any deposit still need to be established.

In its 22 July 2026 release, Vault Strategic Mining Corp. (TSXV: KNOX) reported a highest surface sample of 1,100 parts per million tungsten from garnet-rich rock in the War Bond pit. Parts per million measures concentration: 1,100 divided by 10,000 equals 0.11 per cent tungsten. Three rock samples at a collapsed mine entrance averaged 780 ppm, ranging from 460 to 1,050 ppm. Independent consulting geologist William Feyerabend, CPG, reviewed and approved the technical disclosure as the qualified person responsible for it.

Twenty claims, three old workings and about 400 acres

War Bond covers 20 unpatented lode claims, roughly 400 acres, including the War Bond, Tactite and Thursday workings. These claims give rights to minerals on federal land rather than ownership of the surface. Keeping them in good standing requires the applicable work and annual fees.

Vault's announcements trace a fairly brisk start: an acquisition agreement for three historical tungsten mines on 13 May 2026, the first exploration programme on 29 May and completion of its first phase by 17 June. The company also lists early-stage nickel, silver and gold projects. War Bond is the focus of the sampling, survey and technical-report work discussed here.

The July release offers a useful geological clue. The host rock is tactite, also called skarn: limestone altered by hot fluids associated with granite. Tungsten occurs in a mineral called scheelite. Garnet-rich samples from the War Bond pit returned 155 to 1,100 ppm tungsten, while garnet-poor altered rock from the same pit returned 3.6 to 16 ppm.

That contrast helps explain where follow-up work could be concentrated. It is an observation from selected surface samples, not an average grade for the property.

What the samples and survey can establish

Vault's 22 July release describes 42 Phase 1 samples from six areas: 30 rock chips and 12 soil samples, submitted to ALS Geochemistry in Reno. Soil samples along an interpreted geological trend returned up to 187 ppm tungsten.

Each stage of exploration answers a different question:

1. Rock samples establish tungsten at the sampled locations. The 1,100 ppm result came from a selected piece of surface rock. It gives a reason to investigate that area, without establishing how much similar material lies beneath it.
2. Soil samples help trace areas for follow-up. An unusually high concentration can point towards nearby mineralisation. Depth, width and continuity need other evidence.
3. A magnetic survey helps map the geology. Vault engaged Pioneer Exploration Consultants Ltd. on 27 July 2026 and reported the drone survey under way on 6 August. The planned coverage was about 70 line-kilometres, with flight lines 25 metres apart and cross-checking lines 250 metres apart. Magnetic measurements can help trace rock boundaries and structures beneath cover; they do not measure tungsten concentration.
4. Drilling tests what lies below the surface. Vault describes target selection and drill permitting as aims of the work so far. No drilling results have been disclosed for War Bond.
5. A mineral resource estimate brings quantity and confidence together. It requires sufficient geological evidence, usually including drilling and rock-density measurements, assessed by a qualified person. War Bond has no published current resource estimate.

The company's releases also distinguish the old mine records from current evidence. Historical information predates National Instrument 43-101, Canada's rules for mineral-project disclosure, and has not been independently verified. Reported surface widths of about 160 feet at War Bond and 100 feet at Tactite are field estimates, not confirmed true widths of mineralised rock.

Those limits leave plenty for exploration to resolve. The useful progress is that Vault has new sample results to work with rather than relying solely on the old workings.

Why tungsten, and why now

Tungsten's place on the United States critical minerals list gives this work a relevant industrial backdrop. The United States Geological Survey's final 2025 list, published in the Federal Register on 7 November 2025, includes tungsten among 60 minerals considered important to supply security. Listing alone does not award Vault funding or establish the economics of War Bond.

In its 6 August 2026 release, Vault welcomed a reported one-year US restriction on exports of tungsten waste and scrap, expected to take effect later that month. The company explicitly distinguished recycled material from newly mined tungsten products. The measure concerns the recycled supply chain; it is not an agreement to purchase material from War Bond.

Chief executive Quinn Field-Dyte described War Bond in that release as a North American tungsten opportunity. The project fits that geographic and policy context. Whether it can contribute supply depends on the exploration results and, further out, technical and economic studies.

Fresh funding for the next stage

Vault's 29 September 2026 closing announcement gives the project a more concrete financial foundation. The company raised gross proceeds of C$1,500,000 through 12,000,000 units at C$0.125 each. The arithmetic is straightforward: 12,000,000 multiplied by C$0.125 equals C$1,500,000.

That unit price was 25 per cent above the C$0.10 initially announced on 26 August: C$0.025 divided by C$0.10. The terms were amended on 1 September. Completing the raise at the higher price is an encouraging financing outcome, although it does not establish the quality or value of the deposit.

Each unit included one common share and one warrant, which gives the holder the right to purchase another share at C$0.20 for twelve months. The company may accelerate expiry if the shares close at C$0.30 or above for five consecutive days. Insiders subscribed for 900,000 units. Finders received C$80,400 in cash and 643,200 warrants exercisable at C$0.20 until 28 September 2027. The placement securities have a hold period ending 29 January 2027.

The funding also increases the share count: 12 million shares were issued, with another 12 million possible from the unit warrants if exercised, plus the finders' warrants. Gross proceeds are before fees and other expenses, so C$1.5 million should not be treated as a current cash balance or a fully funded drilling budget.

For market context, 15-minute-delayed QuoteMedia data on 15 October 2026 put the shares at C$0.12, down 7.69 per cent, on volume of 0.72 times the 30-day average, with a market value of about C$3.37 million. These are secondary market figures, not a verified current share count from a filing. They are insufficient to calculate a reliable percentage dilution from the placement.

The next steps the company has set out

Vault's July and August releases describe a connected programme: combine Pioneer's magnetic data with the Phase 1 samples and historical records, rank targets and support drill permitting. Feyerabend and Amazona Enterprises, engaged on 15 July 2026, are also preparing the project's first NI 43-101 technical report. The cited releases do not give completion dates for these steps.

The next meaningful progress would be publication of the integrated findings and technical report, followed by a defined drilling plan and the approvals to carry it out. Those would show how the surface evidence translates into targets below ground. Drilling would then test the extent and continuity of the tungsten-bearing rock.

Vault has made a credible start: documented tungsten samples, a survey programme and a completed financing provide something tangible to build on. War Bond remains early-stage, with its scale and economics unresolved. There is room for cautious optimism about the work ahead, grounded in the steps the company has actually taken.