Military Metals Acquires West Gore Past Producing Antimony Project
Rhea-AI Summary
Military Metals Corp. (CSE: MILI) (OTC Pink: MILIF) has announced an agreement to acquire the West Gore Antimony Project in Nova Scotia, Canada. This brownfield project, with past production and high-grade drill results, aligns with the company's strategy to become a significant global antimony player. Antimony, classified as a critical mineral by several countries, has seen recent price increases due to supply constraints.
The West Gore project, located in the Meguma gold camp, consists of four exploration licenses covering 585 hectares. It includes an underground mine and large stockpiles of mineralized antimony and gold by-product. The company purchased the mineral claims from Molten Metals Corp. for $85,000 CAD. Military Metals plans to characterize the tonnage, grade, and processability of historical stockpiles, rock dumps, and tailings in the 2024 season.
Positive
- Acquisition of a past-producing antimony project with historical high-grade drill results
- Alignment with strategy to become a significant global antimony player
- Exposure to antimony, a critical mineral experiencing recent price increases
- Project includes underground mine and large stockpiles of mineralized antimony and gold by-product
- Relatively low acquisition cost of $85,000 CAD
Negative
- Completion of the transaction subject to customary closing conditions
- Historical analytical evaluations of surface stockpiles, tailings, and dumps are unverified
- Additional work required to characterize tonnage, grade, and processability of historical materials
News Market Reaction – MILIF
In the trading session that priced this news, MILIF gained 23.17%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2024) - Military Metals Corp. (CSE: MILI) (OTC Pink: MILIF) (FSE: QN90) (the "Company" or "Military") is pleased to announce that it has entered into an asset purchase agreement (the "Agreement"), dated effective September 24, 2024, to acquire a series of mineral claims referred as the West Gore Antimony Project ("West Gore" or the "Project"), located in Nova Scotia, Canada (the "Transaction"). Completion of the Transaction remains subject to customary closing conditions. West Gore is a brownfield project with past production, historical high-grade drill results include 7.07 metres of 10.6 gpt gold and
"The acquisition of the West Gore Antimony Project demonstrates our strategy of becoming a significant global antimony player to give our shareholders exposure to the attractive metal. Antimony has experienced a recent price increase primarily due to supply constraints, including China imposing export restrictions. Antimony has an import role in military munitions and equipment. Numerous countries have included antimony on their critical metals list given its strategic importance to military activity, in addition to consumption in fire retardants, solar energy and nuclear power plants," said Scott Eldridge, CEO of Military Metals.
Antimony is a classified as a critical mineral by Canada, the United States, the European Union, the United Kingdom, and other states across the globe. It is utilized in battery technology, and has become utilized in electrical and energy related technologies, as well as in military applications, such as in night vision goggles, explosives, flares, and infrared sensors.
The West Gore project lies in the Meguma gold camp and consists of an underground mine and large stockpiles of mineralized antimony and gold by-product. The Project consists of four exploration licenses covering 585 hectares in Nova Scotia, Canada. West Gore experienced production from 1882 to 1939, and primarily extracted antimony through seven underground mining levels, which have now been digitized. The Company purchased the mineral claims from Molten Metals Corp. ("Molten") for consideration consisting of
Historical accounts detail that mining at West Gore was suspended during the first world war when a ship load of Antimony Ore enroute to Wales for processing was torpedoed and sunk. The loss of this revenue bankrupted the mining company and operations were suspended, with suspected run-of-mine (ROM) material being left at surface awaiting processing. Historical analytical evaluations of surface stockpiles, tailings and dumps are favorable but unverified. As such, Military Metals is preparing work plans to characterize the tonnage, grade and processability of historical stockpiles, rock dumps, and tailings in the 2024 season.
About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition and exploration of mineral properties with a focus on antimony.
ON BEHALF OF THE BOARD OF DIRECTORS
For more information, please contact:
Scott Eldridge
CEO and Director
For enquiries, please call 604-722-5381
This news release contains "forward-looking information". Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes statements related to the completion of the acquisition of the West Gore Antimony Project by Military. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. These include meeting the conditions to close the Transaction, which include customary closing conditions for this type of transaction, including that there be no material adverse change with respect to the purchased assets prior to closing. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224437