Military Metals Adds Key Ground at Its West Gore Antimony Property, Signs Binding LOI to Acquire Additional Claims
Rhea-AI Summary
Military Metals Corp (CSE: MILI) has signed a binding LOI to acquire additional claims around its West Gore Antimony Project in Nova Scotia, Canada. The acquisition adds 388 hectares to the existing 585 hectares, covering the entire antimony-gold mineralized system. The company has a three-year option to acquire 100% interest for $235,000 with a 3% NSR. The West Gore mines, operational from 1883 to 1917, produced over 7,000 metric tons of antimony concentrate and 6,900 ounces of gold. Historical high-grade drill results include 7.07 metres of 10.6 gpt gold and 3.4% antimony.
Positive
- Expansion of property size by 388 hectares, consolidating entire mineralized area
- Historical high-grade drill results showing 10.6 gpt gold and 3.4% antimony
- Past production history with significant antimony and gold output
- Strategic acquisition with reasonable payment terms ($235,000 over three years)
Negative
- 3% NSR royalty obligation on future production
- Property remains largely unexplored since 1917
- Significant capital investment likely needed for exploration and development
News Market Reaction – MILIF
In the trading session that priced this news, MILIF gained 14.58%, 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. - October 24, 2024) - Military Metals Corp. (CSE: MILI) (OTC Pink: MILIF) (FSE: QN90) (the "Company" or "Military") announces it has signed a binding LOI to acquire further claims surrounding its West Gore Antimony Project ("West Gore" or the "Project") to consolidate the mineralized area. West Gore is a brownfield project with past production, historical high-grade drill results include 7.07 metres of 10.6 gpt gold and
West Gore consists of four Exploration Licenses comprising 585 hectares located in Hants County, Nova Scotia, Canada, and the newly acquired ground adds 388 hectares to the immediate northwest of the Project, comprising the balance of the West Gore antimony-gold mineralized system and its historical mine workings. The Company has a three-year option to acquire a
The historical West Gore mines have a mining history dating back to 1883 and were a significant source of antimony during the First World War, most of which was shipped to England. Total production of gold and antimony between 1883 and 1917, the last recorded year of production, remains unknown. However, between 1914 and 1917 alone, nearly 32,000 metric tons were mined yielding over 7,000 metric tons of antimony concentrate grading
With the acquisition of the new claims the Company has gained complete coverage over the entire mineralized system including all the historical mine workings and known antimony-gold occurrences with additional ground along trend in both directions as exhibited in Map 1 below. This in turn enables the Company to approach this antimony-gold system in its entirety to unlock future value. All relevant data are in the process of being compiled into an integrated digital database, with exploration plans to follow.
Map 1: West Gore Project Claims
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Antimony-gold mineralization at West Gore is hosted in graphitic and sulfide-bearing slates of the lower units of the Cambrian-age Halifax Formation that were deformed into a northeast-trending, upright, closed syncline and metamorphosed to greenschist facies during the regional Acadian orogeny. Mineralization occurs as stibnite, native antimony, aurostibnite, and antimony-gold alloys and oxides. Whereas the fold belt strikes northeast-southwest, mineralized structures trend northwest-southeast.
The technical contents of this release were reviewed and approved by Avrom E. Howard, MSc, PGeo, geological consultant to Military Metals and a qualified person as defined by National Instrument 43-101.
Investor Relations Engagement
On October 23, 2024, the Company engaged Clarkham Capital ("Clarkham") to provide investor relations services with a focus on the German stock market and the German-speaking investment community in support of the company listing on the Frankfurt Stock Exchange (the "Clarkham Agreement"). Pursuant to the terms of the Clarkham Agreement, Clarkham will, among other items, provide the Company with marketing services, which includes social media management, content creation, distribution, digital marketing, including, but not limited to, the preparation of articles and coverages on multiple financial platforms and newsletters, and translation and distribution of press releases in Germany and any other marketing services as agreed upon by the Company and Clarkham (the "Services"). The Clarkham Agreement has a term of two (2) months and is anticipated to commence on or about October 24, 2024. The Company will make a one-time payment to Clarkham of EUR 200,000 (CAD
About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition, exploration and development 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 or 604-537-7556
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 Target by Military, as well as future plans for exploration activities, and assumptions related to the continuation of the global demand for antimony. 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 entry into a definitive agreement in respect of the Acquisition, meeting the conditions to close the Acquisition, geopolitical developments related to the supply of antimony, the continued use of antimony and availability of alternatives, availability of capital and labour in respect of the properties that are the subjects of this news release, the results of any future exploration activities, which cannot be guaranteed, and such other factors as may impact both the Acquisition and any future activities in respect of the properties held by the Target. 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.
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