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Military Metals (CSE: MILI) is adding another past-producing asset to its antimony-focused portfolio, this time situated in the US, which currently has no domestic production of the mineral used in battery technology, advanced military systems and other industrial applications.
The Last Chance property, also known as Wall Canyon, is located in Nye county, Nevada, approximately 18 km (11 miles) due west of the Round Mountain gold mine operated by Kinross.
Prospecting for gold in the area – the Jett mining district – dates back to the 1870s, leading to the discovery of the Last Chance historical antimony mine. First recorded production of antimony was in 1915, with mining activity recorded throughout both World War I and II and then in 1957-58.
Subsequent exploration, mostly focusing on gold, by both the US Geological Survey and Nevada Bureau of Mines during the 1980s further documented antimony and associated gold mineralization in the area, leading to the development of a small (historical) low-grade gold resource.
According to Military Metals, historical mining and drill data indicate that this antimony mineralization is both structurally and stratigraphically controlled, hosted in faults and receptive carbonate units, in quartz veins that crosscut gold-mineralized zones, indicating that it is part of a younger mineralizing event.
To further investigate, the company has planned a detailed surface mapping and sampling program, after which a drilling program to test the full potential of the system will be undertaken.
To acquire the Last Chance property, covering the past-producing mine and five unpatented mineral claims, Military Metals will pay the project owner Amador Mining LLC $45,000 cash and grant it a 2% net smelter royalty.
This acquisition follows the company’s recent agreements to buy two brownfield antimony projects in Slovakia, as well as the past-producing West Gore antimony project in Nova Scotia, Canada.
These acquisitions position Military Metals as a leading explorer and developer of antimony, which is classified as a critical mineral by the US, European Union and other leading economies, CEO Scott Eldridge said in an Oct. 7, 2024 news release.
The most advanced of the two Slovakian projects has a historic resource estimate of 415,000 tonnes grading 0.162% antimony and 1.148 g/t gold based on underground exploration data. The West Gore project is host to an underground mine that operated between 1882-1939 and at one time was Canada’s most prominent antimony producer.
Shares of Military Metals gained 1.3% to C$0.75 apiece by 11:30 a.m. EDT following the new project addition, sending its market capitalization to approximately C$27 million.
