EV Resources (ASX:EVR) has acquired the Milton Canyon Antimony Project in Nye County, Nevada, as a part of its plans to become a “fast-to-market” US supplier of antimony.
Under the terms of the agreement, EV Resource will acquire Strategic Minerals from MineMaker, the holder of 100% of the Milton Antimony Project mining claims.
MineMaker will retain a 2% net smelter return fee for material sold from the project.
The acquisition comprises 18 claims across the project to span 3.6km2 for a total cash consideration of $150,000, along with $350,000 worth of shares on completion of the transaction.
Stepping further into the US antimony space, EV Resources intends to conduct a confirmatory sampling and mapping program at its newly acquired asset, while simultaneously progressing development at the Los Lirios Project in Mexico ahead of drilling and resource definition.
Non-executive Chairman Shane Menere believes this addition to EV’s antimony portfolio comes at a time when demand for the commodity is “rapidly escalating”.
“Alongside our recently acquired Dollar Project, Milton provides EV Resources with a strong US footprint to complement our flagship Los Lirios project in Mexico,” Menere says.
“Our strategy is to become a fast-to-market supplier of antimony concentrate into the US, supporting the Department of Defense, Department of Energy, and allied industries.
“This acquisition further cements EVR’s position as one of the very few companies outside of China building a near-term, integrated antimony supply chain.”
Located on the western flank of the Shoshone Range, the Milton Antimony Project has returned assays up to 20.77% antimony from stockpiles and 12.57% antimony in workings.
EV Resources believes the project to be prospective for near-term production as veins remain open along strike and depth.
Write to Maddison Elliott at Mining.com.au
Images: EV Resources
