Military Metals (CSE:MILI) has completed the purchase of the Last Chance Antimony-Gold Property in Nevada as the price of antimony hits an all-time high.
The Vancouver, Canada-headquartered company made the final payment on the project required to take 100% ownership.
The seller is now in the process of transferring registration of the property to Military Metals.
The junior explorer, which has a market capitalisation of C$36.9 million ($40.9 million), has been steadily building up its antimony portfolio as the price continues to climb.
In mid-January, Military Metals entered into an agreement to purchase additional claims surrounding the West Gore Antimony Project in Nova Scotia, Canada.
CEO Scott Eldridge says the antimony spot price has yet again achieved a new all-time high, now trading at US$51,500 ($81,217) per tonne.
Late last year, China banned exports of various critical minerals including antimony, which drove the price higher.
Antimony is a critical component for battery technology, advanced military systems, and other industrial applications. Several countries – including China, the US, Canada and Australia – have listed it as a critical mineral.
“Antimony investment opportunities are limited to mining equities with no ETF or futures contracts available to investors, furthermore the mining equities are limited to a few high caliber companies,” Eldridge notes.
Eldridge says Military Metals completed its initial site visit to the past producing Last Chance Property and the team was “very impressed by its past and future”.
“Nevada is a top global mining jurisdiction that in addition to its notable precious metal mines hosts numerous historical antimony mines and prospects,” he says.
Last Chance is located 70km North of the town of Tonopah in Nevada, and 18km west of Kinross Gold’s (NYSE:KGC) Round Mountain Gold Mine, which produced 215,387 gold equivalent ounces in 2024.
Originally discovered in 1880, the Last Chance mine saw limited production during a few intervals until the early 1960s to support US defence efforts.
Historical infrastructure, including a shaft and concrete foundations, remain on the property. Aside from some limited gold-focused exploration during the 1980s, the property has not been subject to further exploration activity.
Antimony-gold mineralisation has been found within a series of structurally and stratigraphically-controlled quartz veins. Past explorers documented that gold-dominant veins crosscut antimony-dominant veins, indicating more than one phase of mineralisation.
Several samples of mineralised quartz vein material were found within the historical dumps.
Military Metals says there is also evidence of copper-bearing minerals and a polished section will now be prepared so that minerals comprising this assemblage can be identified.
Meanwhile, a sample comprising selected grabs of mineralised material from the dumps has been sent for multi-element analysis.
Military Metals will review the results of its recent field visit and incorporate them into its plans for a comprehensive field program planned for the second and third quarters.
The program will focus on the potential for additional clusters of mineralised veins, key to the property’s potential.
Additionally, Military Metals is shoring up its potential funding networks with the submission of an application to the US Defense Industrial Base Consortium (DIBC), which fosters collaboration between government, industry, and academia to build a robust, resilient defence industrial base.
All DIBC members are eligible for Defense Production Act funding.
Military Metals is a Canadian exploration company primarily engaged in the acquisition, exploration and development of mineral properties with a focus on antimony.
The company will be exhibiting at this year’s Prospectors & Developers Association of Canada (PDAC) event being held from 2-5 March in Toronto, Canada.
Mining.com.au is an official media partner for the upcoming event.
To register for PDAC 2025 click here.
Write to Angela East at Mining.com.au
Images: Military Metals
