In a salute to its commitment to critical mineral antimony, Military Metals (CSE:MILI) has entered into an asset purchase agreement to acquire from Molten Metals (CSE:MOLT) the West Gore Antimony Project located in Nova Scotia, Canada.
Completion of the transaction remains subject to customary closing conditions.
West Gore is a series of mineral claims comprising and brownfield project with past production, historical ‘high-grade’ drill results include 7.07m of 10.6 grams per tonne gold and 3.4% antimony.
The project lies in the Meguma gold camp and consists of an underground mine and large stockpiles of mineralized antimony and gold by-product and consists of four exploration licences covering 585 hectares in Nova Scotia.
During a period of production, it was Canada’s most prominent antimony mine.
CEO Scott Eldridge says the West Gore Antimony Project acquisition demonstrates Military Metals’ strategy of becoming a significant global antimony player to give 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 important 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,” Eldridge says.
Antimony is classified as a critical mineral by Canada, the US, the European Union, the UK, and other global jurisdictions. It is utilised in battery technology, and has become utilised in electrical and energy related technologies, as well as in military applications, such as in night vision goggles, explosives, flares, and infrared sensors.
West Gore experienced production from 1882 to 1939, and primarily extracted antimony through seven underground mining levels, which have now been digitised.
Write to Adam Orlando at Mining.com.au
Images: Molten Metals
