Australian mineral exploration company Resolution Minerals has entered into a binding agreement to acquire the Horse Heaven project in central Idaho. It hosts two highly prospective gold-antimony-tungsten prospects known as the Antimony Ridge and the Golden Gate fault zones.
Under the terms of the agreement, Resolution Minerals will pay an aggregate cash payment of $1,000,000 and issue an aggregate of 444,812,889 fully paid ordinary shares in the capital of the company.
“The board considers that the acquisition of the Horse Heaven project has the potential to be a transformative event for [Resolution Minerals]. As many governments around the world look to onshore their supply of critical minerals, such as antimony and tungsten, we have secured a commanding ground position with known antimony occurrences and next to what is likely to become the largest antimony producer in the USA,” said Executive Director Aharon Zaetz, noting the company’s entry into U.S. critical minerals comes at a time when the market is attributing huge premiums to those operating in the space.
Results from past systematic sampling and preliminary drilling at both prospects are highly
encouraging, indicating large tonnage mining potential. Historical, non-JORC gold resource of 216,000 ounces of gold in 7,256,800 tons of material at a grade of 0.93 g/t at Golden Gate Hill, and gold resource of 70,000 oz. of gold in 3,174,850 tons of material at a grade of 0.69 g/t at Antimony Hill.
Horse Heaven is located in the historical Stibnite Mining District. The project comprises 699 U.S. Federal lode mining claims covering 5,644 hectares and includes 689 mining claims and 10 lode mining claims, referred to as the Oberbillig Group.
Source: Resolution Minerals