Military Metals Announces Definitive Agreement for Purchase of Additional Claims at Its West Gore Antimony Property
Military Metals Corp. (MILIF) has signed an asset purchase agreement to acquire additional claims around its West Gore Antimony Project in Nova Scotia, Canada. The new acquisition adds 388 hectares to the existing 585 hectares, consolidating the mineralized area including historical mine workings.
The company will pay $235,000 over two years to ExplORE Resources for 100% interest, with a 3% Net Smelter Royalty (NSR). Military has the option to reduce the NSR to 1% by paying $500,000 for the first 1% and $1,000,000 for an additional 1%.
The West Gore mines, operational from 1883 to 1917, were significant antimony producers during World War One, producing 7,000 tonnes of antimony concentrate (46% grade) and approximately 6,900 ounces of gold. The project has seen minimal modern exploration since the 1960s.
Military Metals Corp. (MILIF) ha firmato un accordo per l'acquisto di asset per acquisire ulteriori diritti sulle sue West Gore Antimony Project in Nuova Scozia, Canada. La nuova acquisizione aggiunge 388 ettari ai 585 ettari esistenti, consolidando l'area mineralizzata che include storici lavori minerari.
L'azienda pagherà $235.000 in due anni a ExplORE Resources per il 100% di interesse, con una Royalty Net Smelter (NSR) del 3%. Military ha l'opzione di ridurre la NSR all'1% pagando $500.000 per il primo 1% e $1.000.000 per un ulteriore 1%.
Le miniere West Gore, operative dal 1883 al 1917, sono state significative produttrici di antimonio durante la Prima Guerra Mondiale, producendo 7.000 tonnellate di concentrato di antimonio (grado 46%) e circa 6.900 once d'oro. Il progetto ha visto un'esplorazione moderna minima dagli anni '60.
Military Metals Corp. (MILIF) ha firmado un acuerdo de compra de activos para adquirir reclamaciones adicionales alrededor de su West Gore Antimony Project en Nueva Escocia, Canadá. La nueva adquisición agrega 388 hectáreas a las 585 hectáreas existentes, consolidando el área mineralizada que incluye trabajos mineros históricos.
La empresa pagará $235,000 durante dos años a ExplORE Resources por el 100% de interés, con una Regalía Net Smelter (NSR) del 3%. Military tiene la opción de reducir la NSR al 1% pagando $500,000 por el primer 1% y $1,000,000 por un 1% adicional.
Las minas de West Gore, operativas desde 1883 hasta 1917, fueron productores significativos de antimonio durante la Primera Guerra Mundial, produciendo 7,000 toneladas de concentrado de antimonio (grado 46%) y aproximadamente 6,900 onzas de oro. El proyecto ha visto una exploración moderna mínima desde la década de 1960.
Military Metals Corp. (MILIF)는 캐나다 노바스코샤에 있는 West Gore Antimony Project 주변의 추가 권리를 인수하기 위한 자산 구매 계약을 체결했습니다. 이번 인수는 기존의 585헥타르에 388헥타르를 추가하여 역사적인 광산 작업을 포함한 광물화된 지역을 통합합니다.
회사는 ExplORE Resources에 100%의 지분을 위해 $235,000를 2년에 걸쳐 지급할 예정이며, 3%의 순 도금 로열티(NSR)가 부과됩니다. Military는 첫 1%를 위해 $500,000를 지불하고 추가 1%를 위해 $1,000,000를 지불함으로써 NSR을 1%로 줄일 수 있는 선택권을 가지고 있습니다.
West Gore 광산은 1883년부터 1917년까지 운영되어 제1차 세계대전 동안 중요한 안티몬 생산자로, 7,000톤의 안티몬 농축물(46% 등급)과 약 6,900 온스의 금을 생산했습니다. 이 프로젝트는 1960년대 이후로 현대적 탐사가 거의 이루어지지 않았습니다.
Military Metals Corp. (MILIF) a signé un accord d'achat d'actifs pour acquérir des revendications supplémentaires autour de son West Gore Antimony Project en Nouvelle-Écosse, Canada. La nouvelle acquisition ajoute 388 hectares aux 585 hectares existants, consolidant la zone minéralisée comprenant des travaux miniers historiques.
La société paiera 235 000 $ sur deux ans à ExplORE Resources pour un intérêt de 100 %, avec une redevance nette de fonderie (NSR) de 3 %. Military a la possibilité de réduire la NSR à 1 % en payant 500 000 $ pour le premier 1 % et 1 000 000 $ pour un autre 1 %.
Les mines de West Gore, opérationnelles de 1883 à 1917, ont été des producteurs importants d'antimoine pendant la Première Guerre mondiale, produisant 7 000 tonnes de concentré d'antimoine (46 % de grade) et environ 6 900 onces d'or. Le projet a connu une exploration moderne minimale depuis les années 1960.
Military Metals Corp. (MILIF) hat eine Vereinbarung über den Kauf von Vermögenswerten unterzeichnet, um zusätzliche Ansprüche rund um ihr West Gore Antimony Project in Nova Scotia, Kanada, zu erwerben. Die neue Akquisition fügt 388 Hektar zu den bestehenden 585 Hektar hinzu und konsolidiert das mineralisierte Gebiet, einschließlich historischer Bergbauarbeiten.
Das Unternehmen wird $235.000 über zwei Jahre an ExplORE Resources zahlen für 100% Beteiligung, mit einer 3% Nettogelderoyalty (NSR). Military hat die Option, die NSR auf 1% zu reduzieren, indem $500.000 für das erste 1% und $1.000.000 für ein zusätzliches 1% gezahlt werden.
Die West Gore Minen, die von 1883 bis 1917 in Betrieb waren, waren während des Ersten Weltkriegs bedeutende Antimon-Produzenten und produzierten 7.000 Tonnen Antimonkonzentrat (46% Gehalt) und etwa 6.900 Unzen Gold. Seit den 1960er Jahren hat es nur minimale moderne Erkundung des Projekts gegeben.
- Acquisition expands property size by 388 hectares, consolidating the entire mineralized system
- Historical production of 7,000 tonnes of high-grade (46%) antimony concentrate
- Historical gold production of 6,900 ounces
- Option to reduce NSR from 3% to 1% through structured buydown provisions
- Additional $235,000 payment obligation over two years
- 3% NSR royalty burden on new claims
- Requires $1.5 million investment to reduce NSR to 1%
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2025) - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the "Company" or "Military") is pleased to announce that it has entered into an asset purchase agreement (the "Agreement"), dated effective January 15, 2025 to acquire further claims surrounding its West Gore Antimony Project ("West Gore" or the "Project") to consolidate the mineralized area located in Nova Scotia, Canada (the "Transaction"). A historically significant antimony producer, West Gore produced 7,000 tonnes of antimony concentrate grading
West Gore consists of four exploration licenses comprising 585 hectares located in Hants County, Nova Scotia, Canada, and the newly acquired ground adds 388 hectares under additional exploration licenses to the immediate northwest of the Project, which is thought to comprise the balance of the West Gore antimony-gold mineralized system and includes its historical mine workings. The Company has acquired a
The historical West Gore mines have a mining history dating back to 1883 and were a significant source of antimony during the First World War, most of which was shipped to England. Total production of gold and antimony between 1883 and 1917, the last recorded year of production, remains unknown. However, between 1914 and 1917, nearly 32,000 tonnes were mined yielding over 7,000 tonnes of antimony concentrate grading
With the acquisition of the new claims on completion of the Transaction, the Company will gain significant coverage over the mineralized system including all the historical mine workings and known antimony-gold occurrences with additional ground along trend in both directions as exhibited in Map 1 below. This in turn is anticipated to enable the Company to approach this antimony-gold system in its entirety to unlock future value. All relevant data are in the process of being compiled into an integrated digital database, with exploration plans to follow.
Map 1: West Gore Project Claims
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10818/237404_6e1e7c83d40478cc_001full.jpg
Antimony-gold mineralization at West Gore is hosted in graphitic and sulfide-bearing slates of the lower units of the Cambrian-age Halifax Formation that were deformed into a northeast-trending, upright, closed syncline and metamorphosed to greenschist facies during the regional Acadian orogeny. Mineralization occurs as stibnite, native antimony, aurostibnite, and antimony-gold alloys and oxides. Whereas the fold belt strikes northeast-southwest, mineralized structures trend northwest-southeast.
The technical contents of this release were reviewed and approved by Avrom E. Howard, MSc, PGeo, geological consultant to Military Metals and a qualified person as defined by National Instrument 43-101.
About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition, exploration and development of mineral properties with a focus on antimony.
ON BEHALF OF THE BOARD of DIRECTORS
For more information, please contact:
Scott Eldridge
CEO and Director
scott@militarymetalscorp.com or info@militarymetalscorp.com
For enquiries, please call 604-537-7556
This news release contains "forward-looking information". Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes statements related to the completion of the Transaction, as well as future plans for exploration activities, and assumptions related to the continuation of the global demand for antimony. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. These include entry into a definitive agreement in respect of the Acquisition, meeting the conditions to close the Acquisition, geopolitical developments related to the supply of antimony, the continued use of antimony and availability of alternatives, availability of capital and labour in respect of the properties that are the subjects of this news release, the results of any future exploration activities, which cannot be guaranteed, and such other factors as may impact both the Acquisition and any future activities in respect of the properties held by the Target. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237404
FAQ
What is the size of Military Metals' (MILIF) expanded West Gore Antimony Project after the January 2025 acquisition?
How much did Military Metals (MILIF) pay for the additional West Gore claims in January 2025?
What was the historical production at the West Gore Antimony Project between 1914-1917?
What are the NSR buydown terms for Military Metals' (MILIF) new West Gore claims?
