United States Antimony Corporation Announces New Critical Minerals Exploration Play in Ontario, Canada

Rhea-AI Summary

United States Antimony (NYSE:UAMY) has acquired 97 mining claims and 3 mining leases in the Sudbury District of Ontario, Canada. The property, covering approximately 1,741 hectares, shows potential for high-grade cobalt, nickel, copper, bismuth, silver, and gold. This acquisition aligns with the Canadian government's billion-dollar plan to boost the critical minerals sector, focusing on cobalt, nickel, and copper.

The property's strategic location offers excellent accessibility via provincial highway and proximity to the Canadian Pacific Railroad. It's situated within 10 miles of the Sudbury Basin, Canada's premier mining district. Joe Bardswich, Director and Co-CEO, expressed excitement about the opportunity, highlighting USAC's control over four critical mineral ores: cobalt, nickel, bismuth, and antimony.

Positive

• Acquisition of 97 mining claims and 3 mining leases in Ontario, Canada
• Property shows potential for high-grade cobalt, nickel, copper, bismuth, silver, and gold
• Aligns with Canadian government's billion-dollar plan for critical minerals sector
• Strategic location with excellent accessibility and proximity to infrastructure
• Expands USAC's control over four critical mineral ores

Negative

• None.

Mining Industry Expert

USAC's acquisition of mining claims in Ontario's Sudbury District marks a strategic expansion into critical minerals exploration. The property's proximity to established infrastructure and its potential for high-grade cobalt, nickel, copper and bismuth aligns with the growing demand for these materials in various industries.

The billion-dollar Canadian government initiative to boost the critical minerals sector could provide favorable conditions for USAC's exploration efforts. However, investors should note that exploration success is not guaranteed and the timeline from acquisition to potential production can be lengthy.

The company's diversification into multiple critical minerals strengthens its portfolio but also introduces new operational challenges. The expertise of management in the Sudbury area could be a significant advantage in navigating local regulations and optimizing exploration strategies.

Financial Analyst

This acquisition positions USAC to potentially capitalize on the growing critical minerals market. While financial terms weren't disclosed, the 2.5% net smelter royalty suggests a structured deal that could limit upfront costs.

Investors should consider the long-term nature of mining exploration investments. Near-term financial impact may be to exploration expenses, with potential returns dependent on successful resource identification and development.

The company's expansion into cobalt, nickel and bismuth, in addition to its existing antimony focus, diversifies its mineral portfolio. This could mitigate risk but may also require additional capital for multi-mineral exploration and development. The stock's performance may be influenced by progress reports and critical mineral market trends.

Environmental and Regulatory Expert

USAC's entry into the Sudbury District brings both opportunities and challenges from an environmental and regulatory perspective. The area's long mining history suggests established regulatory frameworks, potentially streamlining permitting processes.

However, modern environmental standards are stringent, especially for critical minerals extraction. USAC will need to demonstrate robust environmental management plans to secure necessary approvals. The company's ability to navigate these requirements will be important for project advancement.

The Canadian government's support for critical minerals development could expedite regulatory processes, but also increase scrutiny on environmental and social impacts. USAC's success will depend on balancing exploration ambitions with sustainable practices and community engagement in this sensitive ecosystem.

"The Critical Minerals and ZEO Company"

THOMPSON FALLS, MT / ACCESSWIRE / August 13, 2024 / United States Antimony Corporation ("USAC", or the "Company"), (NYSE:UAMY) announced today the execution of a definitive agreement to acquire a 100% ownership interest (subject to a 2.5% net smelter royalty) in ninety-seven (97) mining claims and three (3) mining leases located in the Sudbury District of Ontario, Canada. The property covering approximately 1,741 hectares (4,300 acres or 6.7 square miles) is located on Provincial lands in Ontario, Canada. Previous work on the property has concentrated on showings of high-grade cobalt, nickel, copper, bismuth with minor silver and gold values. Cobalt, nickel, and bismuth are included on the USGS "Critical Minerals" list. The recently announced Canadian government billion-dollar plan to boost Canada's critical minerals sector is focused on six particular materials. Three of the six are cobalt, nickel, and copper.

The property is accessible by a provincial highway and numerous logging roads. The mainline Canadian Pacific Railroad, with sidings and loadouts, is within a few miles of the claim boundary. The property is located within ten (10) miles of the north rim of the Sudbury Basin, which is Canada's premier mining district, with several modern mining complexes which include open pit and underground mines, flotation mills, smelters, and refineries. Some of these operations have shown continuous production dating back to the late 1880's. Other companies in the area of interest include North America's largest producer of nickel and cobalt as well as Canada's largest copper producer. Our new leases are located in an area adjacent to significant existing infrastructure and ongoing activity from other companies in a community that understands the importance of mining.

Commenting on the new mining leases acquired by the Company today, Mr. Joe Bardswich, Director and Co-CEO, stated "This area has intrigued me since I was a kid back in high school when I prospected and staked claims on parts of this property with my father. For many years, John Brady, a very successful Sudbury based prospector, has persevered, prospecting each summer and assembling a land package that now justifies the use of modern day exploration techniques. Our goal is to begin with a geophysics and a geological/structural/petrographic study to enable future development with plans for a comprehensive drilling program. We are fortunate to be in a position with in-house knowledge and experience to take advantage of this opportunity. We are excited to now say that USAC has within its possession and control, four different critical mineral ores - cobalt, nickel, bismuth, and antimony."

About USAC:
United States Antimony Corporation and its subsidiaries in the U.S. and Mexico ("USAC", the "Company", "Our", "Us", or "We") sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. Our antimony trisulfide is used as a primer in ammunition. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates. 

Forward-Looking Statements:
Readers should note that, in addition to the historical information contained herein, this press release may contain forward-looking statements within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on the Company including matters related to the Company's operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-K and Form 10-Q with the Securities and Exchange Commission.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance.

CONTACT:
United States Antimony Corp.
PO Box 643
47 Cox Gulch Rd.
Thompson Falls, Montana 59873-0643
E-Mail: Jmiller@usantimony.com
Phone: 813-505-0674

SOURCE: United States Antimony Corp.

View the original press release on accesswire.com

FAQ

What mining assets did United States Antimony (UAMY) acquire in Ontario, Canada?

United States Antimony acquired 97 mining claims and 3 mining leases, covering approximately 1,741 hectares (4,300 acres or 6.7 square miles) in the Sudbury District of Ontario, Canada.

What critical minerals are present in UAMY's newly acquired property in Ontario?

The newly acquired property shows potential for high-grade cobalt, nickel, copper, and bismuth, with minor silver and gold values. Cobalt, nickel, and bismuth are included on the USGS 'Critical Minerals' list.

How does UAMY's acquisition align with Canadian government initiatives?

The acquisition aligns with the Canadian government's recently announced billion-dollar plan to boost Canada's critical minerals sector, which focuses on six materials including cobalt, nickel, and copper.

What are UAMY's plans for the newly acquired property in Ontario?

UAMY plans to begin with geophysics and a geological/structural/petrographic study to enable future development, followed by plans for a comprehensive drilling program.