Xtra Energy Corporation Announces Full Acquisition of the Historic Antimony King Mine, The Principal Past-Producer of Antimony in the Bernice Mining District of Nevada
Xtra Energy (OTC PINK:XTPT) announced the acquisition of the Antimony King Mine in the Bernice Mining District of Nevada. This mine, the largest past-producer of antimony in the region, spans four lode claims covering around 80 acres. The acquisition aims to unify the district and enhance the company's flagship project, American Antimony. The site has historically produced stibnite, gold, and cervantite, with reported antimony grades of 12.71% to 33.42%, and selective mining capable of yielding 60% antimony ore.
The consideration for the acquisition involves issuing 2,500 preferred shares, convertible to 5 million common shares of XTPT. Xtra Energy's leadership views this strategic move as a step towards becoming a leading antimony asset in the U.S. The company plans to leverage this acquisition to reshape the antimony market landscape and provide long-term access to this critical metal.
- Acquisition unifies key mining district, potentially increasing operational efficiency.
- Antimony King Mine is the largest past-producer of antimony in the Bernice Mining District, suggesting significant resource potential.
- Reported antimony grades of 12.71% to 33.42%, with selective mining yielding 60% antimony ore.
- Diversified mineral output includes stibnite, gold, and cervantite.
- Strategic move aims to make Xtra Energy a leading antimony asset in the U.S., potentially boosting investor confidence.
- Issuance of 2,500 preferred shares convertible to 5 million common shares could lead to shareholder dilution.
- Modest historical production output may indicate short-term revenue gains.
- Uncertain financial implications of integrating the new asset into existing operations.
AUSTIN, TX / ACCESSWIRE / May 29, 2024 / Xtra Energy Corp. (OTC PINK:XTPT), an antimony exploration company focused on developing its flagship project "American Antimony," roughly 31 miles northeast of Eastgate, Nevada, has finalized the acquisition of the Antimony King Mine comprised of four lode claims approximately 80 acres of workings (see Figure 1.), achieving the company's objective of district-wide unification. Credited as the largest antimony producer in this district, it first worked as a unit alongside the I.H.X. Mine, a neighboring past-producer also fully owned by Xtra Energy Corporation (see 1/3/2023 Company Press Release).
Figure 1 : The American Antimony Project Layout
The Antimony King Mine, located in Churchill, Nevada, is situated within the historically significant Bernice Mining District. The mine had a relatively modest production output. It encompasses both surface and underground operations, and features a single known shaft. The subsurface depth of the mine reaches a maximum of 30 meters (100 feet) and extends for a distance of 61 meters (200 feet). The primary minerals extracted from the Antimony King Mine were stibnite, gold, and cervantite. The ore body has a tabular shape, stretching for 274 meters (900 feet) in length and measuring approximately 1 meter (4 feet) in width. The surrounding rock composition in this region consists of latite, a type of volcanic rock. Lawrence (1963, p23) reported analyses of 12. 71 and 33.
The issuance of 2500 preferred shares, which, upon conversion, would be equivalent to 5 million common shares of XTPT, serves as the consideration for this acquisition.
The Domonoske Family, the historic owners of the Antimony King site, stated, "We are excited to move forward with the Xtra Energy Company and begin a long-term partnership and friendship in restoring and carrying on the family legacy."
Xtra Energy's Chairman and CEO, Mac J. Shahsavar, P.Eng., commented, "We are pleased to announce the successful completion of this significant acquisition. This strategic initiative is a critical step on our path to becoming the leading antimony asset in the United States. We are prepared to bring extraordinary value to our stockholders by unifying this district. Together, we will advance our aim of reshaping the antimony market landscape and provide new prospects for long-term and reliable access to this critical metal. We are excited to integrate this asset and leverage our current condition to reach even greater heights."
Contact & Learn More:
Xtra Energy Corporation
Phone: 512-412-3636
Corporate Website: https://americanantimony.com/
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About Xtra Energy Corporation
Xtra Energy Corporation is an antimony exploration company focused on developing its flagship project "American Antimony", approximately 31 miles northeast of Eastgate, Nevada. Xtra Energy Corporation holds a
FORWARD-LOOKING STATEMENTS:
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SOURCE: Xtra Energy Corp.
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