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Lomiko Metals Announces Definitive Agreement for Acquisition of the Yellow Fox, Antimony, Silver, and Gold Property located in central Newfoundland
MONTREAL / Jan 21, 2025 / Business Wire / Lomiko Metals Inc. (TSX-V: LMR) (“Lomiko” or the “Company”) is pleased to announce that it has entered into an agreeme
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Jan 21, 2025 / Business Wire / Lomiko Metals Inc. (TSX-V: LMR) (“Lomiko” or the “Company”) is pleased to announce that it has entered into an agreement (the “Acquisition Agreement”) with Metals Creek Resources Corp. (“Metals Creek”) to acquire 100% of 28 mineral claims forming the Yellow Fox project (the “Property”), subject to customary closing conditions (the “Proposed Transaction”). These claims cover the Property, which consists of 28 contiguous claim units in two licenses for a total of 7 sq. km; licenses 027536M (4) and 037936M (24). The Acquisition Agreement is subject to approval by the TSX Venture Exchange (the “TSXV”) and the closing date is expected to be on or about February 28, 2025. The Lomiko leadership team has vast experience operating in Newfoundland and in developing critical minerals projects, as well as in antimony, silver and gold prospect specifically. Antimony is considered one of 34 critical minerals in Canada and has tremendous potential due to its role in many industrial applications, including in semiconductors and as a flame retardant. It provides an excellent fit to the Company’s strategy as a critical minerals developer of choice in Canada and solution in North America. Antimony prices surged in 2024, up 250% according to Reuters (January 6, 2025) as a result of its increasing importance as a strategic metal: in December 2024, China banned exports of antimony to the United States, having already announced export controls on graphite earlier in the year. The Property is located approximately 10 km southwest of the town of Glenwood, Newfoundland, and south of the Trans-Canada Highway. The Property occurs within NTS map sheets 02D/14 and 15 with excellent access along several logging and skidder roads originating from Glenwood. The main Yellow Fox Showing (as described below) is located in the central part of License 027536M, 5km from the western end of Gander Lake. The Property is centered at approximately UTM (NAD 27) grid coordinates are 5,419,400m North and 645,300m East. Gordana Slepcev, CEO, President, and director of Lomiko, stated: “We are pleased to add another critical mineral, antimony, to our portfolio with upside potential in silver and gold. We also welcome Metals Creek as a shareholder of Lomiko and look forward to working with Metals Creek in the long term. The Property is a...