Business
Military Metals Acquires West Gore Past Producing Antimony Project
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2024) - Military Metals Corp. (CSE: MILI) (OTC Pink: MILIF) (FSE: QN90) (the "Company" or "Military
About this update from Military Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - September 24, 2024) - Military Metals Corp. (CSE: MILI) (OTC Pink: MILIF) (FSE: QN90) (the \"Company\" or \"Military\") is pleased to announce that it has entered into an asset purchase agreement (the \"Agreement\"), dated effective September 24, 2024, to acquire a series of mineral claims referred as the West Gore Antimony Project (\"West Gore\" or the \"Project\"), located in Nova Scotia, Canada (the \"Transaction\"). Completion of the Transaction remains subject to customary closing conditions. West Gore is a brownfield project with past production, historical high-grade drill results include 7.07 metres of 10.6 gpt gold and 3.4% antimony. During a period of production, it was Canada's most prominent antimony mine. \"The acquisition of the West Gore Antimony Project demonstrates our strategy of becoming a significant global antimony player to give our shareholders exposure to the attractive metal. Antimony has experienced a recent price increase primarily due to supply constraints, including China imposing export restrictions. Antimony has an import role in military munitions and equipment. Numerous countries have included antimony on their critical metals list given its strategic importance to military activity, in addition to consumption in fire retardants, solar energy and nuclear power plants,\" said Scott Eldridge, CEO of Military Metals. Antimony is a classified as a critical mineral by Canada, the United States, the European Union, the United Kingdom, and other states across the globe. It is utilized in battery technology, and has become utilized in electrical and energy related technologies, as well as in military applications, such as in night vision goggles, explosives, flares, and infrared sensors. The West Gore project lies in the Meguma gold camp and consists of an underground mine and large stockpiles of mineralized antimony and gold by-product. The Project consists of four exploration licenses covering 585 hectares in Nova Scotia, Canada. West Gore experienced production from 1882 to 1939, and primarily extracted antimony through seven underground mining levels, which have now been digitized. The Company purchased the mineral claims from Molten Metals Corp. (\"Molten\") for consideration consisting of $85,000 CAD, payable in cash on closing. Historical accounts de...