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Military Metals Announces LOI to Acquire Past-Producing Last Chance Antimony-Gold Property, near Round Mountain, Nevada
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2024) - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the "Company" or "Military") i
About this update from Military Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 14, 2024) - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the \"Company\" or \"Military\") is pleased to announced that it has entered into a Letter of Intent (\"LOI\") with Amador Mining LLC, to acquire the past-producing Last Chance (aka Wall Canyon) antimony-gold property (\"Last Chance\" or \"the Property\"), located in Nye County Nevada. The property is located 18km (11 miles) due west of the Round Mountain Gold Mine, and is accessible by road NF-157 that runs west from Highway 376 into the Toiyabe National Forest. The nearest town is Tonopah. The elevation at the historical mineshaft on the property is just under 8,000 feet above sea level. Prospecting for gold in the area - the Jett Mining District, dates back to the 1870s, leading to the discovery of the Last Chance historical antimony mine. First recorded production of antimony was in 1915 with mining activity recorded throughout both World War One and Two and then in 1957-58, as well. Mostly gold-focused exploration work by the United States Geological Survey and Nevada Bureau of Mines during the 1980s further documented antimony and associated gold mineralization in the area, leading to the development of a small (historical) low-grade gold resource. Historical mining and drill data indicate that antimony mineralization is both structurally and stratigraphically controlled, hosted in faults and receptive carbonate units, in quartz veins that crosscut gold-mineralized zones indicating that it is part of a younger mineralizing event. Dikes of serpentinized ultramafics are known nearby although this relationship may be more rheological versus metallogenic (exploiting the same structures), given what is known about the age and metallogenesis of epithermal gold deposits in the region. Military plans a program of detailed surface mapping and sampling upon which a drilling program to test the full potential of the system will be undertaken. The Company plans to enter a definitive purchase agreement within 30 days, and has provided a $10,000 USD exclusivity deposit to the seller. The pending acquisition includes the past-producing mine and covers 5 unpatented mineral claims for total compensation of $45,000 USD and includes a 2% Net Smelter Royalty (\"NSR\"). The technical contents of this release w...