(MENAFN- ACN NewsWire) Military Metals Announces LOI to Acquire Past-Producing Last Chance Antimony-Gold Property, near Round Mountain, Nevada
Vancouver, British Columbia--(ACN Newswire - 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 were reviewed and approved by Avrom E. Howard, MSc, PGeo, geological consultant to Military Metals and a qualified person as defined by NI 43-101.
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About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition, exploration and development of mineral properties with a focus on antimony.
ON BEHALF OF THE BOARD of DIRECTORS
For more information, please contact:
Scott Eldridge
CEO and Director
...
For enquiries, please call 604-722-5381 or 604-537-7556
This news release contains "forward-looking information". Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-Looking information in this news release includes statements related to the completion of the Definite Agreement, as well as future plans for exploration activities, and assumptions related to the continuation of the global demand for antimony. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. These include meeting the conditions to close the Definitive Agreement, geopolitical developments related to the supply of antimony, the continued use of antimony and availability of alternatives, availability of capital and labour in respect of the properties that are the subjects of this news release, the results of any future exploration activities, which cannot be guaranteed, and such other factors as may impact both and any future activities in respect of the properties.. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at . Forward-Looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
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