Military Metals Enters Definitive Agreement to Acquire European Union Antimony Deposits
- Written by Reporters
Two Antimony and One Tin Project in Slovakia
Vancouver, British Columbia - Newsfile Corp. - October 30, 2024 - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the "Company" or "Military") is pleased to announced that it has entered into a definitive agreement with 1509149 B.C. Ltd., a wholly-owned subsidiary of the Company, 1458205 B.C. Ltd. (the "Target"), and the controlling shareholder of the Target pursuant to which the Company will acquire 100% of the issued and outstanding common shares in the capital of the Target (the "Target Shares") by way of a three-cornered amalgamation (the "Amalgamation"). "As we acquire this premier antimony project in Slovakia with historical resources, we're taking a transformative step to strengthen Europe's access to essential raw materials. With a well established, rich mineral base, this brownfield site enables us to work towards a reliable domestic antimony supply when Europe faces mounting supply chain pressures," said CEO Scott Eldridge. "This acquisition reflects our commitment to reducing reliance on Chinese imports, ensuring stability for the European market, and empowering the West to drive a more resilient, self-sufficient future for critical materials."About the Target The Target owns three brownfield projects in Slovakia. Of the three projects, Trojarova is the most advanced ("Trojarova"). Located in western Slovakia, it potentially hosts one of the European Union's most significant known primary antimony deposits. 63 holes were historically completed into the deposit during the 1980-1900s over a strike length of 1.5 kilometers, along with nearly 1.7 kilometers of underground workings; the deposit hosts historical (non-compliant) antimony and accessory gold resources classified in the Soviet era Russian classification system. Additionally, Military has acquired both a tin and second antimony property in Slovakia. The tin property ("Medvedi-Potok"), likewise features significant historical drilling, underground development, and features a historical (non-compliant) tin resource. The Tiennesgrund antimony property features over two dozen small underground workings along its 10-kilometer length where historical production is reported. Consideration for the acquisition of 100% of the Target Shares comprises 10,000,000 common shares in the capital of the Company (the "Company Shares"), at a deemed issuance price of $0.56 per Company Share, valued at a sum of CAD $5.6 million. The Company will also assume the Target's obligations in respect of its outstanding share purchase warrants, which will provide holders the right to acquire up to 3,499,997 Company Shares at an exercise price of $0.10 per share. "The Trojarova antimony project is potentially one of Europe's most significant primary antimony deposits. We've experienced an unprecedented rise in the antimony price increasing from $11,000 USD per tonne, to a current spot of approximately $34,000. Increased trade wars and geopolitical tensions have placed stronger importance on this strategic metal with multiple applications," said CEO Scott Eldridge. "The EU's Critical Raw Materials Act has opened multiple financing sources from local European institutions to foster the development of strategic metals within Europe's boarders." Antimony, a vital component in everything from battery technologies to advanced military applications such as night vision and infrared sensors, is classified as a critical mineral by the United States, Canada, the European Union, and the United Kingdom. Currently, over 90% of global antimony reserves are concentrated in China, Russia, and Tajikistan. Military seeks to target antimony with the goal of contributing to the global antimony supply, and filling a gap that is present in the ability of Western countries to obtain this critical mineral. About the Projects Discovered in the late 1970s, Trojarova was the focus of extensive surface and underground exploration from 1983 to 1995, with 63 core holes for a total of 14,330m, and 1.7km of underground workings completed. Efforts continued over the years as additional trenches were dug and holes were drilled. Starting in 1990, underground development work began ultimately comprising a 300-meter-long adit connected to a 700-plus meter-long drive in the footwall of the mineralized zone with seven crosscuts into the mineralized zone for sampling purposes. These efforts culminated in a multi-volume study comprising drill logs, analyses, drill plans, maps and sections, deposit model studies, petrographic studies, metallurgical studies and more, culminating in a multi-volume compendium of reports produced by the Slovak Geological Institute published in 1992 (the "1992Report"). Upon completion of the Amalgamation, the Company will move forward to verify this historical estimate by confirmation drilling so that it is able to classify mineral resources at Trojarova as current, in accordance with National Instrument 43-101. The historical estimate at Trojarova was classified using the Slovak version of the newly post-Soviet Russian classification system, which is not directly comparable to or compatible with the western system as defined by the Canadian Institute of Mining, Metallurgy & Petroluem ("CIM Definition Standards for Mineral Resources & Mineral Reserves"). The 1992 Report contains a table featuring 10 alternate historical resource estimates, five focused on the antimony component of the mineralized system and five on its gold component, each group of five featuring decreasing tonnage at increasing grade for antimony and gold, respectively:
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Source https://www.media-outreach.com/news/canada/2024/10/30/337570/