Vancouver, British Columbia--(Newsfile Corp. - January 16, 2025) - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the "Company" or "Military") is pleased to announce that it has entered into an asset purchase agreement (the "Agreement"), dated effective January 15, 2025 to acquire further claims surrounding its West Gore Antimony Project ("West Gore" or the "Project") to consolidate the mineralized area located in Nova Scotia, Canada (the "Transaction"). A historically significant antimony producer, West Gore produced 7,000 tonnes of antimony concentrate grading 46% antimony between 1914 to 1917, making a significant contribution to the Allied war effort during World War One until a shipment to England was sunk by a German U-boat and the company then operating went bankrupt.
West Gore consists of four exploration licenses comprising 585 hectares located in Hants County, Nova Scotia, Canada, and the newly acquired ground adds 388 hectares under additional exploration licenses to the immediate northwest of the Project, which is thought to comprise the balance of the West Gore antimony-gold mineralized system and includes its historical mine workings. The Company has acquired a 100% interest in the additional claims for $235,000 from ExplORE Resources Ltd. ("ExplORE"), which is spread over two years and ExplORE will receive a 3% Net Smelter Royalty ("NSR"). The NSR buydown provisions include $500,000 on the first 1%, and $1,000,000 on an additional 1%, providing Military the opportunity to reduce the overall NSR to 1% at its sole discretion.
The historical West Gore mines have a mining history dating back to 1883 and were a significant source of antimony during the First World War, most of which was shipped to England. Total production of gold and antimony between 1883 and 1917, the last recorded year of production, remains unknown. However, between 1914 and 1917, nearly 32,000 tonnes were mined yielding over 7,000 tonnes of antimony concentrate grading 46% antimony. The total amount of gold recovered up to 1917 was estimated to be nearly 6,900 ounces. Aside from minor exploration work in the 1960s, the 1980s, and again over the past few years, the West Gore system remains essentially unexplored in modern times.
With the acquisition of the new claims on completion of the Transaction, the Company will gain significant coverage over the mineralized system including all the historical mine workings and known antimony-gold occurrences with additional ground along trend in both directions as exhibited in Map 1 below. This in turn is anticipated to enable the Company to approach this antimony-gold system in its entirety to unlock future value. All relevant data are in the process of being compiled into an integrated digital database, with exploration plans to follow.
Antimony-gold mineralization at West Gore is hosted in graphitic and sulfide-bearing slates of the lower units of the Cambrian-age Halifax Formation that were deformed into a northeast-trending, upright, closed syncline and metamorphosed to greenschist facies during the regional Acadian orogeny. Mineralization occurs as stibnite, native antimony, aurostibnite, and antimony-gold alloys and oxides. Whereas the fold belt strikes northeast-southwest, mineralized structures trend northwest-southeast.
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 National Instrument 43-101.
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.
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 Transaction, 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 entry into a definitive agreement in respect of the Acquisition, meeting the conditions to close the Acquisition, 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 the Acquisition and any future activities in respect of the properties held by the Target. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. 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.
