VANCOUVER, BC, Sept. 9, 2024 /CNW/ - Superior Mining International Corp. ("Superior Mining" or the "Company") (TSXV: SUI) (OTC: SUIFF) is pleased to announce that it has entered into an option agreement dated August 27, 2024 (the "Option Agreement") whereby Superior has the option to earn a 100% interest in the Bald Hill Antimony Property (the "Bald Hill Property") from Globex Mining Enterprises Inc. ("Globex"), an arm's length vendor.
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The Bald Hill Antimony Property is located in Queens County, south central New Brunswick, 40 km northwest of the town of Sussex and roughly 60 km southeast of the City of Fredericton. The Property consists of 26 claims covering the Bald Hill antimony deposit and surrounding area.
Past exploration activity by Rockport Mining Corp. returned up to 43% Sb over 2.0 m and 2.90% Sb over 8.18m. A 2010 report titled "National Instrument 43-101 Technical Report on Bald Hill Antimony Project, southern New-Brunswick, Canada, NTS Map Sheet 21G/09 and 21H/12 for Rockport Mining Corp. authored by Heather MacDonald, MSc., P.Geo." produced by Conestoga-Rovers and Associates of Fredericton, New Brunswick states the following;
"Based upon 16 widely spaced drill holes totaling 3,554 metres and 609 assays, an antimony zone of 450 metres in length was outlined including drill intersections of up to 11.7% Sb over 4.51 metres (core length)."
A 2014 trenching program and subsequent NI 43-101 report titled: "National Instrument 43-101 Technical Report: Bald Hill Antimony Project (claim group 5061) Southern New-Brunswick, Canada, NTS Map Sheet 21G/09 and 21H/12, Prepared for Tri-Star Antimony Canada Inc. by Peter Banks, B.Sc., P.Geo. and John Langton, M.Sc., P.Geo. of MRB & Associates, October 28th, 2014" analyzed additional exploration work and states;
"Rockport's drilling on the Bald Hill main grid has confirmed the Sb mineralization over a significant area of approximately 700 m on surface and to 300 m depth. Surface mineralization and soil geochemical anomalies indicate that the mineralization extends for at least 1.5 km, along strike from the delineated mineralization zones. The 2014 trenching program, centered approximately 1.0 km along strike to the southeast from the main Bald Hill occurrences, exposed new antimony mineralization grading 9.04% Sb over 2.60 metres."
Traditionally used as a fire retardant, antimony is listed on critical minerals lists in Canada, the United States, Australia, the United Kingdom and the European Union. Antimony is also used to increase the hardness of alloys used in the production of batteries, machine bearings and munitions. Additionally, antimony is used in the production of clean technologies such as solar panels and wind turbines.
Terms of Acquisition:
The Bald Hill Antimony project is being acquired from Globex Mining Enterprises, an arm's length TSX- V listed company with an extensive portfolio of highly prospective mineral exploration projects:
Pursuant to the terms of the Option Agreement, in order to acquire the 100% interest in the Bald Hill Property, Superior must pay an aggregate of $680,000 in cash, issue an aggregate of 2,000,000 common shares and incur an aggregate of $4,600,000 in expenditures, as follows:
Pay $60,000 in cash upon receipt of TSXV approval, and a further $75,000 in cash on the first and second anniversaries of the Option Agreement, a further $150,000 on the third anniversary and a further $320,000 on the fourth anniversary.
Issue 350,000 shares upon receipt of TSXV approval, issue a further 350,000 shares on or before the first anniversary of the Option agreement, a further 400,000 shares on or before each of the second and third anniversaries, and a further 500,000 shares on or before the fourth anniversary of the Option Agreement.
Incur at least $600,000 in exploration expenditures on the Bald Hill Property prior to the first anniversary of the Option Agreement, a further $500,000 prior to the second anniversary, a further $750,000 prior to each of the third and fourth anniversaries of the Option Agreement and a further $2,000,000 on or before the fifth anniversary of the Option Agreement.
The initial cash payment of $60,000, the issuance of the initial 350,000 common shares, and the $600,000 in first year exploration expenditures are firm commitments of Superior. In addition, Superior has agreed to grant to Globex a 3.5% gross metal royalty (the "Royalty") on all metals, minerals, elements or compounds produced from the Bald Hill Property. Superior has the right to acquire 0.5% of the Royalty upon the payment of $500,000 (adjusted for inflation) prior to commercial production, leaving Globex with a 3.0% Royalty.
The Option Agreement remains subject to the approval of the TSX Venture Exchange.
About Antimony:
Antimony, a lustrous silvery-grey metalloid, is scarce in nature and unevenly distributed globally. It is, however, critical for producing high-tech and defence products, including flame-retardant materials, certain semiconductors, and superhard materials. And electric battery products. As with many critical minerals, China dominates the global antimony supply chain. The country holds the world's largest deposit, accounting for approximately 32% of global antimony resources, yet it produces more than 48% of global output.
Antimony is one of the few elements classified as a "critical" or "strategic" mineral by countries including the United States, China, Australia, and Russia, as well as the European Union, underscoring its special geopolitical value. Following similar restrictions on germanium, gallium, graphite, and rare earths, China's export control of antimony marks another move to leverage its dominance in global supply chains. This action serves as a response to US efforts to limit the availability to China of critical technologies such as high-end chips.
On August 14, China announced export restrictions on antimony in the country's latest move to restrict critical mineral shipments globally in the name of national security. Antimony is a critical input for the defense industry, particularly for armor-piercing ammunition, night vision goggles, infrared sensors, bullets, and precision optics, and the electronics industry, including semiconductors, cables, and batteries. This is the latest restriction after a series of export controls in 2023 on graphite, germanium, gallium, and rare earth processing technologies, raising alarms in the semiconductor, electric vehicle, and defense industries that rely on these materials.
_________________________ Chief Executive Officer and Director
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No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Superior assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
