Resolution Minerals (ASX:RML) has announced plans to acquire the Horse Heaven antimony-gold-tungsten project in Idaho, saying that the deal could be a ‘transformational event’ for the company.
The asset is located in the historic Stibnite Mining District in the state’s Valley County, and sits around 5 kilometers from Perpetua Resources’ (TSX:PPTA,NASDAQ:PPTA) Stibnite gold mine.
Stibnite, according to Resolution Minerals, is likely to become the largest antimony producer in US.
It is projected to generate over US$1 billion and in January secured final approval from the US Forest Service.
Resolution notes that prices for antimony, gold and tungsten are at record highs due to China’s export controls. Antimony in particular has been gaining attention for its applications in the defense industry.
Horse Heaven reportedly hosts two highly prospective gold-antimony-tungsten prospects called the Antimony Ridge fault zone and the Golden Fate fault zone. The project has a historic non-JORC gold resource of 216,000 ounces of gold at the Golden Gate Hill target, and a gold resource of 70,000 ounces at the Antimony Hill prospect.
Exploration at Horse Heaven ran from 1890 to 1950, resuming in 1970 to the 1990s. Modern exploration phases happened from 2000 to 2023, with the latter work credited to Stallion Uranium (TSXV:STUD,OTCQB:STLNF).
“(This acquisition) has the potential to be a transformative event for (our company). As many governments around the world look to onshore their supply of critical minerals, such as antimony and tungsten, we have secured a commanding ground position with known antimony occurrences,” said Resolution Executive Director Aharon Zaetz.
Prior to announcing the Horse Heaven news, Resolution secured gold-antimony-copper projects in Australia. In March, the company picked up the Drake East antimony-gold project in New South Wales and Neardie antimony project in Queensland, building its goal portfolio of highly successful gold and antimony assets.
The company has also agreed to acquire the remaining 48 percent of the 64North project from Alaska Energy Metals (TSXV:AEMC,OTCQB:AKEMF) for US$200,000. Completion is expected on June 30.
To enable easier access for North American investors, Resolution is working on an OTCQB listing. Specifically, the company is looking to appeal to investors interested in Perpetua, whose market cap has grown to almost AU$2 billion.
The company will be listed under the ticker RLMLF for OTCQB and is now in the final phase of the process.
Drilling at Horse Heaven is also planned to commence in 2025.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
