A definitive settlement for the acquisition is predicted to be reached this month, Navy Metals mentioned.
The primary asset highlighted is the Trojarova antimony venture close to Pezinok in western Slovakia, which has been extensively explored in the course of the Soviet period. The venture was beforehand held by Molten Metals (CSE: MOLT), which revealed a historic useful resource of 415,000 tonnes grading 0.162% antimony and 1.148 g/t gold based mostly on underground exploration knowledge.
Additionally containing historic sources relationship again to the Soviet period and labored on by Molten Metals is the Medvedi tin venture. It has a calculated reserve of 863,000 tonnes grading 0.19% tin utilizing the Soviet-style classification of mineral deposits.
Whereas these venture estimates usually are not but compliant with trendy requirements, Navy Metals mentioned it should work to validate them with new drilling, making certain compliance with NI 43-101 necessities.
The second antimony venture, Tiennesgrund, is situated in jap Slovakia and has no revealed useful resource estimate. The venture holds a ten km fault-hosted vein system.
CEO Scott Eldridge mentioned the brand new acquisition strategically positions Navy Metals as a number one explorer and developer of antimony — a vital part for battery expertise, superior navy programs and different industrial purposes. On account of its significance and excessive demand, the metallic is at the moment labeled by the US, European Union and different main economies as a vital mineral.
“The Trojarova and Tienesgrund tasks supply important potential for fast development, significantly given Slovakia’s sturdy mining infrastructure and historical past. We see this as an ideal alignment with the European Union’s Essential Uncooked Supplies Act, opening the door to potential EU funding sources as we advance these tasks towards manufacturing,” Eldridge mentioned.
The brand new acquisition follows Navy Metals’ current acquisition of the past-producing West Gore antimony venture in Nova Scotia. West Gore consists of an underground mine that operated between 1882 and 1939, extracting antimony from as many as seven mining ranges. At one time, it was Canada’s most outstanding antimony mine.