Resolution Minerals acquires Horse Heaven antimony-gold-silver-tungsten project in Idaho

Resolution Minerals (ASX: RML) hopes to address the growing demand for critical minerals with its acquisition of the historical Horse Heaven antimony-gold-silver-tungsten project in the Stibnite mining district of central Idaho.

The brownfields project comprises 699 US federal lode mining claims covering 56 square kilometres: 689 mining claims and 10 lode mining claims referred to as the Oberbillig Group.

It contains strong mineralisation across two highly-prospective and structurally-controlled mineralised zones and includes past production of antimony, tungsten and artisanal gold.

Twin fault zones

The Antimony Ridge Fault Zone has an approximate strike length of 1.2km and hosts known gold-antimony-silver-tungsten mineralisation associated with hydrothermally altered and sheared granodiorite.

It has a current resource of 70,000 ounces of gold in 3.17 million tonnes of material at a grade of 0.69 grams per tonne.

The Golden Gate Fault Zone has an approximate strike length of 3.5km and hosts the Golden Gate Hill prospect, with a resource of 216,000oz of gold in 7.25Mt of material at a grade of 0.93g/t.

Resolution believes Horse Heaven hosts as much as 15km of additional strike length containing potentially mineralised faults and shears traversing favourable host rocks.

Preliminary exploration

Both zones have been subject to preliminary shallow drilling, trench mapping and rock chip sampling, with assays indicating large-tonnage mining potential.

Best recorded intercepts have been 85.34m at 0.937g/t gold including 38.10m at 1.459g/t and 105.16m at 0.787g/t gold including 51.82m at 0.990g/t.

Best rock chip results have included 3.68g/t gold, 303g/t silver and 2.72% antimony over 4m, 1.33g/t gold, 367g/t silver and 13.75% antimony over 1m and 4.65g/t gold, 70.5g/t silver and 19.15% antimony over 1m.

Growing global demand

Executive director Aharon Zaetz said the acquisition coincided with growing global demand for critical minerals.

“The board believes Horse Heaven has the potential to be a transformative event for Resolution as governments worldwide look to onshore their supply of critical minerals such as antimony and tungsten,” he said.

“We have secured a commanding ground position with known antimony occurrences and our entry into US critical minerals comes at a terrific time, with the market attributing huge premiums to companies operating in this space.”

Share placement

Resolution has agreed to pay Horse Heaven’s vendor $1 million in cash plus 444 million shares and 222 million options exercisable at $0.018 each by July 2028.

A $1.9m share placement to sophisticated and professional investors will fund the purchase, with a total of 146.15 million shares issued at $0.013 each plus one free attaching option for every two shares.

Resolution will also apply the proceeds on exploration at Horse Heaven and at Resolution’s existing projects, as well as for working capital.