Resolution Minerals targets growth at Drake East project as antimony prices surge
Resolution Minerals (ASX: RML) is preparing to fast-track exploration of its growing portfolio of antimony, one of the world’s “hottest” commodities.
Resolution acquired the Drake East antimony-gold project in early March and considers it a highly prospective brownfields opportunity with historic antimony production.
Fastmarkets reports that, since April 2024, antimony prices have risen at their fastest rate in over 40 years to reach record highs due to a severe supply shortage, with China having significantly cut its exports of the critical metal in recent years.
Multiple antimony occurrences
Drake East already hosts 14 known antimony occurrences including the well-documented Mosquito Creek antimony-gold reef, with occurrences covering a large area with a strike length of over 15 kilometres.
The project also hosts more than 50 gold occurrences including a placer gold resource at Lanikai West.
With prices of both metals remaining strong, Resolution has moved quickly to test the potential at Drake East.
LiDAR survey contract
The company has engaged Light Detection and Ranging (LiDAR) specialist GeoCloud Analytics to acquire data aimed at generating targets for further investigation and possible drilling.
The interpretation of that data will help identify historic workings and geomorphological features (such as faults and shear zones) related to antimony and gold mineralisation.
GeoCloud completed a similar interpretation for Legacy Minerals (ASX: LGM) on the adjacent project area, which resulted in over a 100% increase in the number of known historic mines and workings.
More accurate results
“The LiDAR interpretation will provide us with a truer indication of the extent of antimony mineralisation occurring at Drake East,” executive director Aharon Zaetz said.
“As the market has seen with Legacy – in their case, a 100% increase in the number of known mine workings – this program for RML will not only confirm existing targets but will generate possible new targets.”
The company anticipates that this work will greatly enhance the antimony prospectivity of the project by revealing, among other things, the extent of the antimony workings located at Drake East.
Resolution announced earlier this month that it had received firm commitments for a $1.7 million placement of fully paid ordinary shares in the company to further develop the antimony acquisitions.