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Highlights
- Resolution Minerals (ASX:RML) secures three promising exploration projects in NSW and Queensland.
- Acquired assets include historic high-grade antimony production and significant gold-copper potential.
- Transaction involves share issuance and cash payment, with due diligence in progress.
Resolution Minerals (ASX:RML) has announced the acquisition of three highly prospective antimony, gold, and copper projects located on Australia’s eastern seaboard. The company has secured these assets from private explorer Devil Prospecting, significantly expanding its exploration portfolio across New South Wales and Queensland.
The agreement covers four exploration tenements across the Drake East antimony-gold and Spur South gold-copper projects in New South Wales, as well as the Neardie antimony project in Queensland. These assets collectively span 194 square kilometers and provide a strategic foothold in regions known for their mineral potential.
Historical Production and Resource Potential
Drake East and Neardie hold historical significance due to previous antimony production, offering a cost-effective entry into the critical minerals sector. Drake East hosts 14 documented antimony occurrences, including the Mosquito Creek reef and Ball & Smiths lode, alongside over 50 known gold occurrences, with placer gold resources identified at Lanikai West.
Neardie contains three historical mines with exceptionally high-grade antimony mineralization, reaching peak values of 19.5%. The Spur South project, located within the Macquarie Arc region of NSW, presents a large-scale magnetic anomaly, indicative of mineralized systems similar to those seen in the area.
Transaction Details and Consideration
As part of the acquisition terms, Resolution will issue 25 million shares to Devil Prospecting at $0.01 each, distributed in two equal tranches. The first tranche will be granted upon settlement, while the second will be issued after due diligence is finalized. Additionally, a cash payment of $70,000 will be made within 20 days. The transaction remains subject to several conditions being met.
Strategic Growth in Critical Mineral Exploration
Resolution’s executive director, Aharon Zaetz, emphasized the significance of these acquisitions in expanding the company’s exploration activities. He highlighted the strategic nature of the projects, stating that they align with the company’s focus on multi-commodity exploration in high-potential regions.
“These assets provide exposure to antimony, gold, silver, and copper in two of Australia’s most promising mining regions,” Zaetz noted. “The transaction structure reflects confidence in the projects, with vendors accepting a significant portion of their consideration in Resolution equity.”
With these projects secured, Resolution is positioning itself to enhance its exploration footprint and capitalize on the growing demand for critical minerals.
