Antimony is a critical mineral with applications in battery technology. Credit: RHJPhtotos/Shutterstock.

Spearmint Resources has acquired the George Lake South Antimony Project in New Brunswick, Canada.

The company has not disclosed the financial details of the transaction.

The acquired project spans 1,945 contiguous acres and is known to be prospective for antimony, a valuable mineral used in various technologies.

Spearmint Resources noted that the George Lake South Antimony Project is situated near the historic Lake George Antimony Mine, which was North America’s largest primary antimony producer from 1876 until its closure in 1996.

The proximity to a former major production site suggests potential for the newly acquired project.

Antimony is a critical mineral with applications in battery technology, flame retardants, and the semiconductor and electronics industries.

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The demand for antimony has been increasing due to its use in these key technological areas.

Spearmint president James Nelson said: “Year to date, antimony prices have more than doubled, making it one of the best-performing commodities this year. This is a great addition to our stable of projects and being in Canada, it allows us to access flow through money if needed.

“Management is formulating a plan on this project and intends to update the market on Spearmint’s crypto diversification plan once additional information is ready. These are truly exciting times for Spearmint and Spearmint shareholders.”

In November 2021, Spearmint Resources received approval from the Quebec Ministry of Forests, Wildlife and Parks in Canada to carry out exploration drilling at the Perron-East Gold Project.