United States Antimony Corporation (USAC) has agreed to acquire a 100% ownership interest in 97 mining claims and three mining leases in the Sudbury district of Ontario, Canada.
The acquisition is subject to a 2.5% net smelter royalty.
This property spans around 1,741ha on provincial lands and has shown potential for high-grade cobalt, nickel, copper and bismuth, with traces of silver and gold.
The acquisition aligns with the Canadian Government's recent billion-dollar initiative to enhance the country's critical minerals sector, which emphasises the importance of cobalt, nickel and copper.
Located within ten miles of the Sudbury Basin's north rim, the property benefits from its proximity to Canada's premier mining district.
The area has a rich history of mining, with some operations dating back to the late 1880s. This property is well-connected, accessible via a provincial highway and numerous logging roads and is close to the mainline Canadian Pacific Railroad.
The location of the new leases, adjacent to significant infrastructure and other mining activities, positions USAC in a community that recognises the value of mining.
This region is home to North America's largest nickel and cobalt producer and Canada's largest copper producer, indicating the area's substantial mining capabilities.
USAC director and co-CEO Joe Bardswich said: “This area has intrigued me since I was a kid back in high school when I prospected and staked claims on parts of this property with my father.
“For many years, John Brady, a very successful Sudbury-based prospector, has persevered, prospecting each summer and assembling a land package that now justifies the use of modern day exploration techniques.
“Our goal is to begin with a geophysics and a geological/structural/petrographic study to enable future development with plans for a comprehensive drilling programme.
“We are fortunate to be in a position with in-house knowledge and experience to take advantage of this opportunity. We are excited to now say that USAC has within its possession and control, four different critical mineral ores – cobalt, nickel, bismuth and antimony.”
