Lode Resources Expands Portfolio with Montezuma Antimony Project Acquisition
LODE RESOURCES LTD (LDR) Share Update October 2024 Wednesday 23rd
Lode Resources Acquires Montezuma Antimony Project
Lode Resources Ltd has announced the acquisition of the Montezuma Antimony Project, a high-grade antimony-silver-lead deposit located in Tasmania's West Coast Mining Province.
Instant Summary:
- Acquisition of 100% of Montezuma Antimony Project.
- High-grade antimony-silver-lead deposit with significant infrastructure.
- Surface samples show up to 24.5% antimony and 3,050 g/t silver.
- Metallurgical test work shows 90% antimony recovery.
- Complementary to Lode's existing antimony and silver portfolios.
Project Overview
The Montezuma Antimony Project is located in Tasmania's renowned West Coast Mining Province. This acquisition includes a high-grade antimony-silver-lead deposit, which has been defined by extensive sampling and drilling.
Surface samples have shown grades up to 24.5% antimony and 3,050 g/t silver, while diamond drill core samples have reached up to 20.3% antimony and 1,990 g/t silver. Development face samples have also demonstrated significant mineralization.
Infrastructure and Development
The project boasts advanced metallurgy and significant mining equipment and beneficiation infrastructure. A portal box cut has been developed, and exploration drives have commenced, leading to stockpiled mineralization.
Metallurgical test work is well advanced, achieving 90% recoveries of antimony, producing a saleable product. This complements Lode's existing antimony exploration portfolio in the New England Fold Belt, creating a formidable antimony division within the company.
Acquisition Details
The acquisition terms include a $50,000 non-refundable deposit, $200,000 cash upon completion, and the issuance of up to 16 million shares, subject to performance hurdles. These shares will be under a 12-month escrow.
This acquisition is strategically significant for Lode Resources, enhancing its portfolio with high-grade antimony and silver assets. The project’s advanced infrastructure and high-grade deposit could positively influence Lode's stock value, as it strengthens the company's position in the antimony market.
Investor Reaction:
Analysts may view this acquisition favorably due to the high-grade nature of the deposit and the advanced state of the project's infrastructure. The potential for significant antimony production aligns well with global demand trends.
Conclusion:
Investors should consider the potential long-term benefits of this acquisition for Lode Resources, as it positions the company to capitalize on the growing antimony market. Monitoring the development and integration of the Montezuma Project will be key to assessing its impact on Lode's future performance.