Superior Mining International Corp. to Acquire Bald Hill Antimony Property
The Bald Hill Antimony Property is located in Queens County, south central
Past exploration activity by
"Based upon 16 widely spaced drill holes totaling 3,554 metres and 609 assays, an antimony zone of 450 metres in length was outlined including drill intersections of up to 11.7% Sb over 4.51 metres (core length)."
A 2014 trenching program and subsequent NI 43-101 report titled: "National Instrument 43-101 Technical Report:
"Rockport's drilling on the Bald Hill main grid has confirmed the Sb mineralization over a significant area of approximately 700 m on surface and to 300 m depth. Surface mineralization and soil geochemical anomalies indicate that the mineralization extends for at least 1.5 km, along strike from the delineated mineralization zones. The 2014 trenching program, centered approximately 1.0 km along strike to the southeast from the main Bald Hill occurrences, exposed new antimony mineralization grading 9.04% Sb over 2.60 metres."
Traditionally used as a fire retardant, antimony is listed on critical minerals lists in
Terms of Acquisition:
The Bald Hill Antimony project is being acquired from Globex Mining Enterprises, an arm's length TSX- V listed company with an extensive portfolio of highly prospective mineral exploration projects:
Pursuant to the terms of the Option Agreement, in order to acquire the 100% interest in the Bald Hill Property, Superior must pay an aggregate of
- Pay
$60,000 in cash upon receipt of TSXV approval, and a further$75,000 in cash on the first and second anniversaries of the Option Agreement, a further$150,000 on the third anniversary and a further$320,000 on the fourth anniversary. - Issue 350,000 shares upon receipt of TSXV approval, issue a further 350,000 shares on or before the first anniversary of the Option agreement, a further 400,000 shares on or before each of the second and third anniversaries, and a further 500,000 shares on or before the fourth anniversary of the Option Agreement.
- Incur at least
$600,000 in exploration expenditures on the Bald Hill Property prior to the first anniversary of the Option Agreement, a further$500,000 prior to the second anniversary, a further$750,000 prior to each of the third and fourth anniversaries of the Option Agreement and a further$2,000,000 on or before the fifth anniversary of the Option Agreement.
The initial cash payment of
The Option Agreement remains subject to the approval of the
About Antimony:
Antimony, a lustrous silvery-grey metalloid, is scarce in nature and unevenly distributed globally. It is, however, critical for producing high-tech and defence products, including flame-retardant materials, certain semiconductors, and superhard materials. And electric battery products. As with many critical minerals,
Antimony is one of the few elements classified as a "critical" or "strategic" mineral by countries including
On
Antimony Related Media:
Antimony and Military:
https://www.youtube.com/watch?v=ZbDOEg_Wy_0
Antimony Prices Soar
https://asia.nikkei.com/Business/Markets/Commodities/Antimony-gallium-prices-soar-as-China-widens-rare-metal-export-curbs
ON BEHALF OF THE BOARD
"
_________________________
Chief Executive Officer and Director
Neither the
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Superior assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com .
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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