Resolution raises $25m as drill turns at major U.S gold-antimony-tungsten project

• Resolution raises $25.1m from institutional investors for Horse Heaven gold-antimony project, directly adjacent to Perpetua’s $3 billion Stibnite Mine
• Funds will support exploration at Golden Gate and Antimony Ridge targets plus downstream processing initiatives
• Company currently drilling to highlight project’s antimony, gold and tungsten potential

Special Report: The success of Resolution Minerals in advancing its Horse Heaven gold-antimony-tungsten project in Idaho has been recognised by high net worth and global institutions who provided firm commitments for a $25.1 million share placement.

Institutions such as John Hancock’s Family Office, Astrotricha Capital SEZC and S3 Consortium are subscribing for 502m shares at 5c each – an 11.2% discount to the 15-day volume weighted average price.

The placement includes the issue of one option for every two shares subscribed for that are exercisable at 10c and expire on November 30, 2029.

Resolution Minerals’ (ASX:RML) directors will also participate for $200,000 worth of shares subject to shareholder approval.

Earlier this week, RML reported ultra high grade rockchip results peaking at a massive 49.8% antimony, which are among the highest ever antimony grades reported in North America.

The sampling results also included bonanza grade silver results of 1,420 grams per tonne and 3.12 grams per tonne gold.

With a rich history of past antimony, tungsten and gold mining, the Horse Heaven project area has supplied the U.S. Government with significant quantities of antimony and tungsten in World War I, World War II and the Korean War. Horse Heaven is located directly adjacent to Perpetua Resources’ Stibnite Antimony & Gold Mine (PPTA.NAS, A$3 billion market cap) in Idaho, USA. Horse Heaven’s geological model is a direct analogue to Stibnite, bearing a strong resemblance to its A$3 billion neighbour.

“We are delighted with the level of interest in RML and with the high quality of investors who believe in our vision, potential and upside of Resolution’s Horse Heaven project,” non-executive director Aharon Zaetz said.

“We eagerly look forward to progressing work on both the Golden Gate and Antimony Ridge targets at Horse Heaven.

”The recent rock chip results are extremely encouraging, and we are hoping that the current drilling program, which is well underway, will demonstrate to the market the significant potential of our highly prospective antimony, gold and tungsten project.

“With the proposed listing of RML on the NASDAQ, we are aiming to be trading shoulder to shoulder with the likes of our next door neighbour, Perpetua Resources, and other US critical metals giants such as MP Materials Inc.”

Pushing ahead

Proceeds from the placement will be used to explore downstream critical mineral processing initiatives and continue drilling at Horse Heaven aimed at testing mineralisation trends at depth and along strike at Golden Gate.

The funds will also be used for future drilling and surface sampling programs, identify and acquire additional strategic assets, and progress the company’s other exploration projects.

Future drilling will test targets in and around the ex-operating tungsten, gold and antimony mines that dot the Horse Heaven project.

RML also intends to apply for further drill permits to continue expanding its drilling program and expand its land package in value accretive areas.

Additionally, the company will evaluate potential downstream collaboration solutions and develop its Washington DC engagement strategy to become eligible for grants and other support from the US Department of War, Department of Energy and other government organisations.

This article was developed in collaboration with Resolution Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.