Resolution Minerals Rapidly Progressing its US Antimony and Critical Minerals Strategy

Resolution Minerals (ASX: RML) continued to advance its US antimony interests and push its US-centric critical minerals strategy during the three months to end June.

The company’s primary focus during the period was advancing its wholly owned Horse Heaven antimony-tungsten-gold-silver project in Idaho, where it aims to establish an integrated critical minerals platform through permitting, metallurgy, exploration drilling, and strategic engagement initiatives.

Horse Heaven—which includes the Antimony Ridge and Golden Gate projects, as well as the 100%-owned Johnson Creek processing site and historical tungsten stockpiles—is located adjacent to Perpetua Resources’ Stibnite gold project, one of the largest antimony resources in the US.

During the quarter, Resolution achieved several milestones including securing FAST-41 transparency coverage for Antimony Ridge, advancing antimony-tungsten metallurgical test work, commencing a Phase 2 drilling campaign at Golden Gate and strengthening its balance sheet through a $20 million capital raising.

Significant Scale Potential

Three-dimensional geological modelling completed during the quarter highlighted the significant scale potential of the Antimony Ridge mineralised system, identifying more than 100 antimony-bearing veins.

The vein systems are stacked and remain open in all directions, indicating considerable exploration upside.

Historical mining and recent mapping also show the veins are surrounded by a broader halo of lower-grade antimony, suggesting the potential for a larger system extending beyond the currently mapped high-grade zones.

Resolution made significant progress advancing metallurgical studies at Antimony Ridge including pyrometallurgical and concentration test work and ongoing hydrometallurgical studies, forming part of a strategy to investigate future downstream processing opportunities in Idaho.

The company expects the mineralisation to be amenable to conventional processing methods, supporting its longer-term objective of participating in the domestic US critical minerals supply chain.

Antimony Trioxide Production

Canada’s Kingston Process Metallurgy achieved the production of an intermediate antimony trioxide product grading 99.38% purity from representative stibnite material sourced from historical workings at Antimony Ridge.

Testing used conventional pyrometallurgical volatilisation techniques and demonstrated that Antimony Ridge is capable of outputting “exceptionally high purity” antimony products.

Additional concentration test work during the quarter returned encouraging results, with rougher flotation studies delivering sulphur recoveries of up to 99.5% to indicate near-complete recovery of stibnite from samples.

Resolution continued to advance studies on the Johnson Creek mill and associated historical tungsten stockpiles at the base of Antimony Ridge, providing the company with existing infrastructure including private land ownership, access roads, power, and water.

The acquisition of the mill and stockpiles may ultimately support future processing activities associated with antimony and tungsten mineralisation.

Phase 2 Drilling Campaign

Resolution commenced a Phase 2 drilling campaign at Golden Gate to define the scale and extent of gold-tungsten mineralisation across the broader Horse Heaven project.

The campaign comprises 45 holes for a total 13,700m and is reported to be progressing well, with two drills currently mobilised to site.

The company hopes to evaluate tungsten mineralisation associated with historical mine workings at Golden Gate North and newly-identified targets at Golden Gate South, as well as advance Golden Gate towards a maiden mineral resource estimate.

“The June quarter represented a transformational period for Resolution from a corporate perspective, significantly strengthening its balance sheet, broadening institutional support, and continuing to build strategic relationships within the US,” the company said.

“These initiatives strongly position Resolution to execute its next phase of growth as it advances the Horse Heaven project and seeks to establish itself as an emerging US critical minerals platform.”

Institutional Placement

Resolution completed a strongly supported institutional placement during the quarter, to raise approximately $20 million (before costs), providing it with funds to accelerate exploration, metallurgy and permitting activities across Horse Heaven.

The raising was cornerstoned by Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund and was priced at $0.07 per share, representing a 6.3% premium to the company's 20-day volume weighted average price.

Resolution said the placement would “materially strengthen” its ability to pursue multiple workstreams simultaneously and position it to capitalise on increasing geopolitical focus surrounding US domestic critical mineral supply chains.

The company also continues preparations related to a proposed listing on New York’s Nasdaq exchange to increase access to North American investors and broaden its institutional ownership.