Resolution Minerals (ASX: RML) has significantly expanded its portfolio through the acquisition of three high-grade metals projects in New South Wales and Queensland. The company acquired the Drake East antimony-gold project, the Spur South gold-copper project, and the Neardie antimony project from Devil Prospecting for $70,000 and 25 million Resolution shares. These acquisitions align with Resolution’s strategy to gain exceptional value and strategic exposure to antimony and gold.
The Drake East project showcases high-grade antimony, gold, and silver occurrences over a 15-kilometer strike length, with historic sampling revealing peak values of 5.72% antimony, 60.9 g/t gold, and 214 g/t silver. A recent topography study identified 791 mine workings within the project area. The Neardie project, known for its historical high-grade antimony production, exhibits grades of up to 5% antimony during peak production, with current underground samples showing maximum values of 19.5%. The Spur South project is located in the Macquarie Arc region of NSW, known for its gold-copper porphyry systems and world-class mines, including those owned by Newmont Corporation (ASX: NEM) and Evolution Mining (ASX: EVN).
Resolution Minerals is also reviewing its existing exploration portfolio for potential divestments. The company completed a $1.55 million capital raising to fund the development of its new acquisitions, with a cash balance of $998,000 at the end of March. Expenditure for the period totaled $86,000, covering tenement rentals, technical consultants, and executive director fees.