The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - December 11, 2024
Geologists collect samples for the Stibium antimony-gold target in Alaska.
High-grade antimony from Stibium.
Stibium sample with 18.1 g/t gold and 0.6% antimony.
Stibium antimony rock sample results.
Stibium gold rock sample results.
Nova Minerals Ltd. Dec. 11 announced that assays confirm high-grade gold found along the high-grade antimony at the Stibium prospect on the company's Estelle project about 100 miles northwest of Anchorage, Alaska.
"We are delighted to now report both high-grade antimony and gold at the Stibium prospect," said Nova Minerals CEO Christopher Gerteisen.
Discovered during a property-wide reconnaissance exploration program carried out at Estelle last year, Stibium has emerged as a potential domestic source of high-grade antimony, which became more urgent following China's Dec. 3 ban on antimony exports to the United States.
A combination of market dynamics and China's export ban has pushed the price for a metric ton of antimony in the U.S. above $25,000, which is more than double the roughly $12,345 per metric ton average price for the metalloid in 2023.
"Both antimony and gold are currently at record high prices and continuing on a clear upward trajectory, potentially marking the beginnings of a bull market for both," Gerteisen added.
Samples collected from Stibium last year returned grades as high as 60.5% antimony, 12.7 grams per metric ton gold, and 1,600 g/t silver.
The high-grade antimony mineralization discovered at Stibium piqued the interest of officials from the U.S. Department of Defense, which was already seeking U.S. projects that could provide reliable supplies of strategic antimony before China threatened to cut off supplies.
DOD's interest in backing the development of domestic antimony projects is due to the importance of this metalloid for ammunition and military gear, coupled with global supply shortages and a lack of domestic antimony mines.
Nova management is in talks with Pentagon officials about a potential grant to support the development of a small pilot-scale mine at Stibium, a significant source of antimony due to the high-grades found there.
The company's geological team has collected 80 rock samples, 180 soil samples, and a 2,500-kilogram (4,510 pounds) bulk sample from the prospect in 2024.
Last week, the company reported that 11 out of the 80 rock samples collected over a 400-by-800-meter area of Stibium returned grades topping 30% antimony, confirming the extent and high-grade nature of this drill-ready prospect.
High-grade antimony from Stibium.
Stibium sample with 18.1 g/t gold and 0.6% antimony.
Highlights from the 2024 antimony samples collected from Stibium include 56.7% 55.7%, 54.8%, 54.5%, 46.2%, 45.9%, and 43.3% antimony.
This year's sampling also confirms that the same area hosts high-grade gold.
Highlights from the 2024 gold sampling at Stibium include rock chips with 141 g/t, 64.7 g/t, 62.3 g/t, 42.8 g/t, 34.8 g/t, 29.1 g/t, and 22.3 g/t gold.
"These high-grade gold and antimony values occur over approximately 200m of vertical relief which makes Stibium a top drill target for 2025," said Nova Minerals Head of Exploration Hans Hoffman.
Stibium antimony rock sample results.
Stibium gold rock sample results.
The criticality and record high prices for antimony, combined with gold selling for more than $2,700 per oz, makes the idea of antimony mine at Stibium with a gold byproduct or coproduct compelling.
"This is an exciting time for the company with the Estelle Gold and Critical Minerals project in the right place, at the right time, with the right commodities," said Gerteisen.
Nova says the approval process for its grant application for further work at Stibium is well advanced.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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