Lomiko Metals has entered an agreement to acquire the Yellow Fox antimony, silver and gold property in Newfoundland, Canada.
This acquisition aligns with Lomiko’s strategy to develop critical minerals in Canada. Payments include $64,750 (C$92,690) in cash and $328,375 in Lomiko shares.
The price of antimony, a critical mineral, has surged due to its industrial importance and China’s export restrictions.
The Yellow Fox property comprises 28 mineral claims spanning 7km², located 10km south-west of Glenwood, Newfoundland.
The acquisition is subject to TSX Venture Exchange approval, with closing expected by 28 February 2025.
Lomiko CEO, president and director Gordana Slepcev said: “We are pleased to add another critical mineral, antimony, to our portfolio with upside potential in silver and gold. We also welcome Metals Creek as a shareholder of Lomiko and look forward to working with Metals Creek in the long term.
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“The property is an early-stage exploration property prospective in antimony, gold and silver where historic works returned samples anomalous in gold (Au), antimony (Sb), lead (Pb), zinc (Zn) and silver (Ag). The trenching exposed the rocks, resulting in grab samples of 59.43g/t [grams per tonne] Au, 11.10% Sb, 7.00% Zn, 72.90g/t Ag and 5.50% Pb in arsenopyrite-stibnite veins within altered monzogranite.
“This property is on the same trend as the past-producing antimony mine Beaver Brook, which is located 25km south-west of the property and on the same trend.”
Lomiko’s leadership has extensive experience in critical minerals projects, particularly in antimony, silver and gold.
“If this project is successful in exploration, it can feed antimony into the North American critical minerals supply chain. We are also pleased to be advancing the La Loutre graphite project as planned for bulk sample permitting and evaluating our regional graphite claims for the next steps,” Lomiko added.
Antimony’s significance has grown due to its applications in semiconductors and as a flame retardant.
In 2024, antimony prices surged by 250%, driven by China’s export ban to the US. This acquisition supports Lomiko’s goal to be a leading critical minerals developer in North America.
The property is an early exploration project with completed airborne surveys and grab samples.
Lomiko plans to review existing data and potentially initiate fieldwork in the spring, followed by an exploration drilling programme.
