Drilling is to begin at Horse Heaven in August, with Resolution Mining (ASX:RML) setting the work start date after landing final permits – and, more importantly, finally formalising the $20 million cash and scrip acquisition.
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That latter point all revolves around two last administrative hurdles: Due diligence and shareholder approvals. Holders are expected to green light the “transformational” acquisition at a meeting on July 25.
“Resolution is very excited to begin aggressively advancing Horse Heaven,” the company’s U.S. operational CEO, Craig Lindsay, said on receiving the drill permits.
“We’re excited about Horse Heaven and its potential to play an important role in meeting the U.S.’s growing demand for domestic supply of critical metals.”
Once holders “okay” the deal, Resolution will immediately saddle up at Horse Heaven.
Resolution’s first project campaign will test up to 57 holes from 19 drill sites along an existing road network for antimony, gold, silver, and tungsten.
The Golden Gate target area remains a key focus in the 20-hole, 20,000-feet run. It has an approximate strike length of 3.5 kilometres and has been the subject of historical drilling campaigns that targeted shallow, oxide gold.
That area also hosts known disseminated gold mineralisation, Resolution confirmed.
Though gold remains the top priority in early digs – mostly thanks to those in-hand historical findings – antimony and tungsten are also on the menu.
“Historically, the Golden Gate Ridge area has produced tungsten from both open pits and underground adits, and an antimony anomaly has been identified that runs parallel to the Golden Fault Zone,” Mr Lindsay explained.
RML shares opened at 4.5 cents each on Wednesday morning.
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