VANCOUVER, BC, Sept. 9,
2024 /CNW/ - Superior Mining International
Corp. ("Superior Mining" or the "Company") (TSXV:
SUI) (OTC: SUIFF) is pleased to announce that it has entered
into an option agreement dated August 27,
2024 (the "Option Agreement") whereby Superior has
the option to earn a 100% interest in the Bald Hill Antimony
Property (the "Bald Hill Property") from Globex Mining
Enterprises Inc. ("Globex"), an arm's length
vendor.
The Bald Hill Antimony Property is located in Queens County,
south central New Brunswick, 40 km
northwest of the town of Sussex
and roughly 60 km southeast of the City
of Fredericton. The Property consists of 26 claims covering
the Bald Hill antimony deposit and surrounding area.
Past exploration activity by Rockport Mining Corp. returned up
to 43% Sb over 2.0 m and 2.90% Sb
over 8.18m. A 2010 report titled
"National Instrument 43-101 Technical Report on Bald Hill Antimony
Project, southern New-Brunswick,
Canada, NTS Map Sheet 21G/09 and 21H/12 for Rockport Mining
Corp. authored by Heather MacDonald,
MSc., P.Geo." produced by Conestoga-Rovers and Associates of
Fredericton, New Brunswick states
the following;
"Based upon 16 widely spaced drill holes totaling 3,554 metres
and 609 assays, an antimony zone of 450 metres in length was
outlined including drill intersections of up to 11.7% Sb over 4.51
metres (core length)."
A 2014 trenching program and subsequent NI 43-101 report titled:
"National Instrument 43-101 Technical Report: Bald Hill Antimony
Project (claim group 5061) Southern
New-Brunswick, Canada, NTS Map Sheet 21G/09 and 21H/12,
Prepared for Tri-Star Antimony Canada Inc. by Peter Banks, B.Sc., P.Geo. and John Langton, M.Sc., P.Geo. of MRB &
Associates, October 28th,
2014" analyzed additional exploration work and states;
"Rockport's drilling on the
Bald Hill main grid has confirmed the Sb mineralization over a
significant area of approximately 700
m on surface and to 300 m
depth. Surface mineralization and soil geochemical anomalies
indicate that the mineralization extends for at least 1.5 km, along
strike from the delineated mineralization zones. The 2014 trenching
program, centered approximately 1.0 km along strike to the
southeast from the main Bald Hill occurrences, exposed new antimony
mineralization grading 9.04% Sb over 2.60 metres."
Traditionally used as a fire retardant, antimony is listed on
critical minerals lists in Canada,
the United States, Australia, the United Kingdom and the European Union.
Antimony is also used to increase the hardness of alloys used in
the production of batteries, machine bearings and munitions.
Additionally, antimony is used in the production of clean
technologies such as solar panels and wind turbines.
Terms of Acquisition:
The Bald Hill Antimony project is being acquired from Globex
Mining Enterprises, an arm's length TSX- V listed company
with an extensive portfolio of highly prospective mineral
exploration projects:
Pursuant to the terms of the Option Agreement, in order to
acquire the 100% interest in the Bald Hill Property, Superior must
pay an aggregate of $680,000 in cash,
issue an aggregate of 2,000,000 common shares and incur an
aggregate of $4,600,000 in
expenditures, as follows:
- Pay $60,000 in cash upon receipt
of TSXV approval, and a further $75,000 in cash on the first and second
anniversaries of the Option Agreement, a further $150,000 on the third anniversary and a further
$320,000 on the fourth
anniversary.
- Issue 350,000 shares upon receipt of TSXV approval, issue a
further 350,000 shares on or before the first anniversary of the
Option agreement, a further 400,000 shares on or before each of the
second and third anniversaries, and a further 500,000 shares on or
before the fourth anniversary of the Option Agreement.
- Incur at least $600,000 in
exploration expenditures on the Bald Hill Property prior to the
first anniversary of the Option Agreement, a further $500,000 prior to the second anniversary, a
further $750,000 prior to each of the
third and fourth anniversaries of the Option Agreement and a
further $2,000,000 on or before the
fifth anniversary of the Option Agreement.
The initial cash payment of $60,000, the issuance of the initial 350,000
common shares, and the $600,000 in
first year exploration expenditures are firm commitments of
Superior. In addition, Superior has agreed to grant to
Globex a 3.5% gross metal royalty (the "Royalty") on all
metals, minerals, elements or compounds produced from the Bald Hill
Property. Superior has the right to acquire 0.5%
of the Royalty upon the payment of $500,000 (adjusted for inflation) prior to
commercial production, leaving Globex with a 3.0% Royalty.
The Option Agreement remains subject to the approval of the TSX
Venture Exchange.
About Antimony:
Antimony, a lustrous silvery-grey metalloid, is scarce in nature
and unevenly distributed globally. It is, however, critical for
producing high-tech and defence products, including flame-retardant
materials, certain semiconductors, and superhard materials. And
electric battery products. As with many critical minerals,
China dominates the global
antimony supply chain. The country holds the world's largest
deposit, accounting for approximately 32% of global
antimony resources, yet it produces more than 48% of
global output.
Antimony is one of the few elements classified as a "critical"
or "strategic" mineral by countries including the United States, China, Australia, and Russia, as well as the European Union,
underscoring its special geopolitical value. Following
similar restrictions on germanium, gallium, graphite, and
rare earths, China's export
control of antimony marks another move to leverage its dominance in
global supply chains. This action serves as a response to US
efforts to limit the availability to China of critical technologies such as
high-end chips.
On August 14, China announced export restrictions on
antimony in the country's latest move to restrict critical mineral
shipments globally in the name of national security. Antimony is
a critical input for the defense industry, particularly for
armor-piercing ammunition, night vision goggles, infrared sensors,
bullets, and precision optics, and the electronics industry,
including semiconductors, cables, and batteries. This is the latest
restriction after a series of export controls in 2023 on
graphite, germanium, gallium, and rare earth processing
technologies, raising alarms in the semiconductor, electric
vehicle, and defense industries that rely on these materials.
Antimony Related Media:
Antimony and Military:
https://www.youtube.com/watch?v=ZbDOEg_Wy_0
Antimony Prices Soar
https://asia.nikkei.com/Business/Markets/Commodities/Antimony-gallium-prices-soar-as-China-widens-rare-metal-export-curbs
ON BEHALF OF THE BOARD
"Brent
Butler"
_________________________
Chief Executive Officer and
Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
the content of this news release.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The securities
being offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws, and may not be
offered or sold in the United
States, or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S of the U.S. Securities Act)
unless pursuant to an exemption therefrom. This press release is
for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the
Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based
on current expectations, including the use of funds raised under
the Offering. These statements should not be read as
guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements.
Although such statements are based on management's reasonable
assumptions, Superior assumes no responsibility to update or revise
forward-looking information to reflect new events or circumstances
unless required by law.
Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. These
statements speak only as of the date of this press release. Actual
results could differ materially from those currently anticipated
due to several factors and risks including various risk factors
discussed in the Company's disclosure documents which can be found
under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
SOURCE Superior Mining International Corporation
