The Fostung claim block spans 11.14 sq km and lies 70 km west of Sudbury. Credit: Transition Metals
United States Antimony (NYSEA: UAMY) plans to fast-track development of its new Fostung tungsten property in Ontario, it said Friday.
US Antimony, based in Dallas, paid $5 million in cash and a 0.5% net smelter return royalty (NSR) split with Transition Metals (TSXV: XTM) and an Ontario numbered company. Additionally, they took on a 1% NSR owed to a previous owner.
The Fostung claim block spans 11.14 sq km and lies 70 km west of Sudbury. It contains 12.4 million tonnes of inferred resources, with a grade of 0.213% tungsten trioxide for about 26,000 tonnes of metal.
“Our first significant acquisition of a tungsten deposit fits well within our company policy of only seeking mineral deposits that we believe can be quickly and inexpensively developed,” executive vice-president and chief mining engineer…
