Glenstar talks U.S. mineral reserve plans in Nevada

Executive Summary

• Glenstar Minerals comments on the U.S. establishment of a strategic minerals reserve in Nevada, highlighting strategic alignment with its own exploration activities in the region.
• The company recently completed a private placement raising over $3 million CAD to advance drilling and exploration at its Green Monster and Wildhorse projects.
• Glenstar reports significant polymetallic assay results from Green Monster (zinc, silver, copper, nickel, cobalt) and early sampling data from Wildhorse (copper, silver), positioning itself to benefit from new federal infrastructure and CHIPS Act funding.

Key Details

• Strategic Context: The U.S. is establishing its first strategic minerals reserve at the Hawthorne army depot in Mineral County, Nevada, via a public-private partnership led by M2i Global and Volato Group.
• Government Support: The initiative is backed by the U.S. Department of Defense, Department of Energy, and Defense Logistics Agency. It follows an announcement directing $2 billion of the $52.7 billion CHIPS Act funding toward critical minerals projects.
• Financing: Glenstar recently raised over $3 million (Canadian) through a private placement financing.
• Use of Proceeds: Funds are designated to advance drilling and further exploration at the Green Monster and Wildhorse projects in Nevada.
• Green Monster Project Results:
  • Testing continuity of a zone with grades exceeding 30% zinc.
  • Silver grades up to 5.7 oz/t.
  • Anomalous cobalt and nickel presence.
  • Polymetallic composition includes zinc, silver, copper, nickel, and cobalt.
• Wildhorse Project Results:
  • Early sampling shows grades up to 5.3% copper.
  • Silver grades up to 21.6 ppm.
• Strategic Alignment: CEO Dave Ryan notes that Glenstar’s target minerals align directly with those the reserve and CHIPS Act aim to secure, creating a "domestic pipeline from the ground to the processor to the factory."

Notable Quotes

• "This is a huge validation of what we are doing... With federal resources flowing into regional mineral infrastructure, we have a serious tailwind. This is not just about stockpiling; it is about creating a domestic pipeline from the ground to the processor to the factory. That gives Nevada mineral exploration companies such Glenstar a real opportunity to scale." — Dave Ryan, CEO