Military plans soil geochemical survey at Last Chance

Executive Summary

• Military Metals Corp. announced the commencement of a soil geochemical survey program at its wholly owned Last Chance antimony-gold property in Nevada, scheduled to begin around September 29.
• The company simultaneously announced the grant of 6.6 million Performance Stock Units (PSUs) to officers, directors, employees, and consultants under its incentive share unit plan.
• The soil sampling aims to refine drill targets by analyzing structural correlations with alteration and known mineralization, building on previous geological findings.

Key Details

• Soil Sampling Program Details:
  • Location: Last Chance antimony-gold property, located 18 km west of Kinross Gold's Round Mountain gold mine in south-central Nevada.
  • Start Date: On or around September 29.
  • Objective: Follow up on structural geology field program recommendations; narrow down target areas and fine-tune drill targets by examining the correlation of structures with alteration and known mineralization.
  • Sample Volume: Up to 1,000 samples to be collected.
  • Grid Configuration: 75-foot station spacing along lines spaced 150 feet apart.
  • Lab Processing: Samples will be shipped to American Assay Laboratories in Sparks, Nevada, with standard QA/QC protocols implemented.
• Historical and Recent Mineralization Data:
  • Historical Production:
    • WWI: 400 tons averaging 20% antimony.
    • 1939: 29 tons averaging 45% antimony.
    • 1941-1942: Over 200 tons of stibnite shipped.
    • 1958: Last reported production of 44 tons at 10-15% antimony.
  • Recent Sampling Results: Company personnel collected samples ranging from 0.005% to 11.61% stibnite, with specific highlights of 6.66% and 11.61% stibnite.
  • Geology: Disseminated to massive stibnite is found in quartz-carbonate veins and flooded metasedimentary host rocks across at least three locations over a one-kilometer distance.
• Performance Stock Units (PSU) Grant:
  • Quantity: 6.6 million PSUs reserved.
  • Recipients: Officers, directors, employees, and consultants.
  • Vesting/Conditions: Based on achieving future significant milestones.
  • Term: Five-year period under the company's incentive share unit plan.
• Strategic Context:
  • CEO Scott Eldridge highlighted increased global demand for defense-related commodities, specifically antimony, due to modernization of equipment by various countries.
  • Antimony is listed as a critical mineral in the U.S., attracting special policy attention and government investment (grants, equity, loans).

Notable Quotes

• Scott Eldridge, CEO: "We are in a period of higher demand for defence-related commodities and minerals, placing further importance on antimony; it is needed in greater quantities as more countries modernize equipment. Global competition for antimony has increased the need for domestic sources; it is officially listed as a critical mineral in the U.S., which means it gets special attention in policy and planning."
• Scott Eldridge, CEO: "Soil geochemistry is a cost-effective and often powerful tool in areas lacking abundant outcrop that can reveal subtle geochemical footprints at surface. It provides MILI with a cost-effective way to zero in on potentially buried mineralized systems. At Last Chance, soil sampling will help us further pinpoint the structures and halos that appear to be related to stibnite mineralization, sharpening our drill targets and increasing our chances of discovery."