AUSTIN, TX / ACCESSWIRE / May 29, 2024 / Xtra Energy Corp. (OTC PINK:XTPT), an antimony exploration company focused on developing its flagship project "American Antimony," roughly 31 miles northeast of Eastgate, Nevada, has finalized the acquisition of the Antimony King Mine comprised of four lode claims approximately 80 acres of workings (see Figure 1.), achieving the company's objective of district-wide unification. Credited as the largest antimony producer in this district, it first worked as a unit alongside the I.H.X. Mine, a neighboring past-producer also fully owned by Xtra Energy Corporation (see 1/3/2023 Company Press Release).
Figure 1 : The American Antimony Project Layout
The Antimony King Mine, located in Churchill, Nevada, is situated within the historically significant Bernice Mining District. The mine had a relatively modest production output. It encompasses both surface and underground operations, and features a single known shaft. The subsurface depth of the mine reaches a maximum of 30 meters (100 feet) and extends for a distance of 61 meters (200 feet). The primary minerals extracted from the Antimony King Mine were stibnite, gold, and cervantite. The ore body has a tabular shape, stretching for 274 meters (900 feet) in length and measuring approximately 1 meter (4 feet) in width. The surrounding rock composition in this region consists of latite, a type of volcanic rock. Lawrence (1963, p23) reported analyses of 12. 71 and 33. 42% antimony, but by selective mining and hand-sorting, it was possible to ship ore running 60% sb.
The issuance of 2500 preferred shares, which, upon conversion, would be equivalent to 5 million common shares of XTPT, serves as the consideration for this acquisition.
The Domonoske Family, the historic owners of the Antimony King site, stated, "We are excited to move forward with the Xtra Energy Company and begin a long-term partnership and friendship in restoring and carrying on the family legacy."
Xtra Energy's Chairman and CEO, Mac J. Shahsavar, P.Eng., commented, "We are pleased to announce the successful completion of this significant acquisition. This strategic initiative is a critical step on our path to becoming the leading antimony asset in the United States. We are prepared to bring extraordinary value to our stockholders by unifying this district. Together, we will advance our aim of reshaping the antimony market landscape and provide new prospects for long-term and reliable access to this critical metal. We are excited to integrate this asset and leverage our current condition to reach even greater heights."
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Xtra Energy Corporation
Phone: 512-412-3636
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About Xtra Energy Corporation
Xtra Energy Corporation is an antimony exploration company focused on developing its flagship project "American Antimony", approximately 31 miles northeast of Eastgate, Nevada. Xtra Energy Corporation holds a 100% ownership in a 211 lode claim, 4356 acre antimony project consisting of the historically documented Antimony King Mine and covering all other documented antimony producers of the Bernice Mining District. The Company is seeking to develop this historic district of antimony-rich assets to become a major supplier of antimony based products.
FORWARD-LOOKING STATEMENTS:
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SOURCE: Xtra Energy Corp.