AUSTIN, TX / ACCESSWIRE / August 19, 2024 / Xtra Energy Corp. (OTC Pink:XTPT) is excited to announce the successful assay results from our on-site mill grade stockpiles at the American Antimony Project, located about 57 miles northeast of Fallon, Nevada. The assay results confirm high-grade antimony content, marking a critical step forward in our plans to initiate U.S.-based production of this strategically important mineral.
Antimony, a critical mineral used in a variety of industrial applications, including flame retardants, alloys, and battery technologies, is increasingly in demand. The assay results revealed a range of 160 ppm Sb to as high as 31% Sb, with an average grade of 2.73% Sb across the 4 tested piles so far, estimated at a tonnage of 10,000 tons. The assay results highlight the economic viability of these piles and reaffirm our commitment to becoming the sole domestic supplier of antimony.
Mac J. Shahsavar P. Eng., Chairman stated: "These high-grade assay results are a significant milestone for Xtra Energy. They validate our strategy to leverage existing resources for near-term production. With antimony recognized as a critical mineral by the U.S. government, establishing a domestic source is not only a strategic opportunity for our company but also a contribution to national security and supply chain resilience."
Assay and Tailings Pile Details:
Location: The piles are spread across our American Antimony Project site in the Bernice Mining District, which was historically known for antimony mineralization and production during both World Wars.
Assay Results: For the test, 24 complete samples were taken from four stockpiles and sent to American Assay Laboratories in Sparks, Nevada, for testing by a third-party lab. The results showed consistent high-grade antimony concentrations, with an average of 2.73% Sb.
Production Potential: These findings will guide the next phase of our project, which includes road construction and planning for the start of on-site processing and production. These findings, based solely on mill grade stockpiles, further validate the mines for their economic viability, redevelopment, and further material extraction. We can clean up the multiple piles through remediation and use the funds to redevelop the Bernice Mining District into the leading producer of antimony in the United States.
10,000 tons | Avg. 2.73% Sb | 273 tons of antimony | $22,800 per tonne | $5,654,400 |
*Key Variables to Consider, Cost Analysis, and Expected Recoveries:
Price fluctuations in antimony. The antimony grade variations within the pile, taking into account both high-grade and low-grade zones, The concentration's density. The parent rock's density. Rates of milling and smelting recovery.
Strategic Impact:
The positive assay results position Xtra Energy to move forward with plans to develop a U.S.-based antimony production facility, reducing dependency on foreign sources and supporting the domestic economy. As part of our commitment to sustainability, we are exploring environmentally responsible concentration, extraction, and processing methods with the Irish Metals subsidiary of Sidney Resources Corp. that align with our corporate values and regulatory requirements.
Next Steps:
In light of these promising results, Xtra Energy is accelerating its project timeline, with upcoming activities including:
Further Study: We intend to perform a full sampling and lab program to analyze the economic potential of each stockpile on the project site, which we estimate will number more than twenty separate piles, as well as their estimated tonnage. We must delve further into the environmental concerns in order to develop production facilities and determine the best processing location to begin.
Permitting and Approvals: Engaging with local, state, and federal agencies to obtain the necessary permits and approvals for road construction. This will enable us to quickly access and test all piles across the AAP, thereby ensuring rapid production.
Strategic Partnerships: Exploring partnerships with local land owners, industry leaders, and government agencies to enhance the project's success and sustainability. Xtra Energy has already begun fielding multiple proposals for financing the project into full redevelopment and production.
Contact & Learn More:
Xtra Energy Corporation
Phone: 512-412-3636
Corporate Website: https://americanantimony.com/
Corporate Linkedin: https://www.linkedin.com/company/xtra-energy-corp/
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About Xtra Energy Corporation
Xtra Energy Corp. is an antimony exploration company focused on developing its flagship project "American Antimony", approximately 31 miles northeast of Eastgate, Nevada. Xtra Energy Corp. holds a 100% ownership in 214 lode claims or 4,421 acre antimony project including 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 expanding portfolio of potential antimony-rich assets to become a major supplier of antimony-based products.
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause materially different results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/XTPT/disclosure.
SOURCE: Xtra Energy Corp.