Resolution Minerals Limited (ASX: RML or “the Company”) has officially commenced drilling at its highly prospective Horse Heaven Gold-Antimony-Tungsten Project in Idaho, U.S. The milestone marks a significant step forward in unlocking the site’s potential as a strategic source of critical minerals, particularly antimony, a commodity of rising global importance due to its military and industrial applications.
Strategic Location and Background
The Horse Heaven Project lies directly adjacent to the Stibnite Gold Mine, owned by NASDAQ-listed Perpetua Resources Corp (market cap ~A$3 billion). This proximity to one of North America’s most significant gold-antimony operations reinforces the geological potential of Horse Heaven as a deposit analogue.
The project hosts strong mineralisation across two established corridors and several emerging targets, including historic antimony and tungsten mines that supplied materials during World War I, World War II, and the Korean War. With the U.S. currently 100% reliant on antimony imports, the development of Horse Heaven carries strategic significance in strengthening domestic supply.
Figure 1: Location map of the Horse Heaven Project, with coordinates shown in a north–east metric grid system specific to this region of North America, rather than standard latitude and longitude
Phase 1 Drilling Program
Resolution has mobilised drill contractor Evolve Exploration Limited to the site, deploying a man-portable modular HQ diamond core drill rig. Phase 1 will comprise approximately 3,000 metres across nine drill holes, averaging 300 metres depth each. There is scope to extend the program to 6,000 metres across up to 20 holes, subject to equipment availability.
The program will initially target the Golden Gate prospect, designed to:
- Confirm historic shallow drilling
- Test for extensions of mineralisation at depth and along strike
- Assay for antimony and tungsten, which were not analysed in earlier campaigns
Past drilling highlights include:
- Drill hole 87-GGR-31: 85.34m @ 0.937 g/t Au, incl. 38.10m @ 1.459 g/t Au.
- Drill hole 86-GGR-10: 105.16m @ 0.787 g/t Au, incl. 51.82m @ 0.990 g/t Au.
- Drill hole 86-GGR-01: 30.48m @ 1.354 g/t Au.
These results indicate promising mineralisation continuity, and Resolution’s new program aims to validate and expand upon these findings.
Environmental and Operational Planning
Resolution is also preparing environmental baseline surveys to support a new Plan of Operation. These will encompass:
- Water quality and riparian studies
- Vegetation and habitat assessments
- Migratory bird and archaeological surveys
The surveys are intended to support future expanded drilling, including initial work at Antimony Ridge and Vibika Creek. By focusing on sustainable practices and limiting environmental footprints, the Company seeks to meet regulatory expectations while maintaining exploration momentum.
Figure 2: Map of drill hole locations at Golden Gate, displaying both historic and planned holes. Gold mineralisation is illustrated with colour-coded bars, with red indicating grades exceeding 2 g/t Au
Engagement with the U.S. Government
Recognising the critical importance of antimony to U.S. national interests, Resolution has engaged government relations specialists Thorn Run Partners and Clewett Global Services. Thorn Run, a top-tier Washington, D.C.-based firm, will assist in expediting permitting approvals and positioning Horse Heaven as a potential beneficiary of U.S. federal incentives for critical minerals development.
This move highlights Resolution’s commitment not only to technical advancement but also to securing strategic partnerships that could accelerate the project’s pathway to production.
Words from the Executive
Craig Lindsay, CEO of U.S. Operations at RML, emphasised the significance of this step: “Drilling is now underway. This is an important milestone for Resolution and we are pleased with progress. This would not be possible without the welcome support of the local town of Yellow Pine and the U.S. Forest Service as we move forward with developing the next source of critical metals to meet the United States’ growing domestic demand.”
Global Market Context
The commencement of drilling at Horse Heaven aligns with strengthening fundamentals across the antimony, tungsten, and gold markets.
Antimony Market
- The global antimony market was valued at USD 1.19 billion in 2023 and is projected to reach USD 1.66 billion by 2030, growing at a CAGR of 6.1% (2024–2030).
- Demand is being driven by flame retardants, lead-acid batteries, and semiconductors, with trioxides representing the fastest-growing segment (USD 474 million in 2023).
- Asia Pacific led revenue in 2023, while India is forecast to record the highest growth rate through 2030.
Tungsten Market
- The tungsten market stood at USD 4.75 billion in 2023 and is forecast to more than double to USD 9.49 billion by 2032, reflecting a CAGR of 8.0% (2024–2032).
- Tungsten’s strength, density, and high melting point make it indispensable in cutting tools, aerospace, automotive, and electronics.
- Asia-Pacific remains the largest consumer, but North America is projected to post the fastest growth over the forecast horizon.
Gold Market
Gold continues to serve as a safe-haven asset amid global economic uncertainty:
- Current price: AUD $5,140.80/oz (USD $3,335.35/oz)
- Year-to-Date (YTD) gain: +27.09%
- 1-Year gain: +32.72%
With all three commodities experiencing strong market tailwinds, Resolution Minerals’ drilling campaign at Horse Heaven positions the Company to benefit from multiple growth vectors.
Market Context and Performance
Resolution Minerals’ announcement coincides with a period of heightened investor interest in critical minerals. The U.S. government has signalled its clear intent to secure supply chains for strategic metals, with antimony ranking prominently on its critical minerals list.
The market has responded positively to the news. As of 12:45 pm AEST on 19 August 2025, Resolution Minerals’ shares were trading at $0.061, reflecting a 22% intraday rise. The Company’s performance metrics are particularly strong:
- 1 Week: +1.67%
- Year-to-Date (YTD 2025): +408.33%
- 1 Year: +281.25%
- Vs Sector (1yr): +269.71%
- Vs ASX 200 (1yr): +269.81%
With a market capitalisation of $61.79 million, RML has significantly outperformed both its sector peers and the broader ASX 200 over the past 12 months.
Investor Outlook
For investors, the commencement of drilling at Horse Heaven represents a tangible progression from planning to execution. The project’s proximity to Perpetua’s Stibnite Mine enhances its credibility, while the strategic importance of antimony and tungsten provides exposure to critical minerals that are gaining geopolitical attention.
The strong share price performance, particularly the 408% YTD gain, underscores growing market confidence.
If Phase 1 drilling confirms mineralisation continuity and demonstrates antimony-tungsten potential, RML could be well-positioned as a junior with both strategic and economic leverage. For investors, this milestone strengthens the outlook, though attention will now turn to assay results expected later this year.
