Resolution Minerals (ASX: RML) (Resolution Minerals or “the Company”) reports progress at the Horse Heaven Gold-Antimony-Tungsten-Silver Project in Idaho, USA. The Company’s maiden diamond core drilling program conducted at the Golden Gate target has provided encouraging results.
Early Results Hold Promise
The Company’s planned program includes 3,000m of diamond core drilling over 8-10 holes. Four HQ-sized diamond core holes have been completed (960m, 3222ft) to downhole depths of 260m. The predominant lithology is bleached, altered, locally oxidised quartz-sericite to silicified felsic granite. The Company has interpreted this to be granodiorite to monzonite of the Cretaceous Idaho Batholith. The drilling identified oxidation at 40 to 50m vertical depth from the surface (70 to 90m downhole).
The Company obtained feedback from local technical experts familiar with the adjoining Stibnite Gold Project of Perpetua Resources. Their feedback indicates that vein textures observed in drill holes at the Golden Gate project are similar to those at the Stibnite Gold Project.
Craig Lindsay, the Company’s CEO of U.S. operations, said, “The results are more encouraging than initial expectations. Alteration textures are similar to those at the nearby Stibnite mine.”
Tungsten mineralisation (visible at scheelite) was observed using a shortwave/longwave UV lamp. The mineralisation was observed in drill holes HHGG25-001, HHGG25-002, and HHGG25-003 at Golden Gate.
Figure 1: Sections of Drill Cores from Golden Gate
Scheelite shows a sky-blue fluorescence under UV light. It has been observed at multiple downhole intervals, including but not limited to:
- HHGG25-002 from 73.0 to 73.15 metres (239.5ft to 240.0ft);
- HHGG25-003 from 0.6 to 0.75 metres (2.0ft to 2.5ft downhole); and
- HHGG25-003 from 3.0–3.3 metres (9.9ft to 10.8ft)
The fourth hole completed has yet to be logged. Further, the area was a Tungsten producer for the US government in the 1950s. Tungsten has not yet been assayed in prior historic drillings.
Mr Craig Lindsay commented, “The results are eagerly awaited for gold, silver, as well as tungsten, which has not been assayed in the area despite previous workings.”
Next Steps Disclosed
The Company has emphasised that the sky-blue fluorescence is effective at identifying the presence of scheelite. But it is too early to conclude, and laboratory assays are required.
The Company plans multi-element assays. They will target scheelite-bearing intervals. The Company is considering options to complete the drilling round by 1 October 2025. These options are subject to the procurement of another drill rig.
A Project Larger Than Expected
Mr Craig Lindsay said, “What is so exciting is that this target is only a postage stamp size in a much larger project.”
The Golden Gate project is located within the much larger, high-potential Horse Haven Project. The Horse Haven Project spans 699 US Federal lode mining claims, covering 5644 hectares. It is home to many past-producing antimony, tungsten, and gold mines. The Golden Gate is among the high-priority target areas.
Figure 2: Location of Horse Haven Project and Key Drilling Locations
Notably, shallow historical drilling has confirmed mineralisation from surface. Historical drilling at Golden Gate has shown promising gold results. For example:
- Hole 87-GGR-31: 85.34 metres at 0.937 g/t gold, including 38.10 metres at 1.459 g/t
- Hole 86-GGR-01: 30.48 metres at 1.354 g/t gold
Strategic Importance of Horse Haven Project
Idaho has a rich mining heritage, having produced 19% of U.S. gold between 1860 and 1866. The Stibnite Mining District, adjacent to the Company’s Horse Heaven Project, produced over 90% of U.S.’s antimony and 60% of its tungsten during WWII, underscoring the region’s strategic supply importance. The Perpetua Resources’ Stibnite Project, once operational (~2028), is expected to supply over 35% of U.S. annual antimony demand. The Stibnite Project is also expected to produce 450,000 ounces of gold per year, illustrating the district’s rich future potential.
Rising Industry Demand Signals Strong Potential
Tungsten and antimony are on the U.S. Critical Minerals List due to supply risks. Tungsten is vital for defence, aerospace, and energy technologies, while antimony is used in batteries, flame retardants, and military alloys. Supply chains for both minerals are dominated by China and Russia, creating strategic urgency for domestic and allied production. The tungsten and antimony markets are expected to grow at CAGRs of 4.7% and 7.50%.
Figure 3: Expected Growth in the Tungsten Market
The global antimony market, valued at USD 2.04 billion in 2023, is on a solid growth trajectory. It’s expected to expand from USD 2.19 billion in 2024 to USD 3.64 billion by 2032, reflecting a healthy CAGR of 7.5%.
What’s fueling this momentum? Two significant trends stand out:
- Rising demand for antimony trioxide, a critical ingredient in flame retardants and plastic additives.
- Growing use of PET packaging, where antimony plays a key role in production.
Together, these forces are setting the stage for steady growth across the antimony industry in the years ahead.
Figure 4: Expected Growth in the Antimony Market
Investor’s Outlook
Resolution Minerals’ share was traded at $0.054, with a market capitalisation of $71.51 million as on 8 September 2025. The stock has moved between $0.007 and $0.093 over the past 52 weeks. Encouraging drilling progress at Horse Heaven supports optimism, with visible tungsten and favourable geology pointing to significant potential. Investors should watch closely for assay results due in the coming weeks. The Company’s exposure to gold, silver, tungsten, and antimony—metals in strong global demand—positions it as a compelling exploration play in a mining-friendly jurisdiction.
