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Grand Gulf Energy’s (ASX:GGE) share price has taken off by as much as +50% through Tuesday’s session after it acquired the Dry Wash antimony project in a prime critical minerals district in the United States.
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Best known as a helium gas explorer, Grand Gulf has secured the 3,287-hectare project through the signing of a mineral exploration and option to lease agreement with the Utah School and Institutional Trust Lands Administration.
Dry Wash sits adjacent to American Tungsten and Antimony’s (ASX:AT4) high-profile Canyon project in Utah, a U.S. state that’s become a major focus in the White House’s plans to develop domestic rare earths critmins.
AT4’s Canyon project is one of a range of Utah projects that have substantial zones of mineralisation, including visible massive to disseminated antimony.
Grand Gulf director Fergus Kiley today said early field work has already identified significant stibnite (antimony) mineralisation in multiple horizons, and that there are early indications that initial drill targets are likely to be relatively shallow.
On that, Mr Kiley explained: “Leveraging off the company’s existing technical presence in Utah, the Dry Wash Antimony Project represents exposure for Grand Gulf to the burgeoning U.S. critical minerals space.”
“Grand Gulf has secured a large, strategic landholding in Utah’s historic antimony district that sits directly on-trend and adjacent to the active Antimony Canyon system. With drilling currently underway, our neighbours are demonstrating high-grade antimony and strong geophysical support for north–northwest extensions toward Grand Gulf’s Dry Wash Antimony Project,” Grand Gulf’s chief continued.
“Informed by recent field work, the results of which are pending, the company will now undertake field activities with a view towards first-pass drilling.”
Elsewhere, the company’s expecting initial geological results back imminently.
GGE was up +50% in early trade, and closed at 0.3cps.
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