Novo Resources has joined the global hunt for antimony across its grounds in Western Australia’s Pilbara region on the back of widespread growing interest in the metal after China’s recent decision to implement export bans has reshaped the global supply chain.
The company says it has identified two early-stage exploration sites – Sherlock Crossing and Southeast Wyloo – that are showing promising prospects.
The significant changes in the supply of antimony have prompted Novo to investigate the ongoing potential of the historic Sherlock Crossing antimony mine that was operational from 1907 to 1916. Records from 1906 show the mine produced 16 tonnes at 53 per cent antimony, 10.9 grams per tonne gold and 72.9g/t silver, while a 1916 record shows an additional 5.66 tonnes were mined running at 42.2 per cent antimony and 15.6g/t gold.
As the original workings have now been largely covered with flood debris to within 2m of the surface, little work has been done since – especially on a series of shafts that were originally up to 12m deep and across a 1207m strike. More recent rock chip samples, however, were taken from the site by Novo in 2022 and yielded promising results of 1.71g/t gold and 592 parts per million antimony.
At the Southeast Wyloo site, reconnaissance sampling last year revealed two significant stream sediment anomalies including 387g/t silver, 5 per cent lead, 1.6 per cent zinc, 0.38 per cent antimony and 0.52g/t gold. Novo believes both 100 per cent-owned projects require further exploration, including detailed soil sampling, heritage surveys and drilling, to better define the extent of the mineralisation.
The company’s decision to review its grounds has come at a time when global supply chains are shifting, particularly following China’s imposition of export restrictions on antimony – a critical metal used in products such as flame retardants, solar panels and lead-acid batteries. It has seen antimony prices surge, nearly doubling this year to more than US$25,000 (AU$37600) per tonne, prompting increased exploration interest and leading to significant share price rises recently for many companies with the metal on their grounds.
As China last year accounted for 40,000 tonnes – or nearly half of the global antimony production – the shift to restrict its exports in a bid to safeguard its stocks has put pressure on other producers to fill the gap. And since the metal is most closely associated with gold deposits, Australian gold miners could be in the box seat to deliver on plugging that supply hole.
Novo’s main focus remains on exploring its 6700 square kilometres of land holdings in the Pilbara for gold and lithium, in conjunction with De Grey Mining and industry veteran Mark Creasy as strategic joint venture (JV) partners. A near-term antinomy discovery, however, may well prove to be a bonus for the company and its shareholders given the recent positive reaction the market has shown for anything to do with the metal.
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By James Pearson
