10:02 AM EST, 01/22/2025 (MT Newswires) -- Lomiko Metals (LMR.V) overnight Tuesday entered into an agreement with Metals Creek Resources (MEK.V) to buy all of 28 mineral claims which form the Yellow Fox project.

MEK was at last look up $0.005 or 20% to 0.03 on the news.

A statement noted the claims involved consist of 28 contiguous claim units in two licenses for a total of 7 square km. The acquisition agreement is subject to approval by the TSX Venture Exchange (TSXV), with the closing date expected on or about Feb. 28.

"We are pleased to add another critical mineral, antimony, to our portfolio with upside potential in silver and gold. We also welcome Metals Creek as a shareholder of Lomiko and look forward to working with Metals Creek in the long term," said Lomiko Chief Executive Gordana Slepcev. "We are also pleased to be advancing the La Loutre graphite project as planned for bulk sample permitting and evaluating our regional graphite claims for the next steps."

The Yellow Fox project is an early exploration project with positive early results including returned samples anomalous in gold (Au), antimony (Sb), lead (Pb), zinc (Zn) and silver (Ag) referred to as the "Yellow Fox Showing".

Pursuant to the deal, Lomiko will buy all of Metal Creek's right, title and interest in and to the option interests, with Metals Creek retaining a 2% NSR royalty. Lomiko will pay cash totaling $64,750 and will issue common shares of the company for $328,375, at $0.13 apiece which will be subject to the statutory hold period.

The company intends to review existing data and potentially initiate fieldwork in the spring. Expansion of the lines and additional lines to the south are warranted if the soil sampling program is proven effective, the company added.