EV Resources’ Los Lirios Antimony Project Faces Exploration and Processing Challenges Ahead

High-Grade Antimony Assays Signal Early Promise

EV Resources Limited (ASX: EVR) has announced the receipt of initial assay results from its Los Lirios antimony project in Oaxaca, Mexico, revealing remarkably high-grade antimony concentrations. Samples taken from stockpiled material at the Los Lirios 3 pit returned assays ranging from 18.08% to 29.17% antimony (Sb), with an additional sample from a shear zone yielding 15.27% Sb. These figures underscore the project's potential as a near-term producer of high-grade antimony mineralisation.

The assays come from four initial samples collected during a site visit in late January 2025. Three rock chip samples from stockpiled ore were submitted for preliminary metallurgical testing at the Metallurgical Faculty of the Universidad Autonoma de Coahuila in Northern Mexico, marking a critical step toward understanding the processing characteristics of the mineralisation.

Advancing Towards Trial Processing and Production

EVR has entered into a joint venture agreement to acquire a 70% interest in the Los Lirios project, contingent on funding the establishment of a 300 tonne per day mine and processing plant. Discussions are underway with owners of a potential pilot plant to trial process the Los Lirios material, reflecting the company's pragmatic approach to accelerating project development.

Managing Director Hugh Callaghan expressed optimism about the results, noting that the assays support the view of Los Lirios as a viable near-term antimony producer. The company is actively planning exploration programs, including sampling and trenching, aimed at defining drill targets by the end of March 2025. This systematic approach will help delineate the extent and continuity of mineralisation, which remains an early-stage exploration priority.

Geological Context and Exploration Outlook

The Los Lirios project is situated within the Mixteca Terrane, a complex accretionary geological setting known for hosting numerous precious and base metal deposits. Antimony mineralisation occurs primarily as stibnite within shear zones and limestone-hosted structures, with mineralised zones extending over significant strike lengths and depths. Historical small-scale mining activity has occurred, but systematic exploration by EVR is the first comprehensive effort to assess the project's potential.

EVR's exploration strategy includes detailed geological mapping, systematic sampling, and metallurgical test work to refine the understanding of ore characteristics and processing requirements. The company’s broader portfolio also includes the large high-grade Parag copper-molybdenum-silver porphyry project in Peru, which remains a longer-term focus alongside the more immediate antimony opportunity at Los Lirios.

Balancing Near-Term Momentum with Long-Term Growth

While the initial assay results are encouraging, EVR acknowledges the need for further systematic exploration to confirm geological continuity and resource potential. The company’s phased approach, from sampling and metallurgical testing to trial mining and processing, reflects a measured progression designed to mitigate risks and build value incrementally.

EVR’s entry into the antimony market aligns with growing global interest in critical minerals, with antimony playing a key role in flame retardants, batteries, and other industrial applications. Success at Los Lirios could provide a valuable revenue stream and operational experience that complements EVR’s copper-focused ambitions in Peru.