The ASX listed mineral explorer Red Mountain Mining Limited (ASX:RMX) shared the initial assay results from the RC drilling program at the Mt Maitland Gold Project. The Company drilled 27 holes with a combined depth of 1,850 metres.
Red Mountain focused the maiden drilling campaign over the four primary targets- Mt Maitland South, Lenanphyl, Second Chance and Jacia. Some of the significant intercepts results are as below:
- 7m @ 3.3g/t from 34m, including 1m @ 12.7g/t from 37m
- 8m @ 1.7g/t from 107m, including 1m @ 7.1g/t from 110m
The Company reported that the drilling program is complete, and some assay results are still pending from the laboratories.
The shares of the Company were trading at A$0.016 at 11:26 AEST with a ~14% high from the previous day close. The Company has a market cap of A$15.83 million as on 18 November 2020.