Red Mountain Mining Limited (ASX:RMX) has released an exciting update concerning its wholly-owned Mt Mansbridge Heavy Rare Earth Elements (HREE) Project. The Company has identified several targets following the assessment of the radiometric data acquired in December last year for the project.
Post the significant market update, RMX traded 7.69 per cent higher against its previous close on the ASX to $0.014 on 4 February 2021 (11:02 PM AEDT).
(Source: Company’s Report Dated 4 February 2021)
Exploration Technique at Mt Mansbridge Highlights Radiometric Targets
The assessment has highlighted 32 radiometric targets within the ~800km line survey that are analogous to Northern Minerals’ (ASX:NTU) HREE unconformity deposits at the Dazzler and Iceman prospects.
Additionally, the survey brought Mt Mainsbridge South into limelight with known xenotime mineralisation, validating the exploration technique as an effective method of identifying areas prospective for HREE mineralisation.
At present, RMX is engaged in planning access with relevant native title claimant groups. The initial reconnaissance trip to assess the prioritised targets is anticipated in the second quarter of 2021 once the project becomes accessible. The drilling program is expected to commence in June 2021.
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The identified targets at Mt Mansbridge and Mt Mansbridge South are in addition to the known xenotime mineralisation at these prospects. Planned for the June 2021 quarter, the next phase of exploration will focus on these targets along with the previously known mineralisation.
Furthermore, processing of the radiometric data at Mt Mansbridge South has indicated that the area is prospective for HREE/xenotime, which aided in identifying similar radiometric anomalies in the vicinity. The identified radiometric anomalies would also be prioritised as exploration targets ahead.
It is to be noted that Mt Mansbridge South is one of the two prospects within the project area with observed xenotime mineralisation,
Some of the selected assay values at the prospect are as below:
(Data Source: Company’s Report Dated 4 February 2021)
Moreover, the unconformity at the Mt. Mansbridge HREE Project has become a priority for exploration in addition to the multiple basement style targets previously identified by the Company.
December 2020 Quarterly Highlights
In October 2020, RMX completed the required heritage clearance survey. The Company secured an RC drill rig for its maiden drill program at Mt Maitland, completing 1,850m across 27 holes by the end of November 2020.
The RC drilling at the prospect majorly focused on four prime targets, i.e., Mt Maitland South, Lenanphyl, Second Chance South, and Jacia.
Some of the significant initial assays for Mt Mainland South highlighted shallow high-grade gold results.
- 7m @ 3.3g/t Au from 34m, including 1m @ 12.7 g/t Au from 37m.
- 8m @ 1.7g/t Au from 107m, including 1m @ 7.1 g/t Au from 110m.
At the end of the quarter, Red Mountain received firm commitments for a $360,000 placement, ending the period with a cash position of $1.2 million.
Furthermore, in January 2021, the Company received additional firm commitments for $400,000 from sophisticated and professional investors.