Red Mountain Mining (ASX: RMX) continues to execute strong development programs across its critical minerals portfolio in the US and Australia, systematically advancing its projects to secure domestic supply of critical metals.
Over the past six months, the company has acquired assets in highly-prospective antimony districts in the states of Montana, Utah and Idaho, placing it in a strategic position to produce the metal which has been prioritised by US and Australian governments.
Red Mountain acquired the historical Thompson Falls antimony project in Montana this month, located next to US Antimony Corporation’s Thompson Falls smelter and its Stibnite Hill mine.
First pass exploration located three underground mines and one pit within the project area and initial sampling of material from the Eastern Star target returned peak results of 36.5% antimony and 0.65 grams per tonne gold.
Red Mountain is planning an exploration program including surface mapping and sampling at Thompson Falls next month to identify prospective areas for more intensive follow-up work.
High-Grade Rock-Chip Assays
Red Mountain’s Utah antimony project directly adjoins the Antimony Canyon project, owned by American Tungsten and Antimony (ASX: AT4) and ranked as one of the largest and highest-grade projects of its kind in the US.
Previous rock-chip sampling returned high-grade assays of up to 33% antimony and a conceptual exploration target of up to 15.6 million tonnes at between 0.75% and 1.5% antimony grades is forecast to contain between 96,000t and 234,000t of antimony metal.
Mineralisation at Antimony Canyon is interpreted to have high sulfidation epithermal affinities, mostly within the units of the Flagstaff Formation and closely associated with north-south oriented faults, which are the fundamental district-scale control on alteration and mineralisation.
American Tungsten and Antimony recently discovered a substantial new zone of high-grade mineralisation termed the “northern extension”, which lies approximately one kilometre north of the Antimony Canyon.
Gold-Antimony Mineralisation
The Yellow Pine project shares geological features with the nearby Stibnite gold-antimony project owned by Perpetua Resources, which has commenced mine construction based on a proven and probable mineral reserve of 4.8 million ounces gold and 67,100t antimony.
Yellow Pine is seen to possess all the necessary elements for the formation of economic gold-antimony mineralisation including prospective host rocks, a major northeast-striking fault with mapped tectonic breccias and evidence of historical gold and antimony workings.
Red Mountain’s Silver Dollar project is located southeast of Yellow Pine and includes the historical Silver Dollar mine which targeted a stibnite vein measuring up to one metre in thickness with average ore grades of 17.7% antimony.
Red Mountain closed the quarter with $2.18 million cash at bank, which is set to be further strengthened by a non-dilutive funding rebate under the Ontario Junior Exploration Program and a $13,000 refund from the Australian government.
The company continues to explore non-dilutive funding opportunities including government grants specific to accelerating the secure supply of critical minerals to the US and western world, with the intention of minimising shareholder dilution.
