Red Mountain Mining intersects high-grade lithium claystone at Mustang project

Red Mountain Mining (ASX: RMX) has intersected high-grade lithium claystone in 80% of drillholes completed at its wholly-owned Mustang project in the US state of Nevada.

The mineralisation was reported in eight out of 10 holes from the Phase 1 maiden campaign, with seven of them hitting thick and consistent lithium from or near surface.

Fast-tracked assays featured best results of 48.77 metres at 687 parts per million lithium from 3.05m; 30.5m at 629ppm lithium from surface; 28.96m at 564ppm lithium from 4.5m including 3.05m at 690ppm from 30.5m; 32m at 639ppm lithium from 6.1m; and 29m at 600ppm lithium from 1.5m.

Other significant intercepts were 29m at 642ppm lithium from surface; and 21.3m at 488ppm lithium from 83.8m including 4.6m at 627ppm from 88.5m and 1.53m at 722ppm from 103.7m.

The strike distance of lithium mineralisation to date at Mustang is believed to have reached approximately 1500m.

Phase 2 drilling

Chairman Troy Flannery said the Mustang intercepts remain open to the north and north-west, and provide ample confidence for the company to proceed with a planned Phase 2 drilling program.

“We are very excited to have received such consistency in lithium mineralisation results from maiden drilling targeting an interpreted greenfields prospect,” he said.

“This provides us with plenty of confidence going forward as we aim to progress Phase 2 drilling, targeting areas further north of our ground in an effort to expand our findings and commence building a lithium resource.”

Lithic sampling results

Red Mountain is currently awaiting surface sampling results from its wholly-owned Lithic lithium project which was acquired with Mustang in late 2022 from Chariot Corporation subsidiary Lithic Lithium.

The projects consist of 153 claims within a combined area of 11.78 square kilometres in Nevada, which is regarded as the dominant claystone-hosted lithium region in the US.

Lithic sits 29 kilometres north of Albemarle’s Silver Peak development which is the only lithium-producing mine currently operating in the US.

Fast-tracking results

Mr Flannery said the company intends to fast-track the Lithic sampling results with the intention of expediting a second phase of exploration at the project.

Once assays are received, drill targets will be determined and relevant permit applications will be lodged with Nevada’s Bureau of Land Management.