Red Mountain Mining (ASX: RMX) is rapidly progressing its cobalt ambitions at the Mukabe-Kasari Cobalt-Copper Project in the Democratic Republic of Congo (DRC).
The DRC, and in particular the prolific Central African Copper belt, is the world’s largest supplier of cobalt.
The project comprising artisanal licenses over approximately 116 square kilometres, offers significant potential and has artisanal mining that has already demonstrated mineralisation at the location.
RMX has now completed its due diligence on the project, secured funding, and designed an exploration programme, readying it to commence a systematic exploration programme.
The upside for RMX is that no previous systematic exploration has been conducted in the project area, meaning this could be an open book for the company.
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RMX is well funded following the successful completion of a $735,000 capital raising, and with its exploration programme planned, it is looking forward to commencing Phase 1 exploration activities at the Mokabe-Kasari Cobalt Copper project by the end of September.
The company is also keeping an eye out for complementary assets for acquisition as it continues to review new opportunities in the new energy metals, base metals and gold sector.