RMX reveals exploration programme starting this month

By Megan Graham. Published at Sep 14, 2017, in Small Caps

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Red Mountain Mining Limited (ASX:RMX) announced today that it had designed an exploration programme at the Mukabe-Kasari Cobalt-Copper project in the Democratic Republic of Congo, expected to commence by the end of September.

Preparations are currently underway for the programme, which was developed with assistance from RMX’s technical advisor CSA Global Pty Ltd. The first phase will focus on areas of outcropping mineralisation, with the overall objective to delineate targets for RC and diamond drilling.

The Mukabe-Kasari Cobalt-Copper Project area comprises 12 artisanal licenses covering ~116km2 and is situated approximately 250km northwest of Lubumbashi and 70km north of the giant Tenke-Fungurume Copper-Cobalt mine.

Technical assessments conducted by CSA Global indicate that the Mukabe-Kasari project area is prospective enough to warrant systematic exploration work, which will determine the level of economically-viable copper-cobalt mineralisation. Positive indicators included anomalous sample analyses and the discovery of multiple new areas of outcropping – encouraging results considering the area has never been explored in a systematic fashion before.

In commenting on today’s announcement, RMX Director Jeremy King said: “The Copperbelt in the DRC remains by far the largest supplier of cobalt globally. We are excited to have reached the stage where we can commence a systematic exploration programme at MukabeKasari. Our intention is to follow up on the work carried out during our due diligence review which identified excellent cobalt and copper grades at surface.”

Of course it is still early stages in this play and investors should seek professional financial advice if considering this stock for their portfolio.

Assessments of the Mukabe-Kasari Cobalt-Copper project so far also include the existence of secondary copper-cobalt mineralisation (malachite, azurite, chalcocite and heterogenite) as disseminated. The below photo shows secondary copper mineralisation within interbedded shale and siltstones:

The planned programme and rationale

RMX’s technical advisor CSA Global has reported that the mineralisation at the project is hosted in at least one, possibly multiple, gently-dipping, interbedded and weathered shallow-marine siltstones and sandstone layers. Mineralised layers up to 1.4 meters in thickness were recorded at surface.

The exploration plan stipulates work programs designed to test the copper-cobalt and cobalt-only mineralisation targets, with the aim of defining targets for drilling. About 1,000 samples on a 200 by 100 meter grid over three areas will be surveyed, as shown below:

Red mountain exploration grid

An air core geochemical drilling program is planned for the cobalt mineralisation area, within a 500 by 200 meter grid and to a depth of 20 to 30 meters. RMX is currently in the process of setting up its exploration base at Mukabe-Kasari and selecting a drill service provider.

Earlier in the month, the company updated the market on its recent capital raising activities to fund the Mokabe-Kasari project. Its share placement totalled commitments of $735,000 from professional and sophisticated investors to be used to advance the project.

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