Red Mountain Mining receives drilling permits for lithium play

Published at Mar 14, 2017, in Small Caps

Shares in Red Mountain Mining (ASX:RMX) spiked 17% on Tuesday morning after the company announced that it had received drilling permits for its lithium brines project in Utah.

It should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.

Management said that preparations for drilling are already well advanced with a contractor appointed and the appropriate rig available. It is anticipated that the rig will be mobilised and drilling will commence towards the end of March.

Commenting on this development, RMX Director Jeremy King said, “The chance to control a Clayton Valley style ultra-long life low-cost lithium brines operation in western USA is a significant one for shareholders”.

RMX has secured a land package of approximately 6000 acres in the region which has abundant staked drill locations, providing the tenure required for a significant lithium brines operation should commercial levels of lithium enrichment be identified.

The upcoming drilling program is fully funded following a $1.75 million capital raising in late February with those funds intended to be used both on drilling and the assessment of complementary new assets.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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