Red Mountain Mining receives drilling permits for lithium play
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.
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