Red Mountain Mining to commence gold drilling within 10 days

By Jonathan Jackson. Published at Oct 9, 2020, in Mining

Red Mountain Mining (ASX:RMX) is set to commence drilling at its Mt Maitland Gold Project.

RMX acquired the project, which lies within the prolific Murchison Goldfields in WA in July this year.

The Mt Maitland Gold Project comprises a 62km2 parcel of tenure and contains two, distinct north-south mineralised shear zones over a strike length of 19km within an Archean greenstone belt.

It is in close proximity to the $1.1 billion Westgold Resources Fortunum Gold Mine and its Bluebird Gold Mine to the south of Mt Maitland and the $773.6M capped Sandfire’s Monty Gold Mine and its Degrussa Copper Gold Mine.

Aussie junior Superior Gold Inc. is also prolific in the region.

The Mt Maitland Project came with multiple drill-ready targets and historic production which averaged 19g/t Au.

Outstanding results from historic exploration at Mt Maitland include:

  • gold-in-soils: peak 2,724 ppb, anomalies over 13 kilometres of strike
  • rock chips: up to 62g/t Au, 8.8% Cu and 290g/t Ag channel sampling: 2.50m @ 22.7 g/t Au and 0.75m @ 61.8 g/t Au
  • Drill results include 13m @ 2.53 g/t from 9m, 2m @ 1.53 g/t from 13m

RMX recently completed a heritage survey and pre-drilling earthworks and secured the drill rig to begin drilling within the next seven to 10 days.

The programme is planned for 18 holes for approximately 1,300 metres.

During the heritage survey, additional geological mapping was conducted which has assisted RMX to vector this maiden drill programme.

Conclusions include that gold mineralisation is concentrated in discrete domains within the project area, more specifically, either within or proximal to narrow vein-breccia stock-work, or occur in clusters of small to medium size mineralised bodies along shears or favourable lithological units.

Another mineralisation style appears to be related to steeply dipping dilatational structures, where a high-angle shear at the mafic/ultramafic contact intersects a steeply dipping more competent rock type (BIF) and refracts to a steep angle.

Continued strike-slip displacement causes this refracted surface to develop as an extensional structure. Rock chip sampling was undertaken across certain prospects within the tenure, with samples submitted for laboratory analysis.

The potential high-grade nature of the mineralisation at the Mt Maitland can be seen below in this significant gold nugget shown below:

Nugget found by company employee while prospecting on Mt Maitland tenure.

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.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X