Red Mountain results could be the catalyst to revisit a 12 month high
Red Mountain Mining Limited (ASX:RMX) has released some promising results from the recently completed assessment of the radiometric data that was acquired in December 2020 at the company’s Mt Mansbridge HREE Project.
Assessment of recent airborne radiometric survey data identified 32 priority Heavy Rare Earth Element/Dysprosium (HREE) targets along 33 kilometres of prospective unconformity.
By way of background, Mt Mansbridge is a Kimberleys based heavy rare earths and nickel-cobalt project, and at the time of acquisition management noted that heavy rare earths were a critical and strategic component of the modern economy and that this was being reflected in recent healthy price rises in November, particularly in relation to dysprosium and terbium.
The targets are analogous to Northern Minerals Ltd’s (ASX: NTU) unconformity related HREE deposits Dazzler and Iceman.
It is worth noting that shares in Northern Minerals have responded positively to the buoyant commodity environment since November, doubling to a 12 month high of 6.7 cents in late January.
Establishing 32 targets could be catalyst to revisit 12 month high
While shares in Red Mountain also spiked at the start of January, they have pulled back slightly, suggesting today’s news may be the catalyst required to revisit the 12 month high that was made only a month ago.
In discussing the survey results released today, management highlighted Mt Mansbridge South is a prospect with known xenotime mineralisation.
This is considered particularly encouraging as it validates the exploration technique as an effective method of identifying areas prospective for HREE mineralization.
The company has already begun planning access with relevant native title claimant groups, with an anticipated initial reconnaissance trip to review prioritised targets in the June quarter of 2021 once the project is accessible with drilling anticipated to commence in June 2021.
Improved surveying technologies pay dividends for Red Mountain
In HREE/Xenotime deposits, radiometric data has proven to be valuable in vectoring in on HREE targets.
At Mt Mansbridge, the collection of more informative data when compared with historical surveys has paid off for Red Mountain.
Processing and ratioing of the newly acquired 800 kilometre line airborne radiometric data set has identified and delineated 32 additional basement and unconformity related HREE/Xenotime targets for further exploration.
These newly identified targets are in addition to the previously reported areas of known Xenotime mineralisation at Mt Mansbridge’ and Mt Mansbridge South, the Killi Killi HREE geochemical anomaly and previously reported radiometric anomalies.
All of these targets are summarized below and will be the focus of exploration in the June quarter.
The Mt. Mansbridge South Prospect is one of the two prospects within the project area with observed xenotime mineralisation.
Processing of the radiometric data highlighted the area as prospective for HREE/Xenotime.
The company views this as a validation of the radiometric data set as a targeting method for HREE/Xenotime mineralisation.
Due to the positive radiometric response over the Mt Mansbridge South Prospect, similar radiometric anomalies in the vicinity have been identified and prioritised as exploration targets.