Red Mountain Mining Limited (ASX: RMX, US CODE: RMXFF, or “Company”), a Critical Minerals exploration and development company with an established portfolio in Tier-1 Mining Districts in the United States and Australia, is pleased to announce an update on the Company’s portfolio of high-quality Antimony projects in the United States.
Over the past six months, Red Mountain has moved decisively to acquire assets in Tier-1 regions in highly prospective antimony mineral districts in Montana, Utah and Idaho, USA, placing the Company in a strong strategic position as the US Government moves aggressively to secure domestic supply of Antimony which is classified as a Critical Metal by the United States and Australian Governments.
HIGHLIGHTS:
- Red Mountain continues to deliver repeated successful project and development programs across its high-quality Critical Minerals portfolio, systematically advancing its United States and Australian projects toward development and directly supporting the US Government’s drive to secure domestic supply of critical metals
Thompson Falls Antimony Project, High-grade Antimony next to UAMY Antimony Smelter
- Thompson Falls Antimony Project is 4.2km from the operations of United States Antimony Corporation (NYSE: UAMY; Market Cap $A1.5 billion), with the country’s only operating Antimony smelter
- Initial sampling from Red Mountain’s Thompson Falls Project returned high-grade values of up 36.5% Sb and 0.65g/t Au
- Additional assay results are now expected to be received by the end of February
- Highly prospective for Silver and at the eastern end of Idaho’s Coeur d’Alene mineral district, which has accounted for ~18% of the USA’s total Silver production, of over 1.25 billion ounces of Silver, along with 7.8Mt Lead, 3.0Mt Zinc, 1.1Moz Gold, 191kt Copper and 160kt Antimony
- Comprehensive surface mapping and sampling program to fast-track the definition of the Thompsons Falls Antimony Project resource potential, planned to launch next month
- Red Mountain has recently strengthened its US technical team with dedicated drill-permitting expertise, driving the permitting process forward across all of the Company’s US Projects
Utah Antimony Project, Antimony Mining District
- Utah Antimony Project adjoins American Tungsten and Antimony Ltd’s (ASX: AT4; Market cap A$200 million) Antimony Canyon Project (ACP), one of the largest and highest-grade Antimony projects in the USA, which has reported assays of up to 33% Sb and has a defined conceptual Exploration Target of 12.8 to 15.6 Mt @ 0.75% to 1.5% Sb, containing between 96,000 to 234,000 tons of Antimony metal
- Recent visible stibnite mineralisation observed between AT4’s claims and RMX’s project provides evidence the ACP system may extend into the Utah Antimony Project*
- Mapping analysis previously undertaken by RMX suggests that both the same type of host rocks and extensions of the large epithermal Antimony mineralising system targeted by AT4 at Antimony Canyon are present within the Utah Antimony Project**
Exceptionally Strong Antimony results from Thompson Falls and further assays pending
Red Mountain acquired the Thompson Falls Antimony Project on 5 February1, next to the only operating antimony smelter in the USA, US Antimony Corporation’s (NYSE: UAMY; Market Cap ~AU$1.5 billion) Thompson Falls Smelter and UAMY’s Stibnite Hill Mine in Montana (Figure 1).
Figure 1: USGS geology of the area encompassing Red Mountain’s Thompson Falls Antimony Project and UAMY’s Thompson Falls Smelter and Stibnite Hill Antimony Mine. Red Mountain’s observed locations of three historical underground mines and an open pit verified by fir st-pass exploration and highlights of initial rock chip sampling are also shown.
First-pass exploration of Red Mountain’s Thompson Falls Antimony Project, by the Company’s US field team, successfully located three historical underground mines and pit within the project area. Initial sampling of material from Eastern Star returned multiple samples with high antimony and gold results, with peak results of 36.5% Sb and 0.65g/t Au1 (Figure 1; Figure 2).
Samples collected from Eastern Star closely resemble the quartz-stibnite veins mined at UAMY’s Stibnite Hill deposit, ~7km east of Red Mountain’s Thompson Falls Project area, although these veins are not recorded as producing gold. Red Mountain’s field team also collected additional rock samples from the project area, with assay results expected this month.
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