Red Mountain Mining has the keys to the kingdom, and is ready to roll into lithium exploration in the NT. Pic via Getty Images.
Red Mountain picks up keys to first exploration licence in NT lithium push
Mining
share
Red Mountain Mining has cemented its status as the latest entrant into the hot Northern Territory lithium exploration scene, securing the grant of a new highly prospective exploration licence at its Charlotte Lithium Project.
Red Mountain (ASX:RMX) is searching for lithium-rich pegmatites similar in nature to Core Lithium’s (ASX:CXO) Finniss Lithium Project, which will this year become the first Australian hard rock lithium mine to enter full-scale production outside of WA.
It is located in an incredible spot in the Bynoe Pegmatite Field, host to the Grants, Carlton and Sandras lithium deposits in Core’s 110,000tpa Finniss spodumene mine.
Located less than 100km by road from Darwin, Charlotte has been determined as prospective for lithium on the basis of historical geological mapping works, with the interpreted continuation of geological rock-types from neighbouring lithium projects into RMX’s tenure indicating the potential of the asset.
What’s been approved?
Tenement application EL33346 has been granted by the NT Department of Industry, Tourism and Trade within the Litchfield Pegmatite Belt, with Tenement ELA 33345 still pending.
Easily accessible by Litchfield Park Road from Darwin, the Charlotte project tenure is unexplored with absolutely no historical drilling or sampling undertaken despite its proximity to operating lithium assets.
“The Company is planning initial exploration encompassing geological mapping, rock chip and soil sampling to assess the prospectivity of the tenure,” RMX said.
“The Company continues to assess further project opportunities, particularly in the battery minerals sector, and will update the market as required.”
RMX secured the footprint adjacent to Core’s Finniss mine and Lithium Plus Minerals’ (ASX:LPM) Bynoe lithium project in October last year.
It bolstered its move into lithium by acquiring strategic projects in Nevada near Albemarle’s Silver Peak, the only operating lithium mine in the United States of America.
This article was developed in collaboration with Red Mountain Mining (ASX:RMX), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
