Red Mountain snaps up prospective lithium land in WA
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Red Mountain Mining has picked up a cracking exploration license just south-west of the Greenbushes lithium province in WA.
The Nannup Project comprises 48km2 in tenure, and is prospective for lithium, nickel, gold and base metals.
The company added the prospect to its portfolio by acquiring the company that held the license, Airdrie Exploration, for $50k cash, with completion expected in the coming weeks.
Plus, the terrain has the potential to support a Julimar-style geological system, and historical exploration by BHP (ASX:BHP) around 9km south of the tenement reported multiple lithium anomalies.
Red Mountain Mining (ASX:RMX) is keen to explore the lithium potential of the project based on historic nearby workings.
A recent site visit confirmed the presence of Yilgarn Craton granites – the same unit located adjacent to pegmatites at Greenbushes.
And further exploration will kick off once land access agreements are finalised.
In the meantime, the company is planning to commence exploration at its Mt Mansbridge heavy rare earths project also in WA – which is fully funded following a recent $1.6m cap raising.
Xenotime mineralisation has been confirmed at the project, which RMX says is relatively low in light REEs (lanthanum and cerium) whilst having high concentrations of valuable dysprosium and terbium.
This makes Xenotime likely to be higher in basket price value and anticipated to be lower in processing cost per tonne of rock.
Plans are in place to resume the drill program at the end of the Kimberly wet season in early 2022.
This article was developed in collaboration with Red Mountain Mining Limited, 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.