Red Mountain to drill Mt Maitland, commence work at Koonenberry
Special Report: Emerging gold explorer Red Mountain Mining (ASX:RMX) will raise $800,000 from professional and sophisticated investors to launch into a number of exploration programs, including maiden drilling at the Mt Maitland project.
Funds will also be directed towards the Koonenberry gold project In NSW, and the Mukabi Kasiri project in the DRC.
Red Mountain’s 62sqkm Mt Maitland project in WA produced gold at an average grade of 19.3 grams per tonne (g/t) in the early 1900s. That’s very high grade.
Stretching out over 19km of highly prospective Archean greenstone belts, there’s significant potential for this project to host more high-grade shear-hosted gold deposits, the company says.
The Koonenberry project in NSW is right next door to a new high-profile, high-grade gold discovery made by fellow explorer Manhattan Corp (ASX:MHC).
Red Mountain is also running the ruler over potential project acquisitions.
“The company continues to review and assess opportunities that will add value to its portfolio,” it says.
This story was developed in collaboration with Red Mountain, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.