Red Mountain’s showing it is laser-focused with two new lithium tenements in the NT
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Red Mountain is expanding its reach with applications for two prospective tenements adjacent to the third-party Finniss and Bynoe lithium projects in the Northern Territory.
Exploration Licence Applications 33345 and 33346, which the company named the Charlotte lithium project, is located within the same geological setting – the Litchfield Pegmatite Belt – as its two neighbours within the Bynoe Lithium Province.
The project strengthens Red Mountain Mining’s (ASX:RMX) current asset portfolio while emphasising its focus on battery minerals.
“The fundamental movement for increased electrical storage and the growth in electric vehicle markets is driving unprecedented growth in the lithium market,” chairman Troy Flannery said.
“We are pleased to have strengthened our asset portfolio with the addition of the Charlotte Lithium project and look forward to progress exploration upon granting of the two project tenement.”
The Charlotte project areas were determined as prospective for lithium from historical geological mapping works and interpreted continuation of the geological rock-types found at Core Lithium’s Finniss project and Lithium Plus’ Bynoe project.
Finnis was officially opened earlier in October and is on target to export direct shipping ore lithium by the end of this year.
Meanwhile, drilling at the Bynoe project has confirmed the presence of course-grained spodumene-bearing pegmatite with high lithium grades.
Taken together, these indicate a high level of lithium prospectivity throughout the region and that Red Mountain is at the right address for discovery of the valuable battery metal.
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.