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Red Mountain bulks Nevada lithium portfolio up to more than 1,000ha
Special Report: Red Mountain has reinforced its belief in the lithium prospectivity of its Nevada assets by substantially expanding the … Read More
The…
Red Mountain has reinforced its belief in the lithium prospectivity of its Nevada assets by substantially expanding the footprint of its Mustang project.
The company successfully lodged its application for 102 additional claims that are contiguous with project with the Nevada Bureau of Land Management and expects them to be granted shortly.
Once granted, they will take the total area covered by Mustang up to 1,069.7 hectares in 140 lode claims.
Importantly for Red Mountain Mining (ASX:RMX), the new claims are prospective for claystone-hosted lithium mineralisation and are interpreted to feature similar host rocks, hydrological settings, and lithium enrichment mechanisms as American Lithium’s TLC project and Cypress Development Corp’s Clayton Valley project.
These projects have non-JORC resources of 10.7Mt lithium carbonate equivalent (LCE) and 7.2Mt LCE respectively.
Greater lithium exposure
Red Mountain first acquired the Mustang project (and the Lithic project) from Chariot Corporation in early December last year.
Both projects are prospective for claystone-hosted lithium in the prolific Big Smoky and Monte Cristo Basins of Esmeralda County, a region which also hosts he only operating lithium mine in the USA – the Silver Peak Lithium Mine owned by Albemarle Corporation (NYSE:ALB).
The company has started preliminary exploration activities consisting of additional geological mapping and surface sampling at both Mustang and Lithic.
It is also planning a reverse circulation drill program which will likely comprise 10 wide-spaced holes drilled to depths of about 70m.
Results from this program are expected to provide information on the lithium mineralisation to guide further drilling.
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.
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