Red Mountain Mining (ASX: RMX)
Red Mountain Mining (ASX: RMX) is attempting to take the next step on its journey to prove up the next lithium producing region in the USA.
The company is now just days away from drilling at the Red Valley Lithium Project in western Utah, a region that bears all the geologic hallmarks of the Clayton Valley in Nevada, where the $11.6BN capped Albemarle holds the USA’s only producing lithium mine.
Newsflow should come thick and fast with updates including assays to be submitted to independent laboratories, to be delivered during the next eight weeks.
Full results are due later in the quarter, with upcoming results from this drilling to form the basis of RMX’s decision to acquire a majority interest in the Project.
With approximately $3M in the bank, and lithium brine drilling being cheaper than hard rock drilling, the company appears well funded for now as it undertakes its exploration.
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With one eye on how its lithium ambitions could play a significant role in a new energy future, RMX is also looking to double down on its energy metal ambitions with a new cobalt project.
It has signed a term sheet for a closer look at a high grade cobalt copper project, with plenty of artisanal mining demonstrating mineralisation already.
But while cobalt is next in the project pipeline, it is the immediate drilling about to begin in Nevada that could really elevate this company in the near term.